0001437749-19-016606.txt : 20190813 0001437749-19-016606.hdr.sgml : 20190813 20190813172733 ACCESSION NUMBER: 0001437749-19-016606 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 50 CONFORMED PERIOD OF REPORT: 20190630 FILED AS OF DATE: 20190813 DATE AS OF CHANGE: 20190813 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GeoVax Labs, Inc. CENTRAL INDEX KEY: 0000832489 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-COMMERCIAL PHYSICAL & BIOLOGICAL RESEARCH [8731] IRS NUMBER: 870455038 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-52091 FILM NUMBER: 191021867 BUSINESS ADDRESS: STREET 1: 1900 LAKE PARK DRIVE STREET 2: SUITE 380 CITY: SMYRNA STATE: 2Q ZIP: 30080 BUSINESS PHONE: 678-384-7220 MAIL ADDRESS: STREET 1: 1900 LAKE PARK DRIVE STREET 2: SUITE 380 CITY: SMYRNA STATE: 2Q ZIP: 30080 FORMER COMPANY: FORMER CONFORMED NAME: Geovax Labs, Inc. DATE OF NAME CHANGE: 20061002 FORMER COMPANY: FORMER CONFORMED NAME: DAUPHIN TECHNOLOGY INC DATE OF NAME CHANGE: 19940826 FORMER COMPANY: FORMER CONFORMED NAME: SUCCESSO INC DATE OF NAME CHANGE: 19910410 10-Q 1 govx20190630_10q.htm FORM 10-Q govx20190630_10q.htm
 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  For the quarterly period ended June 30, 2019

OR

Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

  For the transition period from               to              

 

Commission file number 000-52091

 

GEOVAX LABS, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware    87-0455038
(State or other jurisdiction      (I.R.S. Employer Identification No.)
of incorporation or organization)    

    

1900 Lake Park Drive, Suite 380    
Smyrna, Georgia   30080
(Address of principal executive offices)   (Zip Code)

     

(678) 384-7220

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒    No ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒    No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer             Accelerated filer                      
Non-accelerated filer                Emerging growth company     
Smaller reporting company       

        

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes ☐    No ☒

 

As of August 13, 2019, 2,677,584 shares of the Registrant’s common stock, $.001 par value, were issued and outstanding.
 

 

 
 

 

 

TABLE OF CONTENTS

 

 

   

Page

PART I – FINANCIAL INFORMATION

 
     

Item 1

Condensed Consolidated Financial Statements:

 
 

Condensed Consolidated Balance Sheets as of June 30, 2019 (unaudited) and December 31, 2018

1

 

Condensed Consolidated Statements of Operations for the three-month and six-month periods ended June 30, 2019 and 2018 (unaudited)

2

 

Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficiency) for the three-month and six-month periods ended June 30, 2019 and 2018 (unaudited)

3

 

Condensed Consolidated Statements of Cash Flows for the six-month periods ended June 30, 2019 and 2018 (unaudited)

4

 

Notes to Condensed Consolidated Financial Statements (unaudited)

5

     

Item 2

Management's Discussion and Analysis of Financial Condition and Results of Operations

11

     

Item 3

Quantitative and Qualitative Disclosures about Market Risk

16

     

Item 4

Controls and Procedures

16

     

PART II – OTHER INFORMATION

 
     

Item 1

Legal Proceedings

17

     

Item 1A

Risk Factors

17

     

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

17

     

Item 3

Defaults Upon Senior Securities

17

     

Item 4

Mine Safety Disclosures

17

     

Item 5

Other Information

17

     

Item 6

Exhibits

18

     

SIGNATURES

19

 

 

 

 

Part I -- FINANCIAL INFORMATION

 

Item 1

Financial Statements

 

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

 

   

June 30,

   

December 31,

 
   

2019

   

2018

 
   

(unaudited)

         

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 216,411     $ 259,701  

Grant funds and other receivables

    64,246       121,814  

Prepaid expenses and other current assets

    39,139       238,189  

Total current assets

    319,796       619,704  

Property and equipment, net (Note 5)

    11,827       11,350  

Deposits

    11,010       11,010  
                 

Total assets

  $ 342,633     $ 642,064  
                 

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)

               

Current liabilities:

               

Accounts payable

  $ 116,207     $ 125,859  

Accrued expenses (Note 6)

    1,510,268       1,238,552  

Current portion of notes payable (Note 7)

    12,500       260,420  

Total current liabilities

    1,638,975       1,624,831  

Note payable, net of current portion (Note 7)

    32,291       39,580  

Total liabilities

    1,671,266       1,664,411  
                 

Commitments (Note 8)

               
                 

Stockholders’ equity (deficiency):

               

Preferred Stock, $.01 par value:

               

Authorized shares – 10,000,000

               

Issued and outstanding shares – 3,402 and 3,450 at June 30, 2019 and December 31, 2018, respectively (Note 9)

    2,337,867       1,971,333  

Common stock, $.001 par value:

               

Authorized shares – 600,000,000

               

Issued and outstanding shares – 813,916 and 437,807 at June 30, 2019 and December 31, 2018, respectively

    814       438  

Additional paid-in capital

    38,165,172       37,482,766  

Accumulated deficit

    (41,832,486 )     (40,476,884 )

Total stockholders’ equity (deficiency)

    (1,328,633 )     (1,022,347 )
                 

Total liabilities and stockholders’ equity (deficiency)

  $ 342,633     $ 642,064  

 

See accompanying notes to condensed consolidated financial statements.

 

1

 

 

 

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

 

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Grant and collaboration revenue

  $ 209,941     $ 93,265     $ 574,173     $ 314,564  
                                 

Operating expenses:

                               

Research and development

    451,227       372,202       1,006,945       859,196  

General and administrative

    412,650       359,197       922,714       716,425  

Total operating expenses

    863,877       731,399       1,929,659       1,575,621  
                                 

Loss from operations

    (653,936 )     (638,134 )     (1,355,486 )     (1,261,057 )
                                 

Other income (expense):

                               

Interest income

    881       1,716       2,105       3,034  

Interest expense

    (1,093 )     (625 )     (2,221 )     (833 )

Total other income (expense)

    (212 )     1,091       (116 )     2,201  
                                 

Net loss

  $ (654,148 )   $ (637,043 )   $ (1,355,602 )   $ (1,258,856 )
                                 

Basic and diluted:

                               

Loss per common share

  $ (1.01 )   $ (2.05 )   $ (2.37 )   $ (4.50 )

Weighted averages shares outstanding

    649,486       310,419       571,032       279,551  

 

See accompanying notes to condensed consolidated financial statements.

 

2

 

 

 

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (DEFICIENCY)

(Unaudited)

 

 

   

Three-Month and Six-Month Periods Ended June 30, 2019

 
                                                    Total  
                                    Additional             Stockholders’  
   

Preferred Stock (Note 9)

   

Common Stock

   

Paid-in

   

Accumulated

    Equity  
   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

(Deficiency)

 

Balance at December 31, 2018

    3,450     $ 1,971,333       437,807     $ 438     $ 37,482,766     $ (40,476,884 )   $ (1,022,347 )

Sale of convertible preferred stock for cash and cancellation of note payable

    500       404,250       -       -       85,750       -       490,000  

Conversion of preferred stock to common stock

    (767 )     (303,475 )     118,280       118       303,357       -       -  

Fractional shares issuable upon reverse stock split

    -       -       402       -       -       -       -  

Stock option expense

    -       -       -       -       26,652       -       26,652  

Net loss for the three months ended March 31, 2019

    -       -       -       -       -       (701,454 )     (701,454 )

Balance at March 31, 2019

    3,183       2,072,108       556,489       556       37,898,525       (41,178,338 )     (1,207,149 )

Sale of convertible preferred stock for cash

    500       438,700       -       -       61,300       -       500,000  

Conversion of preferred stock to common stock

    (281 )     (172,941 )     253,300       254       172,687       -       -  

Fractional shares issuable upon reverse stock split

    -       -       -       -       -       -       -  

Issuance of common stock for services

    -       -       4,127       4       5,996       -       6,000  

Stock option expense

    -       -       -       -       26,664       -       26,664  

Net loss for the three months ended June 30, 2019

    -       -       -       -       -       (654,148 )     (654,148 )

Balance at June 30, 2019

    3,402     $ 2,337,867       813,916     $ 814     $ 38,165,172     $ (41,832,486 )   $ (1,328,633 )

 

 

   

Three-Month and Six-Month Periods Ended June 30, 2018

 
                                                  Total  
                                    Additional             Stockholders’  
   

Preferred Stock (Note 9)

   

Common Stock

   

Paid-in

   

Accumulated

   

Equity

 
   

Shares

   

Amount

   

Shares

   

Amount

   

Capital

   

Deficit

   

(Deficiency)

 

Balance at December 31, 2017

    3,670     $ 1,899,085       213,474     $ 213     $ 35,696,435     $ (37,916,790 )   $ (321,057 )

Sale of convertible preferred stock for cash

    600       590,000       -       -       -       -       590,000  

Conversion of preferred stock to common stock

    (450 )     (441,000 )     60,000       60       440,940       -       -  

Issuance of common stock for services

    -       -       10,000       10       199,990       -       200,000  

Stock option expense

    -       -       -       -       23,978               23,978  

Net loss for the three months ended March 31, 2018

    -       -       -       -       -       (621,813 )     (621,813 )

Balance at March 31, 2018

    3,820       2,048,085       283,474       283       36,361,343       (38,538,603 )     (128,892 )

Conversion of preferred stock to common stock

    (345 )     (338,100 )     46,000       46       338,054       -       -  

Stock option expense

    -       -       -       -       23,221       -       23,221  

Net loss for the three months ended June 30, 2018

    -       -       -       -       -       (637,043 )     (637,043 )

Balance at June 30, 2018

    3,475     $ 1,709,985       329,474     $ 329     $ 36,722,618     $ (39,175,646 )   $ (742,714 )

 

See accompanying notes to consolidated financial statements

 

3

 

 

 

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

 

   

Six Months Ended June 30,

 
   

2019

   

2018

 

Cash flows from operating activities:

               

Net loss

  $ (1,355,602 )   $ (1,258,856 )

Adjustments to reconcile net loss to net cash used in operating activities:

               

Depreciation and amortization

    3,795       9,930  

Stock-based compensation expense

    258,396       132,913  

Changes in assets and liabilities:

               

Grant funds and other receivables

    57,568       59,758  

Prepaid expenses and other current assets

    (30 )     41,695  

Accounts payable and accrued expenses

    262,064       252,802  

Total adjustments

    581,793       497,098  

Net cash used in operating activities

    (773,809 )     (761,758 )
                 

Cash flows from investing activities:

               

Purchase of property and equipment

    (4,272 )     -  

Net cash used in investing activities

    (4,272 )     -  
                 

Cash flows from financing activities:

               

Net proceeds from sale of preferred stock

    740,000       590,000  

Proceeds from issuance of note payable

    -       50,000  

Principal repayment of note payable

    (5,209 )     -  

Net cash provided by financing activities

    734,791       640,000  
                 

Net decrease in cash and cash equivalents

    (43,290 )     (121,758 )

Cash and cash equivalents at beginning of period

    259,701       312,727  
                 

Cash and cash equivalents at end of period

  $ 216,411     $ 190,969  

 

Supplemental disclosure of non-cash financing activities:

During the six months ended June 30, 2019, 1,563 shares of Series C Convertible Preferred Stock and 1,200 shares of Series E Convertible Preferred Stock were exchanged for 2,763 shares of Series F Convertible Preferred Stock, 250 shares of Series G Convertible Preferred Stock were issued in exchange for cancellation of $250,000 of term notes payable, 587 shares of Series C Convertible Preferred Stock were converted into 78,280 shares of common stock, and 461 shares of Series F Convertible Preferred Stock were converted into 293,300 shares of common stock.

 

During the six months ended June 30, 2018, 795 shares of Series D Convertible Preferred Stock were converted into 106,000 shares of common stock.

 

See accompanying notes to condensed consolidated financial statements.

 

4

 

 

GEOVAX LABS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2019

(unaudited)

 

 

1.     Description of Business

 

GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases using a novel vector vaccine platform (Modified Vaccinia Ankara Virus-Like Particle, or “MVA-VLP”). Our recombinant MVA vector expresses target proteins on highly immunogenic VLPs in the person being vaccinated, resulting in durable immune responses while providing the safety characteristics of the replication-defective MVA vector. Important attributes of GeoVax vaccines include single dose, no adjuvant, durable immunity, extensive safety and cost-effective manufacturing.

 

Our current development programs are focused on preventive and therapeutic vaccines against Human Immunodeficiency Virus (HIV); preventive vaccines against hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa fever), Zika virus and malaria; a therapeutic vaccine for chronic hepatitis B virus infections; and preventive and therapeutic vaccines for multiple solid tumor cancers. Our most advanced vaccine program is focused on the clade B subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan and Australia; this program is currently undergoing human clinical trials.

 

Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. Our goal is to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage third party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.

 

We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years and often involves expenditure of substantial resources. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with one or more potential strategic partners.

 

GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in metropolitan Atlanta, Georgia.

 

 

2.     Basis of Presentation

 

The accompanying condensed consolidated financial statements at June 30, 2019 and for the three-month and six-month periods ended June 30, 2019 and 2018 are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are not necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018. We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should not be relied upon as predictive of the results in future periods.

 

As described in Note 10, effective April 30, 2019, we enacted a one-for-five hundred reverse stock split of our common stock. The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split.

 

Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the twelve-month period following the date of the financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine candidates. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities.

 

5

 

 

We believe that our existing cash resources, government funding commitments, and equity funding commitments discussed in Note 13 will be sufficient to continue our planned operations into the first quarter of 2020. Due to our history of operating losses and our continuing need for capital to conduct our research and development activities, there is substantial doubt concerning our ability to operate as a going concern beyond that date. We are currently exploring sources of capital through additional government grants and corporate collaborations. We also intend to secure additional funds through sales of our equity securities or by other means. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do not fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. Additional funding may not be available on favorable terms or at all. If we fail to obtain additional capital when needed, we will be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses.

 

 

3.     Significant Accounting Policies and Recent Accounting Pronouncements

 

We disclosed in Note 2 to our consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018 those accounting policies that we consider significant in determining our results of operations and financial position. Other than as described below, there have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K.

 

In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-02, Leases (ASU 2016-02). ASU 2016-02 sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to classify leases as either financing or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similar to prior guidance for operating leases. We adopted ASU 2016-02 effective January 1, 2019; such adoption had no material impact on our financial statements, given that the noncancelable term of our current lease is less than 12 months (see Note 8).

 

There have been no other recent accounting pronouncements or changes in accounting pronouncements during the six months ended June 30, 2019, as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which we expect to have a material impact on our financial statements.

 

 

4.     Basic and Diluted Loss Per Common Share

 

Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled 376,130 and 351,684 shares for the three-month and six-month periods ended June 30, 2019, respectively, as compared to 51,270 and 51,155 shares for the three-month and six-month periods ended June 30, 2018, respectively.

 

 

5.     Property and Equipment

 

Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of June 30, 2019 and December 31, 2018:

 

   

June 30,

2019

   

December 31,

2018

 

Laboratory equipment

  $ 534,578     $ 530,306  

Leasehold improvements

    115,605       115,605  

Other furniture, fixtures & equipment

    28,685       28,685  

Total property and equipment

    678,868       674,596  

Accumulated depreciation and amortization

    (667,041 )     (663,246 )

Property and equipment, net

  $ 11,827     $ 11,350  

 

6

 
 

 

 

6.     Accrued Expenses

 

Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of June 30, 2019 and December 31, 2018:

 

   

June 30,

2019

   

December 31,

2018

 

Accrued management salaries

  $ 1,128,425     $ 924,509  

Accrued directors’ fees

    361,470       295,670  

Other accrued expenses

    20,373       18,373  

Total accrued expenses

  $ 1,510,268     $ 1,238,552  

 

 

7.     Notes Payable

 

On February 28, 2018, we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a five-year Senior Promissory Note (the “GRA Note”) to GRA in exchange for $50,000. The GRA Note bears an annual interest rate of 5%, payable monthly, with principal repayments beginning in the second year. Principal repayments are expected to be $6,250 for the remainder of 2019, $12,500 in 2020, 2021 and 2022, and $2,083 in 2023. Interest expense related to the GRA Note for the three-month and six-month periods ended June 30, 2019 was $586 and $1,207, respectively, as compared to $625 and $833, respectively, for the same periods of 2018.

 

On December 27, 2018, we issued short-term non-interest-bearing Term Promissory Notes (the “Term Notes”) to two current investors in exchange for an aggregate of $250,000. In February 2019, the Term Notes were cancelled in exchange for shares of our convertible preferred stock (see Note 9).

 

 

8.     Commitments

 

Lease Agreement

 

We lease approximately 8,400 square feet of office and laboratory space pursuant to an operating lease which expires on December 31, 2019, with annual extension options through December 31, 2022. Rent expense for the for the three-month and six-month periods ended June 30, 2019 was $40,316 and $80,633, respectively, as compared to $39,136 and $78,273, respectively, for the same periods of 2018. Future minimum lease payments total $80,633 for the remainder of 2019. Our current intention is to exercise our option to extend the lease at least for the subsequent one-year renewal period, subject to our landlord’s right to cancel the extension period 90 days prior to its commencement.

 

Other Commitments

 

In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of June 30, 2019, there are approximately $459,000 of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in 2019. We expect this entire amount to be reimbursable to us pursuant to existing government grants.

 

 

9.     Preferred Stock

 

Preferred Stock Summary

 

We are authorized to issue up to 10,000,000 shares of our Preferred Stock, $.01 par value, which may be issued in one or more series. The table below presents our issued and outstanding series of preferred stock as of June 30, 2019 and December 31, 2018. Each series of our outstanding preferred stock has a stated value of $1,000 per share. Further details concerning each series of preferred stock, and the changes in each series during the three-month and six-month periods ending June 30, 2019 and 2018 are discussed in the sections that follow the table.

 

   

June 30, 2019

   

December 31, 2018

 
           

Carrying

           

Carrying

 
   

Shares

   

Value

   

Shares

   

Value

 

Series B Convertible Preferred Stock

    100       76,095       100       76,095  

Series C Convertible Preferred Stock

    -       -       2,150       705,238  

Series E Convertible Preferred Stock

    -       -       1,200       1,190,000  

Series F Convertible Preferred Stock

    2,302       1,418,822       -       -  

Series G Convertible Preferred Stock

    1,000       842,950       -       -  

Total

    3,402       2,337,867       3,450       1,971,333  

 

7

 

 

Series B Preferred Stock

 

During the three-month and six-month periods ended June 30, 2019 and 2018, there were no conversions or other transactions involving our Series B Convertible Preferred Stock (“Series B Preferred Stock”). As of June 30, 2019, there are 100 shares of our Series B Convertible Preferred Stock outstanding. The Series B Preferred Stock may be converted at any time at the option of the holder into shares of our common stock at a conversion price of $175 per share.

 

Series C Preferred Stock

 

During January and February 2019, 587 shares of our Series C Convertible Preferred Stock (“Series C Preferred Stock”) were converted into 78,280 shares of our common stock. During February 2019, all remaining shares of Series C Preferred Stock (1,563 shares) were exchanged for Series F Preferred Stock. During the three-month and six-month periods ended June 30, 2018, there were no conversions or other transactions involving our Series C Preferred Stock.

 

Series D Preferred Stock

 

During the three-month and six-month periods ending June 30, 2018, 345 and 795 shares, respectively, of our Series D Convertible Preferred Stock (“Series D Preferred Stock”) were converted into 46,000 and 106,000 shares, respectively, of our common stock. As of June 30, 2019, there are no shares of our Series D Preferred Stock outstanding.

 

Series E Preferred Stock

 

In March 2018, we issued 600 shares of our Series E Convertible Preferred Stock (“Series E Preferred Stock”), for net proceeds of $590,000. In September 2018, we issued an additional 600 shares of Series E Preferred Stock for net proceeds of $600,000. During February 2019, all outstanding shares of Series E Preferred Stock (1,200 shares) were exchanged for Series F Preferred Stock.

 

Series F Preferred Stock

 

On February 18, 2019, we entered into Exchange Agreements with holders of our Series C and Series E Preferred Stock, pursuant to which the holders exchanged all shares of Series C and Series E Preferred Stock held by them for an aggregate of 2,763 shares of Series F Convertible Preferred Stock (“Series F Preferred Stock”). Each share of Series F Preferred Stock is entitled to a liquidation preference equal to its $1,000 stated value, has no voting rights, and is not entitled to a dividend. The Series F Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) $7.50 per share and (ii) 90% of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series F Preferred Stock contains price adjustment provisions, which may, under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock. During the three-month and six-month periods ending June 30, 2019, 281 and 461 shares, respectively, of Series F Preferred Stock were converted into 253,300 and 293,300 shares, respectively, of our common stock. As of June 30, 2019, there are 2,302 shares of our Series F Preferred Stock outstanding.

 

Series G Preferred Stock

 

On February 25, 2019, we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of up to 1,000 shares of our Series G Convertible Preferred Stock (“Series G Preferred Stock”) and related warrants for gross proceeds of up to $1.0 million, to be funded at up to three different closings. Each share of Series G Preferred Stock is entitled to a liquidation preference equal to its $1,000 stated value, has no voting rights, and is not entitled to a dividend. The Series G Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) $7.50 per share and (ii) 90% of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series G Preferred Stock contains price adjustment provisions, which may, under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series G Preferred Stock.

 

8

 

 

At the first closing, which occurred on February 26, 2019, we issued 500 shares of Series G Preferred Stock in exchange for the payment by the Purchasers of $250,000 in the aggregate, plus the cancellation of Term Notes held by the Purchasers (see Note 7) in the amount of $250,000. At the first closing we also issued the warrants to purchase an aggregate of 33,334 shares of our common stock. The warrants have an exercise price of $7.50 per share, are exercisable six months from the issuance date, and have a term of exercise equal to five years from the date they first become exercisable. The warrants contain anti-dilution and price adjustment provisions, which may, under certain circumstances reduce the exercise price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then exercise price of the warrants; in the event of such adjustment, the number of shares subject to the warrants will also increase so that the aggregate exercise price remains the same for each warrant. At the second and third closings, which occurred on April 26 and June 19, 2019, we issued an aggregate of 500 additional shares of Series G Preferred Stock in exchange for the payment by the Purchasers of a total of $500,000. We also issued the Purchasers warrants to purchase an aggregate of 66,668 shares of our common stock. As of June 30, 2019, there are 1,000 shares of our Series G Preferred Stock outstanding.

 

 

10.     Common Stock and Stock-Based Compensation

 

Reverse Stock Split

 

Following approval by our shareholders at a meeting held on April 15, 2019, on April 30, 2019, we effected a one-for-five hundred reverse split of our common stock by the filing of an amendment to our certificate of incorporation with the State of Delaware. All share and per share information in our condensed consolidated financial statements and notes that relate to our common stock has been retroactively restated to reflect the reverse stock split.

 

Common Stock Transactions

 

As discussed in Note 9, during the three-month and six-month periods ended June 30, 2019, we issued 253,300 and 371,580 shares, respectively, of our common stock pursuant to conversions our Series C and Series F Preferred Stock. During the three-month and six-month periods ended June 30, 2018, we issued 46,000 and 106,000 shares, respectively, of our common stock pursuant to conversions our Series D Preferred Stock.

 

During the three-month and six-month periods ended June 30, 2019, we issued 4,127 shares of our common stock in exchange for consulting services. During the three-month and six-month periods ended June 30, 2018, we issued -0- and 10,000 shares, respectively, of our common stock in exchange for investment banking and financial advisory services. See “Stock-Based Compensation Expense” below.

 

Stock Options

 

During the six months ended June 30, 2019, there were no transactions involving our stock option plans. As of June 30, 2019, there are 29,441 stock options outstanding ($53.19/share weighted-average exercise price), 13,585 of which are exercisable at that date ($93.92/share weighted-average exercise price).

 

Stock Purchase Warrants

 

During the six months ended June 30, 2019, we issued an aggregate of 100,002 stock purchase warrants in connection with the sale of our Series G Preferred Stock as discussed above. As of June 30, 2019, there are 294,302 stock purchase warrants outstanding ($7.50/share weighted-average exercise price), 194,300 of which are exercisable at that date ($7.50/share weighted-average exercise price).

 

9

 

 

Stock-Based Compensation Expense

 

Stock-based compensation expense related to our stock option plans was $26,664 and $53,316 during the three-month and six-month periods ended June 30, 2019, respectively, as compared to $23,221 and $47,199, respectively, during the same periods of 2018. 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 June 30, 2019, there was $157,067 of unrecognized compensation expense related to stock options, which we expect to recognize over a weighted average period of 1.9 years.

 

During the three-month and six-month periods ended June 30, 2019 we recorded stock-based compensation expense of $78,509 and $205,080, respectively, associated with common stock issued for consulting and financial advisory services, as compared to $57,143 and $85,714, respectively, during the same periods of 2018.

 

 

11.     Income Taxes

 

Because of our historically significant net operating losses, we have not paid income taxes since inception. We maintain deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets are comprised primarily of net operating loss carryforwards and also include amounts relating to nonqualified stock options and research and development credits. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of our future profitability and our ability to utilize the deferred tax assets. Utilization of operating losses and credits will be subject to substantial annual limitations due to ownership change provisions of Section 382 of the Internal Revenue Code. The annual limitation will result in the expiration of net operating losses and credits before utilization.

 

 

12.     Grants and Collaboration Revenue

 

We receive payments from government entities under our grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. During the three-month and six-month periods ended June 30, 2019, we recorded $184,938 and $539,257, respectively, of revenues associated with these grants and contracts, as compared to $93,265 and $309,564, respectively, for the comparable periods of 2018. As of June 30, 2019, there is an aggregate of $2,049,990 in approved grant funds available for use during 2019 and 2020.

 

During the three-month and six-month periods ended June 30, 2019, we recorded $25,003 and $34,916, respectively, of revenues associated with research collaboration agreements with third parties, as compared to $5,000 for the comparable periods of 2018.

 

 

13.     Subsequent Events

 

Stock Transactions

 

On July 16, 2019, we entered into Exchange Agreements with holders of our Series F and Series G Preferred Stock, pursuant to which the holders exchanged all shares of Series F and Series G Preferred Stock held by them for an aggregate of 3,257 shares of Series H Convertible Preferred Stock (“Series H Preferred Stock”). Each share of Series H Preferred Stock is entitled to a liquidation preference equal to its $1,000 stated value, has no voting rights, and is not entitled to a dividend. The Series H Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) $7.50 per share and (ii) 80% of the lowest volume weighted average price of the common stock during the ten trading days immediately preceding the delivery of a notice of conversion. The Series H Preferred Stock contains price adjustment provisions, which may, under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock.

 

On July 24, 2019, we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of 700 shares of our Series I Convertible Preferred Stock (“Series I Preferred Stock”) for gross proceeds of $700,000. Each share of Series I Preferred Stock is entitled to a liquidation preference equal to its $1,000 stated value, has no voting rights, and is not entitled to a dividend. The Series I Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) $7.50 per share and (ii) 80% of the lowest volume weighted average price of the common stock during the ten trading days immediately preceding the delivery of a notice of conversion. The Series I Preferred Stock contains price adjustment provisions, which may, under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series I Preferred Stock.

 

10

 

 

During July and August 2019, holders of our preferred stock converted 46 shares of our Series F Preferred Stock into 88,400 shares of our common stock and 171 shares of our Series H Preferred Stock into 1,737,441 shares of our common stock. During August 2019, we issued 37,827 shares of our common stock in exchange for consulting services.

 

 

Item 2     Management’s Discussion and Analysis of Financial Condition And Results of Operations

 

FORWARD LOOKING STATEMENTS

 

In addition to historical information, the information included in this Form 10-Q contains forward-looking statements. Forward-looking statements involve numerous risks and uncertainties, including but not limited to the risk factors set forth under the heading “Risk Factors” in the Annual Report on Form 10-K for the year ended December 31, 2018, and should not be relied upon as predictions of future events. Certain such forward-looking statements can be identified by the use of forward-looking terminology such as ‘‘believes,’’ ‘‘expects,’’ ‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘seeks,’’ ‘‘approximately,” ‘‘intends,’’ ‘‘plans,’’ ‘‘pro forma,’’ ‘‘estimates,’’ or ‘‘anticipates’’ or other variations thereof or comparable terminology, or by discussions of strategy, plans, or intentions. Such forward-looking statements are necessarily dependent on assumptions, data, or methods that may be incorrect or imprecise and may be incapable of being realized. The following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements:

whether we can raise additional capital as and when we need it;

whether we are successful in developing our products;

whether we are able to obtain regulatory approvals in the United States and other countries for sale of our products;

whether we can compete successfully with others in our market; and

whether we are adversely affected in our efforts to raise cash by the volatility and disruption of local and national economic, credit and capital markets and the economy in general.

 

Readers are cautioned not to place undue reliance on forward-looking statements, which reflect our management’s analysis only. We assume no obligation to update forward-looking statements.

 

Overview

 

GeoVax is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases using a novel vector vaccine platform (Modified Vaccinia Ankara Virus-Like Particle, or “MVA-VLP”). Our recombinant MVA vector expresses target proteins on highly immunogenic VLPs in the person being vaccinated, resulting in durable immune responses while providing the safety characteristics of the replication-defective MVA vector. Important attributes of GeoVax vaccines include single dose, no adjuvant, durable immunity, extensive safety and cost-effective manufacturing.

 

Our current development programs are focused on preventive and therapeutic vaccines against Human Immunodeficiency Virus (HIV); preventive vaccines against hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa fever), Zika virus and malaria; a therapeutic vaccine for chronic hepatitis B virus infections; and preventive and therapeutic vaccines for multiple solid tumor cancers. Our most advanced vaccine program is focused on the clade B subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan and Australia; this program is currently undergoing human clinical trials.

 

Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. Our goal is to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage third party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.

 

We have not generated any revenues from the sale of any such products, and we do not expect to generate any such revenues for at least the next several years. Our product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing. All product candidates that we advance to clinical testing will require regulatory approval prior to commercial use and will require significant costs for commercialization. We may not be successful in our research and development efforts, and we may never generate sufficient product revenue to be profitable.

 

11

 

 

 

Critical Accounting Policies and Estimates

 

This discussion and analysis of our financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States. The preparation of these financial statements requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates and adjusts the estimates as necessary. We base our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions.

 

For a description of critical accounting policies that affect our significant judgments and estimates used in the preparation of our financial statements, refer to Item 7 in Management’s Discussion and Analysis of Financial Condition and Results of Operations and Note 2 to our Consolidated Financial Statements contained in our Annual Report on Form 10-K for the year ended December 31, 2018. There have been no significant changes to our critical accounting policies from those disclosed in our 2018 Annual Report.

 

Recent Accounting Pronouncements

 

Information regarding recent accounting pronouncements is contained in Note 3 to the condensed consolidated financial statements, included in this Quarterly Report.

 

Liquidity and Capital Resources

 

Our principal uses of cash are to finance our research and development activities. Since inception, we have funded these activities primarily from government grants and clinical trial assistance, and from sales of our equity securities. At June 30, 2019, we had cash and cash equivalents of $216,411 and total assets of $342,633, as compared to $259,701 and $642,064, respectively, at December 31, 2018. At June 30, 2019, we had a working capital deficit of $1,319,179, compared to $1,005,127 at December 31, 2018. Our current liabilities at June 30, 2019 and December 31, 2018 include $1,489,895 and $1,220,179, respectively of accrued management salaries and director fees, payment of which is still being deferred as discussed further below.

 

Net cash used in operating activities was $773,809 and $761,758 for the six-month periods ended June 30, 2019 and 2018, respectively. Generally, the variances between periods are due to fluctuations in our net losses, offset by non-cash charges such as depreciation and stock-based and deferred compensation expense, and by net changes in our assets and liabilities. Our net losses generally fluctuate based on expenditures for our research activities, partially offset by government grant revenues. As of June 30, 2019, there is $2,049,990 in approved grant funds available for use during 2019 and 2020. Of this amount, we expect that $1,219,066 will be used by us to reimburse third parties who will provide services covered by these grants. See “Results of Operations – Grant and Collaboration Revenues” below for additional details concerning our government grants.

 

Members of our executive management team and our board of directors have deferred receipt of portions of their salaries and fees in order to help conserve the Company’s cash resources. As of June 30, 2019, the accumulated deferrals totaled $1,489,895. We expect the ongoing deferrals of approximately $34,000 per month for the management salaries and $20-30,000 per quarter for the board of director fees to continue until such time as a significant financing event (as determined by the board of directors) is consummated. The method selected for addressing these accumulated deferrals could have an adverse effect on our liquidity.

 

The National Institute of Allergy and Infectious Diseases (NIAID), part of the National Institutes of Health (NIH), has funded the costs of conducting all of our human clinical trials (Phase 1 and Phase 2a) to date for our preventive HIV vaccines, with GeoVax incurring certain costs associated with manufacturing the clinical vaccine supplies and other study support. We expect that NIAID will also fund the cost of a planned Phase 1 trial (HVTN 132), conducted by the HIV Trials Network (HVTN), to further evaluate the safety and immunogenicity of adding “protein boost” components to our vaccine, GOVX-B11. The timing of HVTN 132 is uncertain, and dependent upon components other than our vaccine, but we expect the HVTN to commence patient enrollment in 2020. Additionally, we are party to a collaboration with American Gene Technologies International, Inc. (AGT) whereby AGT intends to conduct a Phase 1 human clinical trial with our combined technologies, with the ultimate goal of developing a functional cure for HIV infection. We expect that AGT will begin the Phase 1 trial in late 2019. We are also currently in discussions with a public-private consortium for the use of our vaccine in a similar effort toward developing a cure for HIV infection; we expect these studies may begin in early 2020.

 

12

 

 

Net cash used in investing activities was $4,272 and $-0- for the six-month periods ended June 30, 2019 and 2018, respectively. Our investing activities have consisted predominantly of capital expenditures.

 

Net cash provided by financing activities was $734,791 and $640,000 for the six-month periods ended June 30, 2019 and 2018, respectively. Net cash provided by financing activities during the 2018 period relates to the sale by us of shares of our Series E convertible preferred stock ($590,000) and our issuance of a five-year Senior Promissory Note (the “GRA Note”) to the Georgia Research Alliance, Inc. for $50,000. The GRA Note bears an annual interest rate of 5%, payable monthly, with principal repayments which began in March 2019. Net cash provided by financing activities during the 2019 period relates to the sale by us of shares of our Series G convertible preferred stock for net proceeds of $740,000 (see discussion below) and $5,209 in repayments toward the GRA Note.

 

On February 25, 2019, we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of up to 1,000 shares of our Series G Convertible Preferred Stock (“Series G Preferred Stock”) and related warrants for gross proceeds of up to $1.0 million, to be funded at up to three different closings. At the first closing, which occurred on February 26, 2019, we issued 500 shares of Series G Preferred Stock in exchange for the payment by the Purchasers of $250,000 in the aggregate ($240,000 after deducting certain expenses of the Purchasers), plus the cancellation of Term Notes held by the Purchasers in the amount of $250,000. At the first closing we also issued the Purchasers warrants to purchase an aggregate of 33,334 shares of our common stock. At the second closing, which occurred on April 26, 2019, we issued an additional 250 shares of Series G Preferred Stock in exchange for the payment by the Purchasers of $250,000 in the aggregate. At the second and third closings, which occurred on April 26 and June 19, 2019, we issued an aggregate of 500 additional shares of Series G Preferred Stock in exchange for the payment by the Purchasers of a total of $500,000. We also issued the Purchasers warrants to purchase an aggregate of 66,668 shares of our common stock.

 

On April 15, 2019, our stockholders approved, and on April 30, 2019 we implemented, a one-for-five hundred reverse split of our common stock, which is intended to not only improve the marketability of our stock, but also to provide additional shares of authorized common stock available to meet our equity financing needs. The reverse stock split is also intended to help us meet the minimum price requirements for listing our common stock on the Nasdaq Capital Market, should that be a condition to completing any of the financing options we may contemplate. The reverse stock split ratio was chosen in part to support a higher stock price per share than the lower ratios in the range approved by our stockholders. There can be no assurance the necessary minimum price requirements will be met.

 

On July 24, 2019, we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of 700 shares of our Series I Convertible Preferred Stock (“Series I Preferred Stock”) for gross proceeds of $700,000.

 

As of June 30, 2019, we had an accumulated deficit of approximately $41.8 million, and we expect the amount of the accumulated deficit will continue to increase, as it will be expensive to continue our research and development efforts. We have received a “going concern” opinion from our independent registered public accountants reflecting substantial doubt about our ability to continue as a going concern. We believe that our existing cash resources (including funds received from the July financing discussed above), combined with funding from existing government grants and clinical trial support, will be sufficient to fund our planned operations into the first quarter of 2020. We will require additional funds to continue our planned operations beyond that date. We are currently seeking sources of capital through additional government grant programs and clinical trial support, and we plan to conduct additional offerings of our equity securities. Additional funding may not be available on favorable terms or at all and if we fail to obtain additional capital when needed, we may be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses.

 

Off-Balance Sheet Arrangements

 

We have no off-balance sheet arrangements that are likely or reasonably likely to have a material effect on our financial condition or results of operations.

 

13

 

 

Contractual Obligations

 

The table below summarizes our contractual obligations as of June 30, 2019, aggregated by type (in thousands). Our contractual obligations represent future cash commitments and liabilities under agreements with third parties and exclude contingent liabilities for which we cannot reasonably predict future payment. Additionally, the expected timing of payment of the obligations presented below is estimated based on current information. Timing of payments and actual amounts paid may be different depending on the timing of receipt of goods or services or changes to agreed-upon terms or amounts for some obligations.

 

   

Payments Due by Period

 

 

Contractual Obligations

 

 

Total

   

Less than

1 Year

   

1-3

Years

   

4-5

Years

   

More than

5 years

 

Operating Lease Obligations (1)

  $ 81     $ 81     $ --     $ --     $ --  

Purchase Obligations (2)

    459       459       --       --       --  

Total

  $ 540     $ 540     $ --     $ --     $ --  

 

 

(1)

Our operating lease obligations relate to the facility lease for our 8,430 square foot facility in Smyrna, Georgia, which houses our laboratory operations and our administrative offices. The current term of our lease expires on December 31, 2019. We have annual extension options through December 31, 2022 which have not yet been exercised by us and may be cancellable by our landlord.

 

(2)

Purchase obligations relate to contracts for research activities, payment of which will be reimbursable to us pursuant to our government grants.

 

As of June 30, 2019, except as disclosed in the table above, we had no other material firm purchase obligations or commitments for capital expenditures and no committed lines of credit or other committed funding or long-term debt, with the exception of the note payable to GRA ($44,791 remaining principal balance at June 30, 2019). We have employment agreements with our executive officers, each of which may be terminated with no more than 90 days’ advance written notice. Pursuant to existing technology license agreements, we may be required to make potential future milestone and royalty payments which are contingent upon the occurrence of future events. Such events include development milestones, regulatory approvals and product sales. Because the achievement of these milestones is currently neither probable nor reasonably estimable, the contingent payments have not been included in the table above or recorded in our financial statements.

 

Results of Operations

 

Net Loss

 

We recorded a net loss of $654,148 for the three-month period ended June 30, 2019, as compared to $637,043 for the three-month period ended June 30, 2018. For the six-month period ended June 30, 2019, we recorded a net loss of $1,355,602, as compared to $1,258,856 for the six-month period ended June 30, 2018. Our net losses will typically fluctuate due to the timing of activities and related costs associated with our vaccine research and development activities and our general and administrative costs, as described in more detail below.

 

Grant and Collaboration Revenues

 

During the three-month and six-month periods ended June 30, 2019, we recorded grant and collaboration revenues of $209,941 and $574,173, respectively, as compared to $93,265 and $314,564, respectively, during the comparable periods of 2018.

 

Grant Revenues – Our grant revenues relate to grants and contracts from agencies of the U.S. government in support of our vaccine development activities. We record revenue associated with these grants as the related costs and expenses are incurred. The difference in our grant revenues from period to period is dependent upon our expenditures for activities supported by the grants and fluctuates based on the timing of the expenditures. Additional detail concerning our grant revenues and the remaining funds available for use as of June 30, 2019 is presented in the table below.

 

   

Grant Revenues Recorded During the Periods:

   

Unused Funds

 
   

Three Months Ended June 30,

   

Six Months Ended June 30,

   

Available at

 
   

2019

   

2018

   

2019

   

2018

   

June 30, 2019

 

Lassa Fever – U.S. Army Grant

    151,819       -       294,504       -       1,985,240  

Lassa Fever – SBIR Grant

    18,625       32,234       82,292       32,234       64,750  

Zika – SBIR Grant

    14,494       25,346       162,461       54,134       -  

HIV – SBIR Grant

  $ -     $ 35,685     $ -     $ 223,196     $ -  

Total

  $ 184,938     $ 93,265     $ 539,257     $ 309,564     $ 2,049,990  

 

Collaboration Revenues – In addition to the grant revenues above, during the three-month and six-month periods ended June 30, 2019 we recorded revenues associated with several research collaborations with third parties of $25,003 and $34,916, respectively, as compared to $-0- and $5,000, respectively, during the comparable periods of 2018. These amounts primarily represent amounts paid to us by the other parties for materials and other costs associated with joint studies.

 

14

 

 

Research and Development Expenses

 

Our research and development expenses were $451,227 and $1,006,945 for the three-month and six-month periods ended June 30, 2019 as compared to $372,202 and $859,196 for the comparable periods of 2018. Research and development expense for the three-month and six-month periods of 2019 includes stock-based compensation expense of $11,322 and $22,641 respectively, as compared to $10,511 and $21,462, respectively, for the comparable periods of 2018 (see discussion under “Stock-Based Compensation Expense” below).

 

Our research and development expenses can fluctuate considerably on a period-to-period basis, depending on our need for vaccine manufacturing by third parties, the timing of expenditures related to our government grants, the timing of costs associated with any clinical trials being funding directly by us, and other factors. Research and development expenses increased by $147,749, or 17%, from the six-month period of 2018 to 2019 primarily due to the timing of expenditures related to our government grants. Our research and development costs do not include costs incurred by the HIV Vaccine Trials Network (HVTN) in conducting clinical trials of our preventive HIV vaccines; those costs are funded directly to the HVTN by NIAID.

 

We do not disclose our research and development expenses by project, since our employees’ time is spread across multiple programs and our laboratory facility is used for multiple development projects. We track the direct cost of research and development expenses related to government grant revenue by the percentage of assigned employees’ time spent on each grant and other direct costs associated with each grant. Indirect costs associated with grants are not tracked separately but are applied based on a contracted overhead rate negotiated with the NIH. Therefore, the recorded revenues associated with government grants approximates the costs incurred.

 

We do not provide forward-looking estimates of costs and time to complete our research programs due to the many uncertainties associated with vaccine development. Due to these uncertainties, our future expenditures are likely to be highly volatile in future periods depending on the outcomes of the trials and studies. As we obtain data from pre-clinical studies and clinical trials, we may elect to discontinue or delay vaccine development programs to focus our resources on more promising vaccine candidates. Completion of preclinical studies and human clinical trials may take several years or more, but the length of time can vary substantially depending upon several factors. The duration and the cost of future clinical trials may vary significantly over the life of the project because of differences arising during development of the human clinical trial protocols, including the number of patients that ultimately participate in the clinical trial; the duration of patient follow-up that seems appropriate in view of the results; the number of clinical sites included in the clinical trials; and the length of time required to enroll suitable patient subjects.

 

General and Administrative Expenses

 

Our general and administrative expenses were $412,650 and $922,714 for the three-month and six-month periods ended June 30, 2019, as compared to $359,197 and $716,425 during the comparable periods of 2018. General and administrative costs include officers’ salaries, legal and accounting costs, patent costs, and other general corporate expenses. General and administrative expense for the three-month and six-month periods of 2019 include stock-based compensation expense of $93,851and $235,755, respectively; as compared to $69,853 and $111,451, respectively, for the comparable periods of 2018 (see discussion under “Stock-Based Compensation Expense” below). Excluding stock-based compensation expense, general and administrative expenses were $318,799 and $686,959 during the three-month and six-month periods ended June 30, 2019, respectively, as compared to $289,344 and $604,974, respectively during the comparable periods of 2018. The overall increase in general and administrative expense from 2018 to 2019 is primarily attributable to higher legal fees, insurance costs, and costs associated with the conduct of a special meeting of stockholders. We expect that our general and administrative costs may increase in the future in support of expanded research and development activities and other general corporate activities.

 

15

 

 

Stock-Based Compensation Expense

 

For the three-month and six-month periods ended June 30, 2019 and 2018, the components of stock-based compensation expense were as follows:

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 
   

2019

   

2018

   

2019

   

2018

 

Stock option expense

  $ 26,664     $ 23,221     $ 53,316     $ 47,199  

Stock issued for services

    78,509       57,143       205,080       85,714  

Total stock-based compensation expense

  $ 105,173     $ 80,364     $ 258,396     $ 132,913  

 

In general, stock-based compensation expense is allocated to research and development expense or general and administrative expense according to the classification of cash compensation paid to the employee, consultant or director to whom the stock compensation was granted. For the three-month and six-month periods ended June 30, 2019 and 2018, stock-based compensation expense was allocated as follows:

 

   

Three Months Ended June 30,

   

Six Months Ended June 30,

 

Expense Allocated to:

 

2019

   

2018

   

2019

   

2018

 

General and administrative expense

  $ 93,851     $ 69,853     $ 235,755     $ 111,451  

Research and development expense

    11,322       10,511       22,641       21,462  

Total stock-based compensation expense

  $ 105,173     $ 80,364     $ 258,396     $ 132,913  

 

Other Income (Expense)

 

Interest income for the three-month and six-month periods ended June 30, 2019 was $881 and $2,105, respectively, as compared to $1,716 and $3,034, respectively, for comparable periods of 2018. The variances between periods are primarily attributable to cash available for investment and interest rate fluctuations. Interest expense for the three-month and six-month periods ended June 30, 2019 was $1,093 and $2,221, respectively, as compared to $625 and $833, respectively, for comparable periods of 2018. Interest expense relates to the GRA Note and financing costs associated with insurance premiums.

 

 

Item 3     Quantitative and Qualitative Disclosures About Market Risk

 

Not applicable.

 

Item 4     Controls and Procedures

 

Evaluation of disclosure controls and procedures

 

Disclosure controls and procedures are controls and other procedures that are designed to ensure that the information required to be disclosed in reports filed or submitted under the Securities Exchange Act of 1934, as amended (Exchange Act), is (1) recorded, processed, summarized, and reported within the time periods specified in the SEC’s rules and forms and (2) accumulated and communicated to management, including the Chief Executive Officer and Principal Financial and Accounting Officer, as appropriate to allow timely decisions regarding required disclosure.

 

Our management has carried out an evaluation, under the supervision and with the participation of our Principal Executive Officer and our Principal Financial and Accounting Officer, of the effectiveness of the design and operation of our disclosure controls and procedures pursuant to Exchange Act Rules 13a-15 and 15d-15 as of the end of the period covered by this report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this report, our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized, and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

16

 

 

Changes in internal control over financial reporting

 

There was no change in our internal control over financial reporting that occurred during the three months ended June 30, 2019 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

 

Limitations on Controls

 

Management does not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent or detect all error and fraud. Any control system, no matter how well designed and operated, is based upon certain assumptions and can provide only reasonable, not absolute, assurance that its objectives will be met. Further, no evaluation of controls can provide absolute assurance that misstatements due to error or fraud will not occur or that all control issues and instances of fraud, if any, within the Company have been detected.

 

 

PART II -- OTHER INFORMATION

 

Item 1

Legal Proceedings

 

None.

 

Item 1A

Risk Factors

 

As a smaller reporting company (as defined in Rule 12b-2 of the Exchange Act), we are not required to provide the information called for by this Item 1A.

 

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

 

None not previously disclosed on Form 8-K.

 

Item 3

Defaults Upon Senior Securities

 

None.

 

Item 4

Mine Safety Disclosures

 

Not applicable

 

Item 5

Other Information

 

None.

 

17

 

 

Item 6

Exhibits

 

Exhibit  

Number

Description

 

3.1

Certificate of Amendment to the Certificate of Incorporation of GeoVax Labs, Inc. filed April 30, 2019 (1)

4.1

Form of Stock Certificate to be issued after April 30, 2019 to represent the Company’s Common Stock, par value $0.001 (1)

4.2.1

Certificate of Designation of Preferences, Rights and Limitations of Series F Convertible Preferred Stock (2)

4.2.2

Form of Stock Certificate for the Series F Convertible Preferred Stock (2)

4.3.1

Certificate of Designation of Preferences, Rights and Limitations of Series G Convertible Preferred Stock (3)

4.3.2

Form of Stock Certificate for the Series G Convertible Preferred Stock (3)

4.4.1

Certificate of Designation of Preferences, Rights and Limitations of Series H Convertible Preferred Stock (4)

4.4.2

Form of Stock Certificate for the Series H Convertible Preferred Stock (4)

4.5.1

Certificate of Designation of Preferences, Rights and Limitations of Series I Convertible Preferred Stock (5)

4.5.2

Form of Stock Certificate for the Series I Convertible Preferred Stock (5)

10.1

Form of Exchange Agreement, dated February 18, 2019 (2)

10.2

Form of Securities Purchase Agreement dated February 25, 2019 (3)

10.3

Form of Series I Common Stock Purchase Warrant (3)

10.4

Form of Exchange Agreement, dated July 16, 2019 (4)

10.5

Form of Securities Purchase Agreement dated July 24, 2019 (5)

31.1*

Certification pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934

31.2*

Certification pursuant to Rule 13a-14(a) or 15d-14(a) of the Securities Exchange Act of 1934

32.1*

Certification pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002

32.2*

Certification pursuant to 18 U.S.C. Section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002

101.INS**

XBRL Instance Document

101.SCH**

XBRL Taxonomy Extension Schema Document

101.CAL**

XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF**

XBRL Taxonomy Extension Definition Linkbase Document

101.LAB**

XBRL Taxonomy Extension Label Linkbase Document

101.PRE**

XBRL Taxonomy Extension Presentation Linkbase Document

 

 

_____________________

*

Filed herewith

**

XBRL (Extensible Business Reporting Language) information furnished hereto are deemed not filed or a part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.

 

(1)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed April 30, 2019.

(2)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed February 19, 2019.

(3)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed February 26, 2019.

(4)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed July 17, 2019.

(5)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed July 24, 2019.

 

18

 

 

SIGNATURES

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this quarterly report on Form 10-Q to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

GEOVAX LABS, INC.

(Registrant)

   
   
Date:     August 13, 2019  By: /s/ Mark W. Reynolds         
 

Mark W. Reynolds

Chief Financial Officer

(duly authorized officer and principal
financial officer)

 

19

EX-31.1 2 ex_153740.htm EXHIBIT 31.1 ex_153740.htm

Exhibit 31.1

 

CERTIFICATION

PURSUANT TO RULE 13a-14(a) or 15d-14(a)

OF THE

SECURITIES EXCHANGE ACT OF 1934

 

I, David A. Dodd, President and Chief Executive Officer of GeoVax Labs, Inc. certify that:

 

 

(1)

I have reviewed this quarterly report on Form 10-Q of GeoVax Labs, Inc.;

 

 

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

(5)

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Dated: August 13, 2019  /s/ David A. Dodd                
 

David A. Dodd

President & Chief Executive Officer

                             

EX-31.2 3 ex_153741.htm EXHIBIT 31.2 ex_153741.htm

Exhibit 31.2

 

CERTIFICATION

PURSUANT TO RULE 13a-14(a) or 15d-14(a)

OF THE

SECURITIES EXCHANGE ACT OF 1934

 

I, Mark W. Reynolds, Chief Financial Officer of GeoVax Labs, Inc. certify that:

 

 

(1)

I have reviewed this quarterly report on Form 10-Q of GeoVax Labs, Inc.;

 

 

(2)

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

 

(3)

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

 

 

(4)

The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

 

a.

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

b.

Designed such internal control over financial reporting, or caused such internal controls over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

c.

Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

 

d.

Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

 

(5)

The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

 

a.

All significant deficiencies or material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

 

b.

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Dated: August 13, 2019   /s/ Mark W. Reynolds        
 

Mark W. Reynolds

Chief Financial Officer

                            

EX-32.1 4 ex_153742.htm EXHIBIT 32.1 ex_153742.htm

Exhibit 32.1

 

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of GeoVax Labs, Inc. (the "Company") on Form 10-Q for the three months ended June 30, 2019, I, David A. Dodd, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002, that to the best of my knowledge:

 

1. The quarterly report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. The information contained in the quarterly report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Dated: August 13, 2019   /s/ David A. Dodd                             
 

David A. Dodd

President & Chief Executive Officer

                      

 

EX-32.2 5 ex_153743.htm EXHIBIT 32.2 ex_153743.htm

Exhibit 32.2

 

CERTIFICATION

PURSUANT TO 18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO SECTION 906

OF THE SARBANES-OXLEY ACT OF 2002

 

In connection with the quarterly report of GeoVax Labs, Inc. (the "Company") on Form 10-Q for the three months ended June 30, 2019, I, Mark W. Reynolds, hereby certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes - Oxley Act of 2002, that to the best of my knowledge:

 

1. The quarterly report fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934; and

 

2. The information contained in the annual report fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

 

Dated: August 13, 2019   /s/ Mark W. Reynolds                    
 

Mark W. Reynolds

Chief Financial Officer

                       

 

 

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During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>we recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$184,938</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$539,257,</div> respectively, of revenues associated with these grants and contracts, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93,265</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$309,564,</div> respectively, for the comparable periods of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there is an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,049,990</div> in approved grant funds available for use during <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; 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font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Carrying</div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Carrying</div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Shares</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Value</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Shares</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Value</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 48.9%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series B Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series C Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,150</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">705,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series E Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,200</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series F Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418,822</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series G Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,950</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,402</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,337,867</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,450</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,971,333</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 402 78509 205080 57143 85714 2049990 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued Expenses</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">June 30,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued management salaries</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,128,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">924,509</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued directors&#x2019; fees</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">361,470</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,670</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other accrued expenses</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total accrued expenses</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,510,268</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,238,552</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div></div> 116207 125859 1510268 1238552 1128425 924509 667041 663246 38165172 37482766 26652 26652 26664 26664 23978 23978 23221 23221 581793 497098 26664 53316 23221 47199 376130 351684 51270 51155 8400 342633 642064 319796 619704 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The accompanying condensed consolidated financial statements at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be relied upon as predictive of the results in future periods.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">As described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>we enacted a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five hundred</div> reverse stock split of our common stock. The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div>-month period following the date of the financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine candidates. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We believe that our existing cash resources, government funding commitments, and equity funding commitments discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13</div> will be sufficient to continue our planned operations into the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> quarter of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020.</div> Due to our history of operating losses and our continuing need for capital to conduct our research and development activities, there is substantial doubt concerning our ability to operate as a going concern beyond that date. We are currently exploring sources of capital through additional government grants and corporate collaborations. We also intend to secure additional funds through sales of our equity securities or by other means. Management believes that we will be successful in securing the additional capital required to continue the Company&#x2019;s planned operations, but that our plans do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> fully alleviate the substantial doubt about the Company&#x2019;s ability to operate as a going concern. Additional funding <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be available on favorable terms or at all. If we fail to obtain additional capital when needed, we will be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses.</div></div> 259701 312727 216411 190969 -43290 -121758 7.50 66668 294302 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commitments</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Lease Agreement</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We lease approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,400</div> square feet of office and laboratory space pursuant to an operating lease which expires on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2019, </div>with annual extension options through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2022. </div>Rent expense for the for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$40,316</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,633,</div> respectively, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$39,136</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$78,273,</div> respectively, for the same periods of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> Future minimum lease payments total <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$80,633</div> for the remainder of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> Our current intention is to exercise our option to extend the lease at least for the subsequent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-year renewal period, subject to our landlord&#x2019;s right to cancel the extension period <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90</div> days prior to its commencement.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Other Commitments</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$459,000</div> of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div> We expect this entire amount to be reimbursable to us pursuant to existing government grants.</div></div> 0.001 0.001 600000000 600000000 813916 437807 813916 437807 814 438 1563 1200 587 461 795 0 587 1563 0 345 795 1200 281 253300 293300 0 0 0 0 46 171 2763 78280 293300 106000 78280 46000 106000 253300 371580 3257 88400 1737441 250 250000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes Payable</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 28, 2018, </div>we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div>-year Senior Promissory Note (the &#x201c;GRA Note&#x201d;) to GRA in exchange for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$50,000.</div> The GRA Note bears an annual interest rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5%,</div> payable monthly, with principal repayments beginning in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> year. Principal repayments are expected to be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6,250</div> for the remainder of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$12,500</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2020,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022,</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$2,083</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2023.</div> Interest expense related to the GRA Note for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$586</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,207,</div> respectively, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$625</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$833,</div> respectively, for the same periods of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 27, 2018, </div>we issued short-term non-interest-bearing Term Promissory Notes (the &#x201c;Term Notes&#x201d;) to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> current investors in exchange for an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div>the Term Notes were cancelled in exchange for shares of our convertible preferred stock (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div>).</div></div> 250000 0.05 P5Y 11010 11010 3795 9930 -1.01 -2.05 -2.37 -4.50 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and Diluted Loss Per Common Share</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">376,130</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">351,684</div> shares for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>respectively, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,270</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">51,155</div> shares for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>respectively.</div></div> 157067 P1Y328D 412650 359197 922714 716425 64246 121814 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income Taxes</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Because of our historically significant net operating losses, we have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> paid income taxes since inception. We maintain deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets are comprised primarily of net operating loss carryforwards and also include amounts relating to nonqualified stock options and research and development credits. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of our future profitability and our ability to utilize the deferred tax assets. Utilization of operating losses and credits will be subject to substantial annual limitations due to ownership change provisions of Section <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">382</div> of the Internal Revenue Code. The annual limitation will result in the expiration of net operating losses and credits before utilization.</div></div> 262064 252802 30 -41695 -57568 -59758 586 1207 625 833 1093 625 2221 833 881 1716 2105 3034 40316 80633 39136 78273 80633 P1Y 1671266 1664411 342633 642064 1638975 1624831 2083 12500 12500 12500 6250 32291 39580 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Description of Business </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GeoVax Labs, Inc. (&#x201c;GeoVax&#x201d; or the &#x201c;Company&#x201d;), is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases using a novel vector vaccine platform (Modified Vaccinia Ankara Virus-Like Particle, or &#x201c;MVA-VLP&#x201d;). Our recombinant MVA vector expresses target proteins on highly immunogenic VLPs in the person being vaccinated, resulting in durable immune responses while providing the safety characteristics of the replication-defective MVA vector. Important attributes of GeoVax vaccines include single dose, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjuvant, durable immunity, extensive safety and cost-effective manufacturing.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our current development programs are focused on preventive and therapeutic vaccines against Human Immunodeficiency Virus (HIV); preventive vaccines against hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa fever), Zika virus and malaria; a therapeutic vaccine for chronic hepatitis B virus infections; and preventive and therapeutic vaccines for multiple solid tumor cancers. Our most advanced vaccine program is focused on the clade B subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan and Australia; this program is currently undergoing human clinical trials.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. Our goal is to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>take many years and often involves expenditure of substantial resources. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more potential strategic partners.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in metropolitan Atlanta, Georgia.</div></div> 734791 640000 -4272 -773809 -761758 -1355602 -1258856 -654148 -637043 -701454 -701454 -654148 -621813 -621813 -637043 -212 1091 -116 2201 12500 260420 863877 731399 1929659 1575621 -653936 -638134 -1355486 -1261057 20373 18373 4272 0.01 0.01 1000 1000 1000 1000 1000 1000 1000 1000 1000 10000000 10000000 3402 3450 3402 3450 100 0 2302 1000 100 2150 1200 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Prefer</div><div style="display: inline; font-style: italic;">red Stock</div><div style="display: inline; font-style: italic;"> Summary</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We are authorized to issue up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,000,000</div> shares of our Preferred Stock, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$.01</div> par value, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be issued in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> or more series. The table below presents our issued and outstanding series of preferred stock as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>Each series of our outstanding preferred stock has a stated value of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div></div></div></div></div> per share. Further details concerning each series of preferred stock, and the changes in each series during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> are discussed in the sections that follow the table.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">June 30, 2019</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="6" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31, 2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Carrying</div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Carrying</div> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Shares</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Value</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Shares</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Value</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 48.9%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series B Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series C Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,150</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">705,238</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series E Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,200</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,190,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series F Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,302</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,418,822</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series G Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842,950</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,402</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,337,867</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,450</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 9%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,971,333</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series B Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div></div></div> conversions or other transactions involving our Series B Convertible Preferred Stock (&#x201c;Series B Preferred Stock&#x201d;). As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div> shares of our Series B Convertible Preferred Stock outstanding. The Series B Preferred Stock <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be converted at any time at the option of the holder into shares of our common stock at a conversion price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$175</div> per share.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series </div><div style="display: inline; font-style: italic;">C</div><div style="display: inline; font-style: italic;"> Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">587</div> shares of our Series C Convertible Preferred Stock (&#x201c;Series C Preferred Stock&#x201d;) were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">78,280</div> shares of our common stock. During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div>all remaining shares of Series C Preferred Stock (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,563</div> shares) were exchanged for Series F Preferred Stock. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div></div> conversions or other transactions involving our Series C Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series </div><div style="display: inline; font-style: italic;">D</div><div style="display: inline; font-style: italic;"> Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">345</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">795</div> shares, respectively, of our Series D Convertible Preferred Stock (&#x201c;Series D Preferred Stock&#x201d;) were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">106,000</div> shares, respectively, of our common stock. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> shares of our Series D Preferred Stock outstanding.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series </div><div style="display: inline; font-style: italic;">E</div><div style="display: inline; font-style: italic;"> Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018, </div>we issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">600</div> shares of our Series E Convertible Preferred Stock (&#x201c;Series E Preferred Stock&#x201d;), for net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$590,000.</div> In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> September 2018, </div>we issued an additional <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">600</div> shares of Series E Preferred Stock for net proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$600,000.</div> During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2019, </div>all outstanding shares of Series E Preferred Stock (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,200</div> shares) were exchanged for Series F Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series F Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 18, 2019, </div>we entered into Exchange Agreements with holders of our Series C and Series E Preferred Stock, pursuant to which the holders exchanged all shares of Series C and Series E Preferred Stock held by them for an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,763</div> shares of Series F Convertible Preferred Stock (&#x201c;Series F Preferred Stock&#x201d;). Each share of Series F Preferred Stock is entitled to a liquidation preference equal to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> stated value, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voting rights, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entitled to a dividend. The Series F Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50</div> per share and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series F Preferred Stock contains price adjustment provisions, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">281</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">461</div> shares, respectively, of Series F Preferred Stock were converted into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">253,300</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">293,300</div> shares, respectively, of our common stock. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,302</div> shares of our Series F Preferred Stock outstanding.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Series G Preferred Stock</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 25, 2019, </div>we entered into a Securities Purchase Agreement with the purchasers identified therein (the &#x201c;Purchasers&#x201d;) providing for sale to the Purchasers of an aggregate of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div> shares of our Series G Convertible Preferred Stock (&#x201c;Series G Preferred Stock&#x201d;) and related warrants for gross proceeds of up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.0</div> million, to be funded at up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> different closings. Each share of Series G Preferred Stock is entitled to a liquidation preference equal to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> stated value, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voting rights, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entitled to a dividend. The Series G Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50</div> per share and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">90%</div> of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series G Preferred Stock contains price adjustment provisions, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series G Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">At the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> closing, which occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 26, 2019, </div>we issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">500</div> shares of Series G Preferred Stock in exchange for the payment by the Purchasers of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000</div> in the aggregate, plus the cancellation of Term Notes held by the Purchasers (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7</div>) in the amount of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$250,000.</div> At the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> closing we also issued the warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,334</div> shares of our common stock. The warrants have an exercise price of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50</div> per share, are exercisable <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months from the issuance date, and have a term of exercise equal to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five</div> years from the date they <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">first</div> become exercisable. The warrants contain anti-dilution and price adjustment provisions, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>under certain circumstances reduce the exercise price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then exercise price of the warrants; in the event of such adjustment, the number of shares subject to the warrants will also increase so that the aggregate exercise price remains the same for each warrant. At the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">second</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> closings, which occurred on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 26 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 19, 2019, </div>we issued an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">500</div></div> additional shares of Series G Preferred Stock in exchange for the payment by the Purchasers of a total of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$500,000</div>.</div> We also issued the Purchasers warrants to purchase an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66,668</div> shares of our common stock. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div> shares of our Series G Preferred Stock outstanding.</div></div> 2337867 1971333 76095 76095 705238 1190000 1418822 842950 39139 238189 740000 590000 700000 50000 50000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property and Equipment</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div> <table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">June 30,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Laboratory equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">534,578</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">530,306</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Leasehold improvements</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other furniture, fixtures &amp; equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,685</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,685</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total property and equipment</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">678,868</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">674,596</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accumulated depreciation and amortization</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(667,041</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(663,246</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,827</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div></div> 534578 530306 115605 115605 28685 28685 678868 674596 11827 11350 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">June 30,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Laboratory equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">534,578</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">530,306</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Leasehold improvements</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other furniture, fixtures &amp; equipment</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,685</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,685</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total property and equipment</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">678,868</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">674,596</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accumulated depreciation and amortization</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(667,041</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(663,246</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; padding-bottom: 1px;">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,827</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,350</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 5209 451227 372202 1006945 859196 -41832486 -40476884 184938 539257 93265 309564 25003 34916 5000 5000 209941 93265 574173 314564 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="margin-right: 5%; margin-left: 18pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">June 30,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2019</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td colspan="2" style="text-align: center; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">December 31,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2018</div> </td> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued management salaries</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,128,425</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">924,509</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accrued directors&#x2019; fees</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">361,470</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">295,670</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other accrued expenses</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);">&nbsp;</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,373</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Total accrued expenses</div> </td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,510,268</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);">&nbsp;</td> <td style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,238,552</div></td> <td nowrap="nowrap" style="width: 1%; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;">&nbsp;</td> </tr> </table></div> 258396 132913 13585 93.92 29441 53.19 3450 437807 3183 556489 3402 813916 3670 213474 3820 283474 3475 329474 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant Accounting Policies and Recent Accounting Pronouncements</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">We disclosed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> to our consolidated financial statements included in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>those accounting policies that we consider significant in determining our results of operations and financial position. Other than as described below, there have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material changes to, or in the application of, the accounting policies previously identified and described in the Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (FASB) issued Accounting Standards Update <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div> (ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div>). ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to classify leases as either financing or operating leases based on the principle of whether or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months regardless of their classification. Leases with a term of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months or less will be accounted for similar to prior guidance for operating leases. We adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> effective <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019; </div>such adoption had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> material impact on our financial statements, given that the noncancelable term of our current lease is less than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> months (see Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8</div>).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">There have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> other recent accounting pronouncements or changes in accounting pronouncements during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>as compared to the recent accounting pronouncements described in our Annual Report on Form <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the fiscal year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>which we expect to have a material impact on our financial statements.</div></div> -767 118280 -281 253300 -450 60000 -345 46000 4127 0 10000 4127 37827 4127 10000 600 600 700 500 500 600 -303475 118 303357 -172941 254 172687 -441000 60 440940 -338100 46 338054 4 5996 6000 10 199990 200000 404250 85750 490000 438700 61300 500000 590000 590000 -1328633 -1022347 1971333 438 37482766 -40476884 2072108 556 37898525 -41178338 -1207149 2337867 814 38165172 -41832486 1899085 213 35696435 -37916790 -321057 2048085 283 36361343 -38538603 -128892 1709985 329 36722618 -39175646 -742714 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common Stock and Stock-Based Compensation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Reverse Stock Split</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Following approval by our shareholders at a meeting held on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 15, 2019, </div>on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 30, 2019, </div>we effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">five hundred</div> reverse split of our common stock by the filing of an amendment to our certificate of incorporation with the State of Delaware. All share and per share information in our condensed consolidated financial statements and notes that relate to our common stock has been retroactively restated to reflect the reverse stock split.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Common Stock Transactions</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">As discussed in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>we issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">253,300</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">371,580</div> shares, respectively, of our common stock pursuant to conversions our Series C and Series F Preferred Stock. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>we issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46,000</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">106,000</div> shares, respectively, of our common stock pursuant to conversions our Series D Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>we issued <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,127</div></div> shares of our common stock in exchange for consulting services. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2018, </div>we issued -<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0</div>- and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10,000</div> shares, respectively, of our common stock in exchange for investment banking and financial advisory services. See &#x201c;Stock-Based Compensation Expense&#x201d; below.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Stock Options</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there were <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> transactions involving our stock option plans. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">29,441</div> stock options outstanding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53.19/share</div> weighted-average exercise price), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,585</div> of which are exercisable at that date (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$93.92/share</div> weighted-average exercise price).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Stock Purchase Warrants</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>we issued an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100,002</div> stock purchase warrants in connection with the sale of our Series G Preferred Stock as discussed above. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>there are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">294,302</div> stock purchase warrants outstanding (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50/share</div> weighted-average exercise price), <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">194,300</div> of which are exercisable at that date (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50/share</div> weighted-average exercise price).</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Stock-Based Compensation Expense</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">Stock-based compensation expense related to our stock option plans was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$26,664</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$53,316</div> during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019, </div>respectively, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$23,221</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$47,199,</div> respectively, during the same periods of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019,</div> there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$157,067</div> of unrecognized compensation expense related to stock options, which we expect to recognize over a weighted average period of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.9</div> years.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">six</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> June 30, 2019 </div>we recorded stock-based compensation expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$78,509</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$205,080,</div> respectively, associated with common stock issued for consulting and financial advisory services, as compared to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$57,143</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$85,714,</div> respectively, during the same periods of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div></div> 500 <div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsequent Events</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Stock</div><div style="display: inline; font-style: italic;"> Transactions</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 16, 2019, </div>we entered into Exchange Agreements with holders of our Series F and Series G Preferred Stock, pursuant to which the holders exchanged all shares of Series F and Series G Preferred Stock held by them for an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,257</div> shares of Series H Convertible Preferred Stock (&#x201c;Series H Preferred Stock&#x201d;). Each share of Series H Preferred Stock is entitled to a liquidation preference equal to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> stated value, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voting rights, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entitled to a dividend. The Series H Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50</div> per share and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> of the lowest volume weighted average price of the common stock during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> trading days immediately preceding the delivery of a notice of conversion. The Series H Preferred Stock contains price adjustment provisions, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July 24, 2019, </div>we entered into a Securities Purchase Agreement with the purchasers identified therein (the &#x201c;Purchasers&#x201d;) providing for sale to the Purchasers of an aggregate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">700</div> shares of our Series I Convertible Preferred Stock (&#x201c;Series&nbsp;I Preferred Stock&#x201d;) for gross proceeds of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$700,000.</div> Each share of Series I Preferred Stock is entitled to a liquidation preference equal to its <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1,000</div> stated value, has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> voting rights, and is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> entitled to a dividend. The Series I Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.50</div> per share and (ii) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80%</div> of the lowest volume weighted average price of the common stock during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">ten</div> trading days immediately preceding the delivery of a notice of conversion. The Series I Preferred Stock contains price adjustment provisions, which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may, </div>under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series I Preferred Stock.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div><div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">During <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> July </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2019, </div>holders of our preferred stock converted <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">46</div> shares of our Series F Preferred Stock into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">88,400</div> shares of our common stock and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">171</div> shares of our Series H Preferred Stock into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,737,441</div> shares of our common stock. 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Amendment Flag govx_ProceedsFromIssuanceOfConvertiblePreferredStockAndRelatedWarrantsMaximum Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum Represents the maximum amount of proceeds from issuance of convertible preferred stock and related warrants during the period. Series G Convertible Preferred Stock and Related Warrants [Member] Represents information about series G convertible preferred stock and related warrants. Accounting Policies [Abstract] Significant Accounting Policies [Text Block] govx_ConvertiblePreferredStockAndRelatedWarrantsIssued Convertible Preferred Stock and Related Warrants Issued Represents number of convertible preferred stock and related warrants issued during the period. Series G Convertible Preferred Stock Issued in Exchange for Cancellation of Term notes Payable [Member] Represents series G Convertible Preferred Stock were issued in exchange for cancellation of term notes payable. govx_ConvertiblePreferredStockAndRelatedWarrantsAuthorized Convertible Preferred Stock and Related Warrants, Authorized Represents number of convertible preferred stock and related warrants authorized for issuance. Common stock, shares outstanding (in shares) Preferred stock, shares outstanding (in shares) Preferred Stock, Shares Outstanding, Ending Balance Title of 12(b) Security Current Fiscal Year End Date us-gaap_DebtInstrumentInterestRateStatedPercentage Debt Instrument, Interest Rate, Stated Percentage Series D Convertible Preferred Stock [Member] Information pertaining to Series D Convertible Preferred Stock. us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets Prepaid expenses and other current assets Basis of Accounting [Text Block] Document Fiscal Period Focus Document Fiscal Year Focus Document Period End Date Nonmonetary Transaction Type [Domain] govx_ClassOfWarrantOrRightOutstandingWeightedAverageExercisePrice Class Of Warrant Or Right Outstanding Weighted Average Exercise Price ClassOfWarrantOrRightOutstandingWeightedAverageExercisePrice govx_ClassOfWarrantOrRightIssuedDuringPeriod Class Of Warrant Or Right Issued During Period Number of Shares Entity Emerging Growth Company us-gaap_DebtInstrumentFaceAmount Debt Instrument, Face Amount Document Type Entity Small Business Entity Shell Company govx_ClassOfWarrantOrRightExercisableNumber Class Of Warrant Or Right Exercisable Number ClassOfWarrantOrRightExercisableNumber Nonmonetary Transaction Type [Axis] govx_ClassOfWarrantOrRightExercisableWeightedAverageExercisePrice Class Of Warrant Or Right Exercisable Weighted Average Exercise Price ClassOfWarrantOrRightExercisableWeightedAverageExercisePrice Document Information [Line Items] Document Information [Table] Common Stock Purchase Warrants [Member] Represents information relating to common stock purchase warrants. us-gaap_AreaOfRealEstateProperty Area of Real Estate Property Entity Filer Category Debt Instrument [Axis] Entity Current Reporting Status Debt Instrument, Name [Domain] govx_UnusedGrantFunds Unused Grant Funds The amount of grant funds available for use. Research Agreements [Member] Research Agreements [Member] Weighted averages shares outstanding (in shares) us-gaap_IncreaseDecreaseInReceivables Grant funds and other receivables us-gaap_RepaymentsOfNotesPayable Principal repayment of note payable us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount Proceeds from issuance of note payable Proceeds from Notes Payable, Total Stock option expense Loss per common share (in dollars per share) Entity Central Index Key Entity Registrant Name Basic and diluted: Entity [Domain] Legal Entity [Axis] Statement [Table] Statement of Financial Position [Abstract] Accounts Payable and Accrued Liabilities Disclosure [Text Block] Statement of Cash Flows [Abstract] Entity Common Stock, Shares Outstanding (in shares) us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year Series B Convertible Preferred Stock [Member] Information pertaining to Series B Convertible Preferred Stock. Statement of Stockholders' Equity [Abstract] Income Statement [Abstract] us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree Long-term Debt, Maturities, Repayments of Principal in Year Three us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour Long-term Debt, Maturities, Repayments of Principal in Year Four us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive Long-term Debt, Maturities, Repayments of Principal in Year Five Sale of convertible preferred stock for cash and cancellation of note payable Sale of convertible preferred stock for cash and cancellation of note payable (in shares) Schedule of Accrued Liabilities [Table Text Block] us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo Long-term Debt, Maturities, Repayments of Principal in Year Two Trading Symbol Nature of Operations [Text Block] Conversion of preferred stock to common stock Conversion of preferred stock to common stock (in shares) us-gaap_TableTextBlock Notes Tables Cash flows from financing activities: us-gaap_WarrantsAndRightsOutstandingTerm Warrants and Rights Outstanding, Term us-gaap_StockIssuedDuringPeriodSharesNewIssues Stock Issued During Period, Shares, New Issues Issuance of common stock for services Conversion of Series D Preferred Stock Into Common Stock [Member] Related to the number of shares converted. Issuance of common stock for services (in shares) Stock Issued During Period, Shares, Issued for Services us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount Unrecorded Unconditional Purchase Obligation, Total us-gaap_LiabilitiesAndStockholdersEquity Total liabilities and stockholders’ equity (deficiency) Fractional shares issuable upon reverse stock split Value of stock issued as fractional shares during the period as a result of a reverse stock split. Research and development Accumulated deficit Debt Disclosure [Text Block] us-gaap_InterestExpense Interest Expense, Total Interest expense Changes in assets and liabilities: us-gaap_StockholdersEquity Total stockholders’ equity (deficiency) Balance Balance us-gaap_DisclosureTextBlockAbstract Notes to Financial Statements Subsequent Event [Member] Class of Stock [Axis] Class of Stock [Domain] Subsequent Event Type [Axis] Subsequent Event Type [Domain] Note payable, net of current portion (Note 7) Subsequent Events [Text Block] EX-101.PRE 11 govx-20190630_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE XML 12 R1.htm IDEA: XBRL DOCUMENT v3.19.2
Document And Entity Information - shares
6 Months Ended
Jun. 30, 2019
Aug. 13, 2019
Document Information [Line Items]    
Entity Registrant Name GeoVax Labs, Inc.  
Entity Central Index Key 0000832489  
Trading Symbol govx  
Current Fiscal Year End Date --12-31  
Entity Filer Category Non-accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business true  
Entity Common Stock, Shares Outstanding (in shares)   2,477,584
Entity Shell Company false  
Document Type 10-Q  
Document Period End Date Jun. 30, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Title of 12(b) Security Common Stock  
XML 13 R2.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
ASSETS    
Cash and cash equivalents $ 216,411 $ 259,701
Grant funds and other receivables 64,246 121,814
Prepaid expenses and other current assets 39,139 238,189
Total current assets 319,796 619,704
Property and equipment, net (Note 5) 11,827 11,350
Deposits 11,010 11,010
Total assets 342,633 642,064
Current liabilities:    
Accounts payable 116,207 125,859
Accrued expenses (Note 6) 1,510,268 1,238,552
Current portion of notes payable (Note 7) 12,500 260,420
Total current liabilities 1,638,975 1,624,831
Note payable, net of current portion (Note 7) 32,291 39,580
Total liabilities 1,671,266 1,664,411
Commitments (Note 8)
Stockholders’ equity (deficiency):    
Preferred Stock, $.01 par value: Authorized shares – 10,000,000 Issued and outstanding shares – 3,402 and 3,450 at June 30, 2019 and December 31, 2018, respectively (Note 9) 2,337,867 1,971,333
Common stock, $.001 par value: Authorized shares – 600,000,000 Issued and outstanding shares – 813,916 and 437,807 at June 30, 2019 and December 31, 2018, respectively 814 438
Additional paid-in capital 38,165,172 37,482,766
Accumulated deficit (41,832,486) (40,476,884)
Total stockholders’ equity (deficiency) (1,328,633) (1,022,347)
Total liabilities and stockholders’ equity (deficiency) $ 342,633 $ 642,064
XML 14 R3.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares
Jun. 30, 2019
Dec. 31, 2018
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 10,000,000 10,000,000
Preferred stock, shares issued (in shares) 3,402 3,450
Preferred stock, shares outstanding (in shares) 3,402 3,450
Common stock, par value (in dollars per share) $ 0.001 $ 0.001
Common stock, shares authorized (in shares) 600,000,000 600,000,000
Common stock, shares issued (in shares) 813,916 437,807
Common stock, shares outstanding (in shares) 813,916 437,807
XML 15 R4.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Grant and collaboration revenue $ 209,941 $ 93,265 $ 574,173 $ 314,564
Operating expenses:        
Research and development 451,227 372,202 1,006,945 859,196
General and administrative 412,650 359,197 922,714 716,425
Total operating expenses 863,877 731,399 1,929,659 1,575,621
Loss from operations (653,936) (638,134) (1,355,486) (1,261,057)
Other income (expense):        
Interest income 881 1,716 2,105 3,034
Interest expense (1,093) (625) (2,221) (833)
Total other income (expense) (212) 1,091 (116) 2,201
Net loss $ (654,148) $ (637,043) $ (1,355,602) $ (1,258,856)
Basic and diluted:        
Loss per common share (in dollars per share) $ (1.01) $ (2.05) $ (2.37) $ (4.50)
Weighted averages shares outstanding (in shares) 649,486 310,419 571,032 279,551
XML 16 R5.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficiency) (Unaudited) - USD ($)
Preferred Stock [Member]
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
Total
Balance (in shares) at Dec. 31, 2017 3,670 213,474      
Balance at Dec. 31, 2017 $ 1,899,085 $ 213 $ 35,696,435 $ (37,916,790) $ (321,057)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares) 600      
Sale of convertible preferred stock for cash and cancellation of note payable $ 590,000 590,000
Conversion of preferred stock to common stock (in shares) (450) 60,000      
Conversion of preferred stock to common stock $ (441,000) $ 60 440,940
Stock option expense 23,978 23,978
Net loss (621,813) (621,813)
Issuance of common stock for services (in shares) 10,000      
Issuance of common stock for services $ 10 199,990 200,000
Balance (in shares) at Mar. 31, 2018 3,820 283,474      
Balance at Mar. 31, 2018 $ 2,048,085 $ 283 36,361,343 (38,538,603) (128,892)
Balance (in shares) at Dec. 31, 2017 3,670 213,474      
Balance at Dec. 31, 2017 $ 1,899,085 $ 213 35,696,435 (37,916,790) (321,057)
Net loss         $ (1,258,856)
Issuance of common stock for services (in shares)         10,000
Balance (in shares) at Jun. 30, 2018 3,475 329,474      
Balance at Jun. 30, 2018 $ 1,709,985 $ 329 36,722,618 (39,175,646) $ (742,714)
Balance (in shares) at Mar. 31, 2018 3,820 283,474      
Balance at Mar. 31, 2018 $ 2,048,085 $ 283 36,361,343 (38,538,603) (128,892)
Conversion of preferred stock to common stock (in shares) (345) 46,000      
Conversion of preferred stock to common stock $ (338,100) $ 46 338,054
Stock option expense 23,221 23,221
Net loss (637,043) $ (637,043)
Issuance of common stock for services (in shares)         0
Balance (in shares) at Jun. 30, 2018 3,475 329,474      
Balance at Jun. 30, 2018 $ 1,709,985 $ 329 36,722,618 (39,175,646) $ (742,714)
Balance (in shares) at Dec. 31, 2018 3,450 437,807      
Balance at Dec. 31, 2018 $ 1,971,333 $ 438 37,482,766 (40,476,884) (1,022,347)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares) 500      
Sale of convertible preferred stock for cash and cancellation of note payable $ 404,250 85,750 490,000
Conversion of preferred stock to common stock (in shares) (767) 118,280      
Conversion of preferred stock to common stock $ (303,475) $ 118 303,357
Fractional shares issuable upon reverse stock split (in shares) 402      
Fractional shares issuable upon reverse stock split
Stock option expense 26,652 26,652
Net loss (701,454) (701,454)
Balance (in shares) at Mar. 31, 2019 3,183 556,489      
Balance at Mar. 31, 2019 $ 2,072,108 $ 556 37,898,525 (41,178,338) (1,207,149)
Balance (in shares) at Dec. 31, 2018 3,450 437,807      
Balance at Dec. 31, 2018 $ 1,971,333 $ 438 37,482,766 (40,476,884) (1,022,347)
Net loss         $ (1,355,602)
Issuance of common stock for services (in shares)         4,127
Balance (in shares) at Jun. 30, 2019 3,402 813,916      
Balance at Jun. 30, 2019 $ 2,337,867 $ 814 38,165,172 (41,832,486) $ (1,328,633)
Balance (in shares) at Mar. 31, 2019 3,183 556,489      
Balance at Mar. 31, 2019 $ 2,072,108 $ 556 37,898,525 (41,178,338) (1,207,149)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares) 500      
Sale of convertible preferred stock for cash and cancellation of note payable $ 438,700 61,300 500,000
Conversion of preferred stock to common stock (in shares) (281) 253,300      
Conversion of preferred stock to common stock $ (172,941) $ 254 172,687
Fractional shares issuable upon reverse stock split (in shares)      
Fractional shares issuable upon reverse stock split
Stock option expense 26,664 26,664
Net loss (654,148) $ (654,148)
Issuance of common stock for services (in shares) 4,127     4,127
Issuance of common stock for services $ 4 5,996 $ 6,000
Balance (in shares) at Jun. 30, 2019 3,402 813,916      
Balance at Jun. 30, 2019 $ 2,337,867 $ 814 $ 38,165,172 $ (41,832,486) $ (1,328,633)
XML 17 R6.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Cash flows from operating activities:    
Net loss $ (1,355,602) $ (1,258,856)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,795 9,930
Stock-based compensation expense 258,396 132,913
Changes in assets and liabilities:    
Grant funds and other receivables 57,568 59,758
Prepaid expenses and other current assets (30) 41,695
Accounts payable and accrued expenses 262,064 252,802
Total adjustments 581,793 497,098
Net cash used in operating activities (773,809) (761,758)
Cash flows from investing activities:    
Purchase of property and equipment (4,272)
Net cash used in investing activities (4,272)
Cash flows from financing activities:    
Net proceeds from sale of preferred stock 740,000 590,000
Proceeds from issuance of note payable 50,000
Principal repayment of note payable (5,209)
Net cash provided by financing activities 734,791 640,000
Net decrease in cash and cash equivalents (43,290) (121,758)
Cash and cash equivalents at beginning of period 259,701 312,727
Cash and cash equivalents at end of period $ 216,411 $ 190,969
XML 18 R7.htm IDEA: XBRL DOCUMENT v3.19.2
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($)
6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Series G Convertible Preferred Stock Issued in Exchange for Cancellation of Term notes Payable [Member]    
Convertible note, shares issued (in shares) 250  
Convertible note, value $ 250,000  
Conversion of Series C Preferred Stock Into Series F Preferred Stock [Member]    
Convertible preferred stock (in shares) 1,563  
Conversion of Series E Preferred Stock Into Series F Preferred Stock [Member]    
Convertible preferred stock (in shares) 1,200  
Conversion of Series C and Series E Preferred Stock Into Series F Preferred Stock [Member]    
Conversion of stock, shares issued (in shares) 2,763  
Conversion of Series C Preferred Stock Into Common Stock [Member]    
Convertible preferred stock (in shares) 587  
Conversion of stock, shares issued (in shares) 78,280  
Conversion of Series F Preferred Stock Into Common Stock [Member]    
Convertible preferred stock (in shares) 461 293,300
Conversion of stock, shares issued (in shares) 293,300  
Conversion From Series D Convertible Preferred Stock To Common Stock [Member]    
Convertible preferred stock (in shares)   795
Conversion of stock, shares issued (in shares)   106,000
XML 19 R8.htm IDEA: XBRL DOCUMENT v3.19.2
Note 1 - Description of Business
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Nature of Operations [Text Block]
1.
     Description of Business
 
GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against cancer and infectious diseases using a novel vector vaccine platform (Modified Vaccinia Ankara Virus-Like Particle, or “MVA-VLP”). Our recombinant MVA vector expresses target proteins on highly immunogenic VLPs in the person being vaccinated, resulting in durable immune responses while providing the safety characteristics of the replication-defective MVA vector. Important attributes of GeoVax vaccines include single dose,
no
adjuvant, durable immunity, extensive safety and cost-effective manufacturing.
 
Our current development programs are focused on preventive and therapeutic vaccines against Human Immunodeficiency Virus (HIV); preventive vaccines against hemorrhagic fever viruses (Ebola, Sudan, Marburg, and Lassa fever), Zika virus and malaria; a therapeutic vaccine for chronic hepatitis B virus infections; and preventive and therapeutic vaccines for multiple solid tumor cancers. Our most advanced vaccine program is focused on the clade B subtype of HIV prevalent in the larger commercial markets of the Americas, Western Europe, Japan and Australia; this program is currently undergoing human clinical trials.
 
Our corporate strategy is to improve health to patients worldwide by advancing our vaccine platform, using its unique capabilities to design and develop an array of products addressing unmet medical needs in the areas of infectious diseases and oncology. Our goal is to advance products through to human clinical testing, and to seek partnership or licensing arrangements for achieving regulatory approval and commercialization. We also leverage
third
party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.
 
We operate in a highly regulated and competitive environment. The manufacturing and marketing of pharmaceutical products require approval from, and are subject to, ongoing oversight by the Food and Drug Administration (FDA) in the United States, by the European Medicines Agency (EMA) in the European Union, and by comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain,
may
take many years and often involves expenditure of substantial resources. Our goal is to build a profitable company by generating income from products we develop and commercialize, either alone or with
one
or more potential strategic partners.
 
GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in metropolitan Atlanta, Georgia.
XML 20 R9.htm IDEA: XBRL DOCUMENT v3.19.2
Note 2 - Basis of Presentation
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Basis of Accounting [Text Block]
2.
     Basis of Presentation
 
The accompanying condensed consolidated financial statements at
June 30, 2019
and for the
three
-month and
six
-month periods ended
June 30, 2019
and
2018
are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are
not
necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form
10
-K for the year ended
December 31, 2018.
We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should
not
be relied upon as predictive of the results in future periods.
 
As described in Note
10,
effective
April 30, 2019,
we enacted a
one
-for-
five hundred
reverse stock split of our common stock. The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock split.
 
Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for the
twelve
-month period following the date of the financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine candidates. We have funded our activities to date from government grants and clinical trial assistance, and from sales of our equity securities. We will continue to require substantial funds to continue these activities.
 
We believe that our existing cash resources, government funding commitments, and equity funding commitments discussed in Note
13
will be sufficient to continue our planned operations into the
first
quarter of
2020.
Due to our history of operating losses and our continuing need for capital to conduct our research and development activities, there is substantial doubt concerning our ability to operate as a going concern beyond that date. We are currently exploring sources of capital through additional government grants and corporate collaborations. We also intend to secure additional funds through sales of our equity securities or by other means. Management believes that we will be successful in securing the additional capital required to continue the Company’s planned operations, but that our plans do
not
fully alleviate the substantial doubt about the Company’s ability to operate as a going concern. Additional funding
may
not
be available on favorable terms or at all. If we fail to obtain additional capital when needed, we will be required to delay, scale back, or eliminate some or all of our research and development programs as well as reduce our general and administrative expenses.
XML 21 R10.htm IDEA: XBRL DOCUMENT v3.19.2
Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Significant Accounting Policies [Text Block]
3.
     Significant Accounting Policies and Recent Accounting Pronouncements
 
We disclosed in Note
2
to our consolidated financial statements included in our Annual Report on Form
10
-K for the year ended
December 31, 2018
those accounting policies that we consider significant in determining our results of operations and financial position. Other than as described below, there have been
no
material changes to, or in the application of, the accounting policies previously identified and described in the Form
10
-K.
 
In
February 2016,
the Financial Accounting Standards Board (FASB) issued Accounting Standards Update
No.
2016
-
02,
Leases
(ASU
2016
-
02
). ASU
2016
-
02
sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to classify leases as either financing or operating leases based on the principle of whether or
not
the lease is effectively a financed purchase by the lessee. This classification determines whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than
12
months regardless of their classification. Leases with a term of
12
months or less will be accounted for similar to prior guidance for operating leases. We adopted ASU
2016
-
02
effective
January 1, 2019;
such adoption had
no
material impact on our financial statements, given that the noncancelable term of our current lease is less than
12
months (see Note
8
).
 
There have been
no
other recent accounting pronouncements or changes in accounting pronouncements during the
six
months ended
June 30, 2019,
as compared to the recent accounting pronouncements described in our Annual Report on Form
10
-K for the fiscal year ended
December 31, 2018,
which we expect to have a material impact on our financial statements.
XML 22 R11.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Basic and Diluted Loss Per Common Share
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
4.
     Basic and Diluted Loss Per Common Share
 
Basic net loss per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed using the weighted-average number of common shares and potentially dilutive common share equivalents outstanding during the period. Potentially dilutive common share equivalents consist of convertible preferred stock, stock options and stock purchase warrants. Common share equivalents which potentially could dilute basic earnings per share in the future, and which were excluded from the computation of diluted loss per share, as the effect would be anti-dilutive, totaled
376,130
and
351,684
shares for the
three
-month and
six
-month periods ended
June 30, 2019,
respectively, as compared to
51,270
and
51,155
shares for the
three
-month and
six
-month periods ended
June 30, 2018,
respectively.
XML 23 R12.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Property and Equipment
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Property, Plant and Equipment Disclosure [Text Block]
5.
     Property and Equipment
 
Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of
June 30, 2019
and
December 31, 2018:
 
   
June 30,
2019
   
December 31,
2018
 
Laboratory equipment
  $
534,578
    $
530,306
 
Leasehold improvements
   
115,605
     
115,605
 
Other furniture, fixtures & equipment
   
28,685
     
28,685
 
Total property and equipment
   
678,868
     
674,596
 
Accumulated depreciation and amortization
   
(667,041
)    
(663,246
)
Property and equipment, net
  $
11,827
    $
11,350
 
 
XML 24 R13.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Accrued Expenses
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
6.
     Accrued Expenses
 
Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of
June 30, 2019
and
December 31, 2018:
 
   
June 30,
2019
   
December 31,
2018
 
Accrued management salaries
  $
1,128,425
    $
924,509
 
Accrued directors’ fees
   
361,470
     
295,670
 
Other accrued expenses
   
20,373
     
18,373
 
Total accrued expenses
  $
1,510,268
    $
1,238,552
 
XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Note 7 - Notes Payable
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Debt Disclosure [Text Block]
7.
     Notes Payable
 
On
February 28, 2018,
we entered into a Senior Note Purchase Agreement with Georgia Research Alliance, Inc. (GRA) pursuant to which we issued a
five
-year Senior Promissory Note (the “GRA Note”) to GRA in exchange for
$50,000.
The GRA Note bears an annual interest rate of
5%,
payable monthly, with principal repayments beginning in the
second
year. Principal repayments are expected to be
$6,250
for the remainder of
2019,
$12,500
in
2020,
2021
and
2022,
and
$2,083
in
2023.
Interest expense related to the GRA Note for the
three
-month and
six
-month periods ended
June 30, 2019
was
$586
and
$1,207,
respectively, as compared to
$625
and
$833,
respectively, for the same periods of
2018.
 
On
December 27, 2018,
we issued short-term non-interest-bearing Term Promissory Notes (the “Term Notes”) to
two
current investors in exchange for an aggregate of
$250,000.
In
February 2019,
the Term Notes were cancelled in exchange for shares of our convertible preferred stock (see Note
9
).
XML 26 R15.htm IDEA: XBRL DOCUMENT v3.19.2
Note 8 - Commitments
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Commitments Disclosure [Text Block]
8.
     Commitments
 
Lease Agreement
 
We lease approximately
8,400
square feet of office and laboratory space pursuant to an operating lease which expires on
December 31, 2019,
with annual extension options through
December 31, 2022.
Rent expense for the for the
three
-month and
six
-month periods ended
June 30, 2019
was
$40,316
and
$80,633,
respectively, as compared to
$39,136
and
$78,273,
respectively, for the same periods of
2018.
Future minimum lease payments total
$80,633
for the remainder of
2019.
Our current intention is to exercise our option to extend the lease at least for the subsequent
one
-year renewal period, subject to our landlord’s right to cancel the extension period
90
days prior to its commencement.
 
Other Commitments
 
In the normal course of business, we enter into various firm purchase commitments related to production and testing of our vaccine, conduct of research studies, and other activities. As of
June 30, 2019,
there are approximately
$459,000
of unrecorded outstanding purchase commitments to our vendors and subcontractors, all of which we expect will be due in
2019.
We expect this entire amount to be reimbursable to us pursuant to existing government grants.
XML 27 R16.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Preferred Stock
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Preferred Stock [Text Block]
9.
     Preferred Stock
 
Prefer
red Stock
Summary
 
We are authorized to issue up to
10,000,000
shares of our Preferred Stock,
$.01
par value, which
may
be issued in
one
or more series. The table below presents our issued and outstanding series of preferred stock as of
June 30, 2019
and
December 31, 2018.
Each series of our outstanding preferred stock has a stated value of
$1,000
per share. Further details concerning each series of preferred stock, and the changes in each series during the
three
-month and
six
-month periods ending
June 30, 2019
and
2018
are discussed in the sections that follow the table.
 
   
June 30, 2019
   
December 31, 2018
 
           
Carrying
           
Carrying
 
   
Shares
   
Value
   
Shares
   
Value
 
Series B Convertible Preferred Stock
   
100
     
76,095
     
100
     
76,095
 
Series C Convertible Preferred Stock
   
-
     
-
     
2,150
     
705,238
 
Series E Convertible Preferred Stock
   
-
     
-
     
1,200
     
1,190,000
 
Series F Convertible Preferred Stock
   
2,302
     
1,418,822
     
-
     
-
 
Series G Convertible Preferred Stock
   
1,000
     
842,950
     
-
     
-
 
Total
   
3,402
     
2,337,867
     
3,450
     
1,971,333
 
 
Series B Preferred Stock
 
During the
three
-month and
six
-month periods ended
June 
30,
2019
and
2018,
there were
no
conversions or other transactions involving our Series B Convertible Preferred Stock (“Series B Preferred Stock”). As of
June 30, 2019,
there are
100
shares of our Series B Convertible Preferred Stock outstanding. The Series B Preferred Stock
may
be converted at any time at the option of the holder into shares of our common stock at a conversion price of
$175
per share.
 
Series
C
Preferred Stock
 
During
January
and
February 2019,
587
shares of our Series C Convertible Preferred Stock (“Series C Preferred Stock”) were converted into
78,280
shares of our common stock. During
February 2019,
all remaining shares of Series C Preferred Stock (
1,563
shares) were exchanged for Series F Preferred Stock. During the
three
-month and
six
-month periods ended
June 
30,
2018,
there were
no
conversions or other transactions involving our Series C Preferred Stock.
 
Series
D
Preferred Stock
 
During the
three
-month and
six
-month periods ending
June 30, 2018,
345
and
795
shares, respectively, of our Series D Convertible Preferred Stock (“Series D Preferred Stock”) were converted into
46,000
and
106,000
shares, respectively, of our common stock. As of
June 30, 2019,
there are
no
shares of our Series D Preferred Stock outstanding.
 
Series
E
Preferred Stock
 
In
March 2018,
we issued
600
shares of our Series E Convertible Preferred Stock (“Series E Preferred Stock”), for net proceeds of
$590,000.
In
September 2018,
we issued an additional
600
shares of Series E Preferred Stock for net proceeds of
$600,000.
During
February 2019,
all outstanding shares of Series E Preferred Stock (
1,200
shares) were exchanged for Series F Preferred Stock.
 
Series F Preferred Stock
 
On
February 18, 2019,
we entered into Exchange Agreements with holders of our Series C and Series E Preferred Stock, pursuant to which the holders exchanged all shares of Series C and Series E Preferred Stock held by them for an aggregate of
2,763
shares of Series F Convertible Preferred Stock (“Series F Preferred Stock”). Each share of Series F Preferred Stock is entitled to a liquidation preference equal to its
$1,000
stated value, has
no
voting rights, and is
not
entitled to a dividend. The Series F Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i)
$7.50
per share and (ii)
90%
of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series F Preferred Stock contains price adjustment provisions, which
may,
under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock. During the
three
-month and
six
-month periods ending
June 30, 2019,
281
and
461
shares, respectively, of Series F Preferred Stock were converted into
253,300
and
293,300
shares, respectively, of our common stock. As of
June 30, 2019,
there are
2,302
shares of our Series F Preferred Stock outstanding.
 
Series G Preferred Stock
 
On
February 25, 2019,
we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of up to
1,000
shares of our Series G Convertible Preferred Stock (“Series G Preferred Stock”) and related warrants for gross proceeds of up to
$1.0
million, to be funded at up to
three
different closings. Each share of Series G Preferred Stock is entitled to a liquidation preference equal to its
$1,000
stated value, has
no
voting rights, and is
not
entitled to a dividend. The Series G Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i)
$7.50
per share and (ii)
90%
of the volume weighted average price of the common stock immediately preceding the delivery of a notice of conversion. The Series G Preferred Stock contains price adjustment provisions, which
may,
under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series G Preferred Stock.
 
At the
first
closing, which occurred on
February 26, 2019,
we issued
500
shares of Series G Preferred Stock in exchange for the payment by the Purchasers of
$250,000
in the aggregate, plus the cancellation of Term Notes held by the Purchasers (see Note
7
) in the amount of
$250,000.
At the
first
closing we also issued the warrants to purchase an aggregate of
33,334
shares of our common stock. The warrants have an exercise price of
$7.50
per share, are exercisable
six
months from the issuance date, and have a term of exercise equal to
five
years from the date they
first
become exercisable. The warrants contain anti-dilution and price adjustment provisions, which
may,
under certain circumstances reduce the exercise price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then exercise price of the warrants; in the event of such adjustment, the number of shares subject to the warrants will also increase so that the aggregate exercise price remains the same for each warrant. At the
second
and
third
closings, which occurred on
April 26
and
June 19, 2019,
we issued an aggregate of
500
additional shares of Series G Preferred Stock in exchange for the payment by the Purchasers of a total of
$500,000
.
We also issued the Purchasers warrants to purchase an aggregate of
66,668
shares of our common stock. As of
June 30, 2019,
there are
1,000
shares of our Series G Preferred Stock outstanding.
XML 28 R17.htm IDEA: XBRL DOCUMENT v3.19.2
Note 10 - Common Stock and Stock-based Compensation
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Stockholders' Equity Note Disclosure [Text Block]
10.
     Common Stock and Stock-Based Compensation
 
Reverse Stock Split
 
Following approval by our shareholders at a meeting held on
April 15, 2019,
on
April 30, 2019,
we effected a
one
-for-
five hundred
reverse split of our common stock by the filing of an amendment to our certificate of incorporation with the State of Delaware. All share and per share information in our condensed consolidated financial statements and notes that relate to our common stock has been retroactively restated to reflect the reverse stock split.
 
Common Stock Transactions
 
As discussed in Note
9,
during the
three
-month and
six
-month periods ended
June 30, 2019,
we issued
253,300
and
371,580
shares, respectively, of our common stock pursuant to conversions our Series C and Series F Preferred Stock. During the
three
-month and
six
-month periods ended
June 30, 2018,
we issued
46,000
and
106,000
shares, respectively, of our common stock pursuant to conversions our Series D Preferred Stock.
 
During the
three
-month and
six
-month periods ended
June 30, 2019,
we issued
4,127
shares of our common stock in exchange for consulting services. During the
three
-month and
six
-month periods ended
June 30, 2018,
we issued -
0
- and
10,000
shares, respectively, of our common stock in exchange for investment banking and financial advisory services. See “Stock-Based Compensation Expense” below.
 
Stock Options
 
During the
six
months ended
June 30, 2019,
there were
no
transactions involving our stock option plans. As of
June 30, 2019,
there are
29,441
stock options outstanding (
$53.19/share
weighted-average exercise price),
13,585
of which are exercisable at that date (
$93.92/share
weighted-average exercise price).
 
Stock Purchase Warrants
 
During the
six
months ended
June 30, 2019,
we issued an aggregate of
100,002
stock purchase warrants in connection with the sale of our Series G Preferred Stock as discussed above. As of
June 30, 2019,
there are
294,302
stock purchase warrants outstanding (
$7.50/share
weighted-average exercise price),
194,300
of which are exercisable at that date (
$7.50/share
weighted-average exercise price).
 
Stock-Based Compensation Expense
 
Stock-based compensation expense related to our stock option plans was
$26,664
and
$53,316
during the
three
-month and
six
-month periods ended
June 30, 2019,
respectively, as compared to
$23,221
and
$47,199,
respectively, during the same periods of
2018.
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
June 
30,
2019,
there was
$157,067
of unrecognized compensation expense related to stock options, which we expect to recognize over a weighted average period of
1.9
years.
 
During the
three
-month and
six
-month periods ended
June 30, 2019
we recorded stock-based compensation expense of
$78,509
and
$205,080,
respectively, associated with common stock issued for consulting and financial advisory services, as compared to
$57,143
and
$85,714,
respectively, during the same periods of
2018.
XML 29 R18.htm IDEA: XBRL DOCUMENT v3.19.2
Note 11 - Income Taxes
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
11.
     Income Taxes
 
Because of our historically significant net operating losses, we have
not
paid income taxes since inception. We maintain deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets are comprised primarily of net operating loss carryforwards and also include amounts relating to nonqualified stock options and research and development credits. The net deferred tax asset has been fully offset by a valuation allowance because of the uncertainty of our future profitability and our ability to utilize the deferred tax assets. Utilization of operating losses and credits will be subject to substantial annual limitations due to ownership change provisions of Section
382
of the Internal Revenue Code. The annual limitation will result in the expiration of net operating losses and credits before utilization.
XML 30 R19.htm IDEA: XBRL DOCUMENT v3.19.2
Note 12 - Grants and Collaboration Revenue
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Government Grants and Contracts [Text Block]
12.
     Grants and Collaboration Revenue
 
We receive payments from government entities under our grants from the National Institute of Allergy and Infectious Diseases (NIAID) and from the U.S. Department of Defense in support of our vaccine research and development efforts. We record revenue associated with government grants as the reimbursable costs are incurred. During the
three
-month and
six
-month periods ended
June 30, 2019,
we recorded
$184,938
and
$539,257,
respectively, of revenues associated with these grants and contracts, as compared to
$93,265
and
$309,564,
respectively, for the comparable periods of
2018.
As of
June 30, 2019,
there is an aggregate of
$2,049,990
in approved grant funds available for use during
2019
and
2020.
 
During the
three
-month and
six
-month periods ended
June 30, 2019,
we recorded
$25,003
and
$34,916,
respectively, of revenues associated with research collaboration agreements with
third
parties, as compared to
$5,000
for the comparable periods of
2018.
XML 31 R20.htm IDEA: XBRL DOCUMENT v3.19.2
Note 13 - Subsequent Events
6 Months Ended
Jun. 30, 2019
Notes to Financial Statements  
Subsequent Events [Text Block]
13.
     Subsequent Events
 
Stock
Transactions
 
On
July 16, 2019,
we entered into Exchange Agreements with holders of our Series F and Series G Preferred Stock, pursuant to which the holders exchanged all shares of Series F and Series G Preferred Stock held by them for an aggregate of
3,257
shares of Series H Convertible Preferred Stock (“Series H Preferred Stock”). Each share of Series H Preferred Stock is entitled to a liquidation preference equal to its
$1,000
stated value, has
no
voting rights, and is
not
entitled to a dividend. The Series H Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i)
$7.50
per share and (ii)
80%
of the lowest volume weighted average price of the common stock during the
ten
trading days immediately preceding the delivery of a notice of conversion. The Series H Preferred Stock contains price adjustment provisions, which
may,
under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series F Preferred Stock.
 
On
July 24, 2019,
we entered into a Securities Purchase Agreement with the purchasers identified therein (the “Purchasers”) providing for sale to the Purchasers of an aggregate of
700
shares of our Series I Convertible Preferred Stock (“Series I Preferred Stock”) for gross proceeds of
$700,000.
Each share of Series I Preferred Stock is entitled to a liquidation preference equal to its
$1,000
stated value, has
no
voting rights, and is
not
entitled to a dividend. The Series I Preferred Stock is convertible at any time at the option of the holders into shares of our common stock, at a conversion price equal to the lesser of (i)
$7.50
per share and (ii)
80%
of the lowest volume weighted average price of the common stock during the
ten
trading days immediately preceding the delivery of a notice of conversion. The Series I Preferred Stock contains price adjustment provisions, which
may,
under certain circumstances reduce the conversion price to match if we sell or grant options to purchase, including rights to reprice, our common stock or common stock equivalents at a price lower than the then conversion price of the Series I Preferred Stock.
 
During
July
and
August 2019,
holders of our preferred stock converted
46
shares of our Series F Preferred Stock into
88,400
shares of our common stock and
171
shares of our Series H Preferred Stock into
1,737,441
shares of our common stock. During
August 2019,
we issued
37,827
shares of our common stock in exchange for consulting services.
XML 32 R21.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Property and Equipment (Tables)
6 Months Ended
Jun. 30, 2019
Notes Tables  
Property, Plant and Equipment [Table Text Block]
   
June 30,
2019
   
December 31,
2018
 
Laboratory equipment
  $
534,578
    $
530,306
 
Leasehold improvements
   
115,605
     
115,605
 
Other furniture, fixtures & equipment
   
28,685
     
28,685
 
Total property and equipment
   
678,868
     
674,596
 
Accumulated depreciation and amortization
   
(667,041
)    
(663,246
)
Property and equipment, net
  $
11,827
    $
11,350
 
XML 33 R22.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Accrued Expenses (Tables)
6 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
   
June 30,
2019
   
December 31,
2018
 
Accrued management salaries
  $
1,128,425
    $
924,509
 
Accrued directors’ fees
   
361,470
     
295,670
 
Other accrued expenses
   
20,373
     
18,373
 
Total accrued expenses
  $
1,510,268
    $
1,238,552
 
XML 34 R23.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Preferred Stock (Tables)
6 Months Ended
Jun. 30, 2019
Notes Tables  
Schedule of Preferred Stock [Table Text Block]
   
June 30, 2019
   
December 31, 2018
 
           
Carrying
           
Carrying
 
   
Shares
   
Value
   
Shares
   
Value
 
Series B Convertible Preferred Stock
   
100
     
76,095
     
100
     
76,095
 
Series C Convertible Preferred Stock
   
-
     
-
     
2,150
     
705,238
 
Series E Convertible Preferred Stock
   
-
     
-
     
1,200
     
1,190,000
 
Series F Convertible Preferred Stock
   
2,302
     
1,418,822
     
-
     
-
 
Series G Convertible Preferred Stock
   
1,000
     
842,950
     
-
     
-
 
Total
   
3,402
     
2,337,867
     
3,450
     
1,971,333
 
XML 35 R24.htm IDEA: XBRL DOCUMENT v3.19.2
Note 2 - Basis of Presentation (Details Textual)
Apr. 30, 2019
Reverse Stock Split [Member]  
Stockholders' Equity Note, Stock Split, Conversion Ratio 500
XML 36 R25.htm IDEA: XBRL DOCUMENT v3.19.2
Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 376,130 51,270 351,684 51,155
XML 37 R26.htm IDEA: XBRL DOCUMENT v3.19.2
Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Property and equipment, gross $ 678,868 $ 674,596
Accumulated depreciation and amortization (667,041) (663,246)
Property and equipment, net 11,827 11,350
Laboratory Equipment [Member]    
Property and equipment, gross 534,578 530,306
Leasehold Improvements [Member]    
Property and equipment, gross 115,605 115,605
Other Furniture Fixtures And Equipment [Member]    
Property and equipment, gross $ 28,685 $ 28,685
XML 38 R27.htm IDEA: XBRL DOCUMENT v3.19.2
Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Accrued management salaries $ 1,128,425 $ 924,509
Accrued directors’ fees 361,470 295,670
Other accrued expenses 20,373 18,373
Total accrued expenses $ 1,510,268 $ 1,238,552
XML 39 R28.htm IDEA: XBRL DOCUMENT v3.19.2
Note 7 - Notes Payable (Details Textual) - USD ($)
3 Months Ended 6 Months Ended
Feb. 28, 2018
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 27, 2018
Proceeds from Notes Payable, Total       $ 50,000  
Interest Expense, Total   $ 1,093 $ 625 2,221 833  
Term Notes [Member]            
Debt Instrument, Face Amount           $ 250,000
Senior Notes [Member]            
Debt Instrument, Term 5 years          
Proceeds from Notes Payable, Total $ 50,000          
Debt Instrument, Interest Rate, Stated Percentage 5.00%          
Long-term Debt, Maturities, Repayments of Principal, Remainder of Fiscal Year   6,250   6,250    
Long-term Debt, Maturities, Repayments of Principal in Year Two   12,500   12,500    
Long-term Debt, Maturities, Repayments of Principal in Year Three   12,500   12,500    
Long-term Debt, Maturities, Repayments of Principal in Year Four   12,500   12,500    
Long-term Debt, Maturities, Repayments of Principal in Year Five   2,083   2,083    
Interest Expense, Total   $ 586 $ 625 $ 1,207 $ 833  
XML 40 R29.htm IDEA: XBRL DOCUMENT v3.19.2
Note 8 - Commitments (Details Textual)
3 Months Ended 6 Months Ended
Jun. 30, 2019
USD ($)
ft²
Jun. 30, 2018
USD ($)
Jun. 30, 2019
USD ($)
ft²
Jun. 30, 2018
USD ($)
Area of Real Estate Property | ft² 8,400   8,400  
Operating Leases, Rent Expense, Total $ 40,316 $ 39,136 $ 80,633 $ 78,273
Lessee, Operating Lease, Liability, Payments, Remainder of Fiscal Year $ 80,633   $ 80,633  
Lessee, Operating Lease, Renewal Term 1 year   1 year  
Unrecorded Unconditional Purchase Obligation, Total $ 459,000   $ 459,000  
XML 41 R30.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Preferred Stock (Details Textual) - USD ($)
1 Months Ended 2 Months Ended 3 Months Ended 6 Months Ended
Jun. 19, 2019
Apr. 26, 2019
Feb. 26, 2019
Feb. 25, 2019
Feb. 18, 2019
Feb. 28, 2019
Sep. 30, 2018
Mar. 31, 2018
Feb. 28, 2019
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Preferred Stock, Shares Authorized                   10,000,000   10,000,000   10,000,000
Preferred Stock, Par or Stated Value Per Share                   $ 0.01   $ 0.01   $ 0.01
Preferred Stock, Shares Outstanding, Ending Balance                   3,402   3,402   3,450
Series I Warrants [Member]                            
Convertible Preferred Stock and Related Warrants Issued     33,334                      
Class of Warrant or Right, Exercise Price of Warrants or Rights     $ 7.50                      
Class of Warrant or Right, Number of Securities Called by Warrants or Rights     66,668                      
Series G Warrants [Member]                            
Warrants and Rights Outstanding, Term     5 years                      
Series G Convertible Preferred Stock and Related Warrants [Member]                            
Convertible Preferred Stock and Related Warrants, Authorized       1,000                    
Proceeds from Issuance of Convertible Preferred Stock and Related Warrants, Maximum $ 500,000 $ 500,000 $ 250,000 $ 1,000,000                    
Convertible Preferred Stock and Related Warrants Issued 500 500 500                      
Conversion of Series C Preferred Stock Into Common Stock [Member]                            
Conversion of Stock, Shares Converted                 587     587    
Conversion of Stock, Shares Issued                 78,280     78,280    
Conversion of Series C Preferred Stock Into Series F Preferred Stock [Member]                            
Conversion of Stock, Shares Converted           1,563           1,563    
Conversion of Series D Preferred Stock Into Common Stock [Member]                            
Conversion of Stock, Shares Converted                     345   795  
Conversion of Stock, Shares Issued                     46,000   106,000  
Conversion of Series E Preferred Stock Into Series F Preferred Stock [Member]                            
Conversion of Stock, Shares Converted           1,200           1,200    
Conversion of Series F Preferred Stock Into Common Stock [Member]                            
Conversion of Stock, Shares Converted                   281 253,300 461 293,300  
Conversion of Stock, Shares Issued                       293,300    
Series B Convertible Preferred Stock [Member]                            
Preferred Stock, Par or Stated Value Per Share                   $ 1,000   $ 1,000    
Conversion of Stock, Shares Converted                   0 0 0 0  
Preferred Stock, Shares Outstanding, Ending Balance                   100   100   100
Convertible Preferred Stock, Conversion Price1                   $ 175   $ 175    
Series C Convertible Preferred Stock [Member]                            
Preferred Stock, Par or Stated Value Per Share                   $ 1,000   $ 1,000    
Conversion of Stock, Shares Converted                     0   0  
Preferred Stock, Shares Outstanding, Ending Balance                       2,150
Series D Convertible Preferred Stock [Member]                            
Preferred Stock, Shares Outstanding, Ending Balance                   0   0    
Series E Convertible Preferred Stock [Member]                            
Preferred Stock, Par or Stated Value Per Share                   $ 1,000   $ 1,000    
Preferred Stock, Shares Outstanding, Ending Balance                       1,200
Stock Issued During Period, Shares, New Issues             600 600            
Proceeds From Issuance Of Convertible Preferred Stock, Net of Issuance Cost             $ 600,000 $ 590,000            
Series F Convertible Preferred Stock [Member]                            
Preferred Stock, Par or Stated Value Per Share         $ 1,000         $ 1,000   $ 1,000    
Preferred Stock, Shares Outstanding, Ending Balance                   2,302   2,302  
Convertible Preferred Stock, Conversion Price1         $ 7.50                  
Number of Series C and Series E Preferred Stock Exchanged for Series F Convertible Preferred Stock         2,763                  
Convertible Preferred Stock, Conversion Price, Percentage of Volume Weighted Average Price of the Common Stock         90.00%                  
Series G Convertible Preferred Stock [Member]                            
Preferred Stock, Par or Stated Value Per Share       $ 1,000           $ 1,000   $ 1,000    
Preferred Stock, Shares Outstanding, Ending Balance                   1,000   1,000  
Convertible Preferred Stock, Conversion Price1       $ 7.50                    
Convertible Preferred Stock, Conversion Price, Percentage of Volume Weighted Average Price of the Common Stock       90.00%                    
XML 42 R31.htm IDEA: XBRL DOCUMENT v3.19.2
Note 9 - Preferred Stock - Preferred Stock Summary (Details) - USD ($)
Jun. 30, 2019
Dec. 31, 2018
Preferred stock, shares outstanding (in shares) 3,402 3,450
Preferred Stock $ 2,337,867 $ 1,971,333
Series B Convertible Preferred Stock [Member]    
Preferred stock, shares outstanding (in shares) 100 100
Preferred Stock $ 76,095 $ 76,095
Series C Convertible Preferred Stock [Member]    
Preferred stock, shares outstanding (in shares) 2,150
Preferred Stock $ 705,238
Series E Convertible Preferred Stock [Member]    
Preferred stock, shares outstanding (in shares) 1,200
Preferred Stock $ 1,190,000
Series F Convertible Preferred Stock [Member]    
Preferred stock, shares outstanding (in shares) 2,302
Preferred Stock $ 1,418,822
Series G Convertible Preferred Stock [Member]    
Preferred stock, shares outstanding (in shares) 1,000
Preferred Stock $ 842,950
XML 43 R32.htm IDEA: XBRL DOCUMENT v3.19.2
Note 10 - Common Stock and Stock-based Compensation (Details Textual)
3 Months Ended 6 Months Ended
Apr. 30, 2019
Jun. 30, 2019
USD ($)
$ / shares
shares
Jun. 30, 2018
USD ($)
shares
Jun. 30, 2019
USD ($)
$ / shares
shares
Jun. 30, 2018
USD ($)
shares
Stock Issued During Period, Shares, Issued for Services   4,127 0 4,127 10,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance   29,441   29,441  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance | $ / shares   $ 53.19   $ 53.19  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number   13,585   13,585  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares   $ 93.92   $ 93.92  
Share-based Payment Arrangement, Expense | $   $ 26,664 $ 23,221 $ 53,316 $ 47,199
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $   157,067   $ 157,067  
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition       1 year 328 days  
Stock Issued During Period, Value Expensed During the Period, Issued for Services | $   $ 78,509 $ 57,143 $ 205,080 $ 85,714
Common Stock Purchase Warrants [Member]          
Class Of Warrant Or Right Issued During Period       100,002  
Class of Warrant or Right, Outstanding   294,302   294,302  
Class Of Warrant Or Right Outstanding Weighted Average Exercise Price | $ / shares   $ 7.50   $ 7.50  
Class Of Warrant Or Right Exercisable Number   194,300   194,300  
Class Of Warrant Or Right Exercisable Weighted Average Exercise Price | $ / shares   $ 7.50   $ 7.50  
Conversion from Series C and F Convertible Preferred Stock to Common Stock [Member]          
Conversion of Stock, Shares Issued   253,300   371,580  
Conversion of Series D Preferred Stock Into Common Stock [Member]          
Conversion of Stock, Shares Issued     46,000   106,000
Reverse Stock Split [Member]          
Stockholders' Equity Note, Stock Split, Conversion Ratio 500        
XML 44 R33.htm IDEA: XBRL DOCUMENT v3.19.2
Note 12 - Grants and Collaboration Revenue (Details Textual) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Revenue from Contract with Customer, Including Assessed Tax $ 209,941 $ 93,265 $ 574,173 $ 314,564
NIH Grants [Member]        
Revenue from Contract with Customer, Including Assessed Tax 184,938 93,265 539,257 309,564
Unused Grant Funds 2,049,990   2,049,990  
Research Agreements [Member]        
Revenue from Contract with Customer, Including Assessed Tax $ 25,003 $ 5,000 $ 34,916 $ 5,000
XML 45 R34.htm IDEA: XBRL DOCUMENT v3.19.2
Note 13 - Subsequent Events (Details Textual) - USD ($)
1 Months Ended 3 Months Ended 6 Months Ended
Aug. 12, 2019
Jul. 24, 2019
Jul. 16, 2019
Jul. 31, 2019
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Dec. 31, 2018
Preferred Stock, Par or Stated Value Per Share         $ 0.01   $ 0.01   $ 0.01
Stock Issued During Period, Shares, Issued for Services         4,127 0 4,127 10,000  
Subsequent Event [Member]                  
Stock Issued During Period, Shares, Issued for Services 37,827                
Subsequent Event [Member] | Series H Convertible Preferred Stock [Member]                  
Preferred Stock, Par or Stated Value Per Share     $ 1,000            
Convertible Preferred Stock, Conversion Price1     $ 7.50            
Subsequent Event [Member] | Series I Convertible Preferred Stock [Member]                  
Preferred Stock, Par or Stated Value Per Share   $ 1,000              
Convertible Preferred Stock, Conversion Price1   $ 7.50              
Stock Issued During Period, Shares, New Issues   700              
Proceeds from Issuance of Preferred Stock and Preference Stock   $ 700,000              
Conversion from Series F and Series G Preferred Stock to Series H Preferred Stock [Member] | Subsequent Event [Member]                  
Conversion of Stock, Shares Issued     3,257            
Conversion of Series F Preferred Stock Into Common Stock [Member]                  
Conversion of Stock, Shares Issued             293,300    
Conversion of Stock, Shares Converted         281 253,300 461 293,300  
Conversion of Series F Preferred Stock Into Common Stock [Member] | Subsequent Event [Member]                  
Conversion of Stock, Shares Issued       88,400          
Conversion of Stock, Shares Converted       46          
Conversion of Series H Preferred Stock Into Common Stock [Member] | Subsequent Event [Member]                  
Conversion of Stock, Shares Issued 1,737,441                
Conversion of Stock, Shares Converted 171                
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