govx20200930

0001437749-20-022819.txt : 20201105 0001437749-20-022819.hdr.sgml : 20201105 20201105171253 ACCESSION NUMBER: 0001437749-20-022819 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 52 CONFORMED PERIOD OF REPORT: 20200930 FILED AS OF DATE: 20201105 DATE AS OF CHANGE: 20201105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: GeoVax Labs, Inc. CENTRAL INDEX KEY: 0000832489 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 870455038 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-39563 FILM NUMBER: 201291537 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 govx20200930_10q.htm FORM 10-Q govx20200930_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 September 30, 2020

☐	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 001-39563

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 November 5, 2020, 3,810,836 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 September 30, 2020 (unaudited) and December 31, 2019	1
	Condensed Consolidated Statements of Operations for the three-month and nine-month periods ended September 30, 2020 and 2019 (unaudited)	2
	Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficiency) for the three-month and nine-month periods ended September 30, 2020 and 2019 (unaudited)	3
	Condensed Consolidated Statements of Cash Flows for the nine-month periods ended September 30, 2020 and 2019 (unaudited)	5
	Notes to Condensed Consolidated Financial Statements (unaudited)	6

Item 2	Management's Discussion and Analysis of Financial Condition and Results of Operations	13

Item 3	Quantitative and Qualitative Disclosures about Market Risk	18

Item 4	Controls and Procedures	18

PART II – OTHER INFORMATION

Item 1	Legal Proceedings	19

Item 1A	Risk Factors	19

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	27

Item 3	Defaults Upon Senior Securities	28

Item 4	Mine Safety Disclosures	28

Item 5	Other Information	28

Item 6	Exhibits	28

SIGNATURES		30

Part I -- FINANCIAL INFORMATION

Item 1

Financial Statements

GEOVAX LABS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,			December 31,
	2020			2019
	(unaudited)
ASSETS
Current assets:
Cash and cash equivalents	$	11,580,594		$	283,341
Grant funds and other receivables		141,154			68,603
Prepaid expenses and other current assets		13,046			95,320
Total current assets		11,734,794			447,264
Property and equipment, net (Note 5)		10,093			10,606
Deposits		11,010			11,010

Total assets	$	11,755,897		$	468,880

LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIENCY)
Current liabilities:
Accounts payable	$	161,478		$	152,653
Accrued expenses (Note 6)		579,585			1,851,040
Current portion of notes payable		182,584			12,500
Total current liabilities		923,647			2,016,193
Note payable, net of current portion		18,506			27,243
Total liabilities		942,153			2,043,436

Commitments (Note 9)

Stockholders’ equity (deficiency):
Preferred Stock, $.01 par value (Note 10):
Authorized shares – 10,000,000
Issued and outstanding shares – 100 and 2,486 September 30, 2020 and December 31, 2019, respectively		76,095			1,932,433
Common stock, $.001 par value:
Authorized shares – 600,000,000
Issued and outstanding shares – 3,559,473 and 14,992 at September 30, 2020 and December 31, 2019, respectively		3,559			15
Additional paid-in capital		55,203,149			39,340,509
Accumulated deficit		(44,469,059	)		(42,847,513	)
Total stockholders’ equity (deficiency)		10,813,744			(1,574,556	)

Total liabilities and stockholders’ equity (deficiency)	$	11,755,897		$	468,880

See accompanying notes to condensed consolidated financial statements.

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Grant and collaboration revenue	$	415,458		$	333,209		$	1,572,037		$	907,382

Operating expenses:
Research and development		416,756			467,674			1,687,113			1,474,619
General and administrative		435,013			291,475			1,364,650			1,214,189
Total operating expenses		851,769			759,149			3,051,763			2,688,808

Loss from operations		(436,311	)		(425,940	)		(1,479,726	)		(1,781,426	)

Other income (expense):
Interest income		90			2,560			902			4,665
Interest expense		(134,427	)		(1,054	)		(142,722	)		(3,275	)
Total other income (expense)		(134,337	)		1,506			(141,820	)		1,390

Net loss	$	(570,648	)	$	(424,434	)	$	(1,621,546	)	$	(1,780,036	)

Basic and diluted:
Net loss per common share	$	(0.73	)	$	(1,282.28	)	$	(2.85	)	$	(14,016.03	)
Weighted average shares outstanding		782,978			331			569,955			127

See accompanying notes to condensed consolidated financial statements.

GEOVAX LABS, INC.

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

(Unaudited)

	Three-Month and Nine-Month Periods Ended September 30, 2020
																	Total
	Preferred Stock (Note 10)						Common Stock				Additional			Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Paid-in Capital			Deficit			Equity (Deficiency)
Balance at December 31, 2019		2,486		$	1,932,433			14,992	$	15	$	39,340,509		$	(42,847,513	)	$	(1,574,556	)
Sale of convertible preferred stock for cash		300			300,000			-		-		-			-			300,000
Conversion of preferred stock to common stock		(2,386	)		(1,856,338	)		674,067		674		1,855,664			-			-
Common stock issued for services		-			-			521		1		5,999			-			6,000
Net loss for the three months ended March 31, 2020		-			-			-		-		-			(595,694	)		(595,694	)
Balance at March 31, 2020		400			376,095			689,580		690		41,202,172			(43,443,207	)		(1,864,250	)
Common stock issued for services		-			-			2,124		2		11,998			-			12,000
Warrants issued in bridge financing		-			-			-		-		457,833			-			457,833
Net loss for the three months ended June 30, 2020		-			-			-		-		-			(455,204	)		(455,204	)
Balance at June 30, 2020		400			376,095			691,704		692		41,672,003			(43,898,411	)		(1,849,621	)
Conversion of preferred stock to common stock		(300	)		(300,000	)		42,723		43		299,957			-			-
Warrants exercised for common stock		-			-			36,902		37		(37	)		-			-
Common stock issued upon debenture conversion		-			-			177,626		177		569,340			-			569,517
Common stock issued upon cancellation of accrued compensation		-			-			300,001		300		1,499,700			-			1,500,000
Sale of common stock for cash		-			-			2,310,000		2,310		11,156,186			-			11,158,496
Common stock issued for services		-			-			517		-		6,000			-			6,000
Net loss for the three months ended September 30, 2020		-			-			-		-		-			(570,648	)		(570,648	)
Balance at September 30, 2020		100		$	76,095			3,559,473	$	3,559	$	55,203,149		$	(44,469,059	)	$	10,813,744

See accompanying notes to consolidated financial statements.

GEOVAX LABS, INC.

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

(Unaudited)

	Three-Month and Nine-Month Periods Ended September 30, 2019
																Total
	Preferred Stock (Note 10)						Common Stock				Additional		Accumulated			Stockholders’
	Shares			Amount			Shares		Amount		Paid-in Capital		Deficit			Equity (Deficiency)
Balance at December 31, 2018		3,450		$	1,971,333			11	$	-	$	37,483,204	$	(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	)		3		-		303,475		-			-
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			14		-		37,899,081		(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	)		6		-		172,941		-			-
Issuance of common stock for services		-			-			-		-		6,000		-			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			20		-		38,165,986		(41,832,486	)		(1,328,633	)
Sale of convertible preferred stock for cash		700			700,000			-		-		-		-			700,000
Conversion of preferred stock to common stock		(1,048	)		(716,044	)		2,369		3		716,041		-			-
Issuance of common stock for services		-			-			1		-		6,000		-			6,000
Stock option expense		-			-			-		-		26,348		-			26,348
Net loss for the three months ended September 30, 2019		-			-			-		-		-		(424,434	)		(424,434	)
Balance at September 30, 2019		3,054		$	2,321,823			2,390	$	3	$	38,914,375	$	(42,256,920	)	$	(1,020,719	)

See accompanying notes to consolidated financial statements.

GEOVAX LABS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

	Nine Months Ended September 30,
	2020			2019
Cash flows from operating activities:
Net loss	$	(1,621,546	)	$	(1,780,036	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		2,983			5,693
Stock-based compensation expense		24,000			290,744
Changes in assets and liabilities:
Grant funds and other receivables		(72,551	)		18,329
Prepaid expenses and other current assets		82,274			(83,637	)
Amortization of debt discount		124,185			-
Accounts payable and accrued expenses		252,036			431,170
Total adjustments		412,927			662,299
Net cash used in operating activities		(1,208,619	)		(1,117,737	)

Cash flows from investing activities:
Purchase of property and equipment		(2,470	)		(4,272	)
Net cash used in investing activities		(2,470	)		(4,272	)

Cash flows from financing activities:
Net proceeds from sale of preferred stock		300,000			1,440,000
Net proceeds from issuance of note payable		170,200			-
Net proceeds from bridge financing		888,500			-
Net proceeds from sale of common stock and warrants		11,158,496			-
Principal repayment of note payable		(8,854	)		(8,333	)
Net cash provided by financing activities		12,508,342			1,431,667

Net increase in cash and cash equivalents		11,297,253			309,658
Cash and cash equivalents at beginning of period		283,341			259,701

Cash and cash equivalents at end of period	$	11,580,594		$	569,359

Supplemental disclosure of non-cash financing activities:

During the nine months ended September 30, 2020:

●

716,790 shares of our common stock were issued upon conversion of convertible preferred stock

●

36,902 shares of common stock were issued for a cashless exercise of stock purchase warrants

●

300,001 shares of common stock and 300,001 Unit Warrants were issued in exchange for cancellation of $1,500,000 owed to current and former employees and directors

●

177,626 shares of common stock, 126,042 Pre-Funded Warrants and 303,668 Unit Warrants were issued upon conversion of $1,200,000 convertible debentures and $14,667 of related accrued interest

During the nine months ended September 30, 2019:

●

2,378 shares of our common stock were issued upon conversion of convertible preferred stock

●

250 shares of Series G Convertible Preferred Stock were issued in exchange for cancellation of $250,000 of term notes payable

See accompanying notes to condensed consolidated financial statements.

GEOVAX LABS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

September 30, 2020

(unaudited)

1.	Description of Business

GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using a novel vector vaccine platform (Modified Vaccinia Ankara (MVA) Virus-Like Particle, or “GV-MVA-VLP^TM”). In this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into highly effective VLP immunogens in the person being vaccinated. The MVA-VLP virus replicates to high titers in approved avian cells for manufacturing but cannot productively replicate in mammalian cells. Therefore, the MVA-VLP derived vaccines can elicit durable immune responses in the host similar to a live attenuated virus, while providing the safety characteristics of a replication-defective vector.

Our current development programs are focused on preventive vaccines against novel coronavirus (COVID-19), Human Immunodeficiency Virus (HIV), Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), and malaria, as well as immunotherapies for HIV and solid tumor cancers.

Our corporate strategy is to advance, protect and exploit our differentiated vaccine immunotherapy platform leading to the successful development of preventive and therapeutic vaccines against infectious diseases and various cancers. With our design and development capabilities, we are progressing and validating an array of cancer and infectious disease immunotherapy and vaccine product candidates. 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.

Certain of our vaccine development activities have been, and continue to be, financially supported by the U.S. Government. This support has been both in the form of research grants and contracts awarded directly to us, as well as indirect support for the conduct of preclinical animal studies and human clinical trials.

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 the metropolitan Atlanta, Georgia area.

2.	Basis of Presentation

The accompanying condensed consolidated financial statements at September 30, 2020 and for the three-month and nine-month periods ended September 30, 2020 and 2019 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, 2019. 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, we enacted reverse stock splits of our common stock on April 30, 2019, January 21, 2020 and September 30, 2020. Unless otherwise noted, the accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.

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 the financial statements are issued. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates.

For the last several years the audit reports to our consolidated financial statements have included a “going concern” qualification, arising from our limited assets, our history of operating losses, and our continuing need for capital to conduct our research and development activities. These conditions continued through the second quarter of 2020. However, as a result of our financing activities consummated during the third quarter of 2020 (see Note 10), management has concluded that as of September 30, 2020 there is no longer a substantial doubt over the Company’s ability to operate as a going concern for at least the next twelve-month period. We believe that our existing cash resources together with current government funding commitments, will be sufficient to continue our planned operations into early 2022.

We expect to incur future net losses as we continue to fund the development of our product candidates. To date, we have financed our operations primarily with proceeds from sales of equity and debt securities, government grants and clinical trial assistance, and corporate collaborations. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We may never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we may seek additional capital through arrangements with strategic partners or from other sources. There can be no assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.

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, 2019 those accounting policies that we consider significant in determining our results of operations and financial position. There have been no material changes to, or in the application of, the accounting policies previously identified and described in the Form 10-K.

There have been no other recent accounting pronouncements or changes in accounting pronouncements during the nine months ended September 30, 2020, as compared to the recent accounting pronouncements described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019, which we expect to have a material impact on our financial statements.

4.	Basic and Diluted Loss Per Common Share

Basic and diluted loss per common share are computed based on the weighted average number of common shares outstanding. Common share equivalents consist of common shares issuable upon conversion of convertible preferred stock, and upon exercise of stock options and stock purchase warrants. All common share equivalents are excluded from the computation of diluted loss per share since the effect would be anti-dilutive. The weighted average number of common share equivalents which were excluded from the computation of diluted loss per share, totaled 204,553 and 78,754 shares for the three-month and nine-month periods ended September 30, 2020, respectively, as compared to 273 and 272 shares for the three-month and nine-month periods ended September 30, 2019, respectively. See Note 10 for more information concerning our outstanding common share equivalents at September 30, 2020 that could potentially dilute earnings per share in the future.

5.	Property and Equipment

Property and equipment as shown on the accompanying Condensed Consolidated Balance Sheets is composed of the following as of September 30, 2020 and December 31, 2019:

	September 30, 2020			December 31, 2019
Laboratory equipment	$	537,047		$	534,577
Leasehold improvements		115,605			115,605
Other furniture, fixtures & equipment		11,736			11,736
Total property and equipment		664,388			661,918
Accumulated depreciation and amortization		(654,295	)		(651,312	)
Property and equipment, net	$	10,093		$	10,606

6.	Accrued Expenses

Accrued expenses as shown on the accompanying Condensed Consolidated Balance Sheets are composed of the following as of September 30, 2020 and December 31, 2019:

	September 30, 2020		December 31, 2019
Accrued payroll and director fees	$	551,762	$	1,732,702
Other accrued expenses		27,823		118,338
Total accrued expenses	$	579,585	$	1,851,040

7.	Notes Payable

GRA Note – 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. Future principal repayments are expected to be $3,026 for the remainder of 2020, $12,487 in 2021, $13,126 in 2022, and $2,252 in 2023. Interest expense related to the GRA Note for the three-month and nine-month periods ended September 30, 2020 was $411 and $1,344, respectively, as compared to $547 and $1,753, respectively, for the same periods of 2019.

CARES Act Paycheck Protection Program Loan – On April 17, 2020, we received a $170,200 bank loan backed by the United States Small Business Administration pursuant to the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan bears an annual interest rate of one percent and is due April 17, 2022. Commencing November 17, 2020, monthly payments of $9,578.16 will be due. Amounts due may be prepaid without penalty. We accrued interest expense associated with the PPP Loan of $429 and $774 for the three-month and nine-month periods ended September 30, 2020, respectively. In October 2020, we applied to the lender to have the loan forgiven, based upon our submission of qualifying information regarding eligible expenses; as of the date of this report our application has not been processed.

8.	Convertible Debentures

On June 26 2020, we entered into a Securities Purchase Agreement with two institutional investors, pursuant to which we received gross proceeds of $1,050,000 in exchange for the issuance of: (i) 5% Original Issue Discount Senior Secured Convertible Debentures (the “Convertible Debentures”) in the aggregate principal amount of $1,200,000; and (ii) five-year warrants (the “June 2020 Warrants”) to purchase an aggregate of 120,000 shares of our common stock at an exercise price of $10.00 per share. Net proceeds after deducting the original issue discount, finder’s fee and other debt issuance costs was $888,500. As a result of the public offering of our securities described in Note 10, on September 29, 2020 the exercise price of the June 2020 Warrants was reduced to $5.00. The Convertible Debentures had an original maturity of twelve months, bore interest at a rate of 5% per annum, and were secured by substantially all of the Company’s assets until such time as they were paid or converted in full.

The Convertible Debentures were mandatorily convertible upon our consummation of a public offering of common stock with gross proceeds of $6,000,000 or more, and which resulted in the listing of our common stock on a national securities exchange (a “Qualified Offering”). The conversion price upon the occurrence of a Qualified Offering was equal to the lower of (i) $10.00 per share or (ii) 80% of the offering price. The conversion provisions of the Convertible Debentures were subject to a “conversion blocker” such that each of the purchasers could not convert the Convertible Debentures to the extent that the conversion would result in the purchaser and its affiliates holding more than 4.99% of our outstanding common stock.

On September 29, 2020, upon our consummation of the public offering discussed in Note 10, the $1,200,000 maturity value of the Convertible Debentures and $14,667 of accrued interest were automatically converted at $4.00, the Qualified Offering discounted price, resulting in the issuance of 303,667 conversion units. Of the 303,668 conversion units: (a) 177,626 consist of one share of common stock and a warrant to purchase one share of common stock (a “Conversion Warrant”), and (b) 126,042 consist of one pre-funded warrant to purchase one share of common stock (a “Pre-Funded Warrant”) and a Conversion Warrant. The Pre-Funded Warrants provide the holder the right to purchase one share of Common Stock at an exercise price of $0.01 per share, are immediately exercisable and will not expire until exercised in full. The Unit Warrants provide the holder the right to purchase one share of common stock, are immediately exercisable at an exercise price of $5.00 per share and expire five years after the issuance date.

Upon the issuance of the Convertible Debentures, we recorded a debt discount of $769,334, including the $150,000 original issue discount, $457,834 of fair value allocated to the warrants (recorded as Additional Paid-in Capital), and $161,500 of direct transaction costs incurred. The debt discount was amortized to interest expense over the 12-month term of the Debentures using the effective interest rate method, up to the date of conversion. As a result of the mandatory conversion of the Convertible Debentures on September 29, 2020, the remaining unamortized debt discount ($645,150) was recorded as Additional Paid-in Capital in the accompanying Consolidated Balance Sheets. Interest expense associated with the Convertible Debentures was $133,148 and 138,851 for the three-month and nine-month periods ended September 30, 2020, respectively, including of $119,139 and $124,184, respectively, of debt discount amortization.

9.	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, 2022. Rent expense for the three-month and nine-month periods ended September 30, 2020 was $41,539 and $124,617, respectively, as compared to $40,316 and $120,949, respectively, for the same periods of 2019. Future minimum lease payments total $41,539 in 2020, $171,213 in 2021 and $176,356 in 2022, although the lease may be terminated at any time by either party with ninety days’ written notice.

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 September 30, 2020, there was approximately $290,500 of unrecorded outstanding purchase commitments to our vendors and subcontractors, $228,000 of which we expect will be due in 2020 and $62,500 in 2021. We expect this entire amount to be reimbursable to us pursuant to existing government grants.

10.

Stockholders’ Equity

Convertible Preferred Stock

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 September 30, 2020 and December 31, 2019. Each series of our outstanding preferred stock has a stated value of $1,000 per share. Further information concerning each series of preferred stock, and the changes in each series during the nine months ended September 30, 2020 are discussed below the table.

	September 30, 2020				December 31, 2019
			Carrying				Carrying
	Shares		Value		Shares		Value
Series B Convertible Preferred Stock		100	$	76,095		100	$	76,095
Series H Convertible Preferred Stock		-		-		1,686		1,156,338
Series I Convertible Preferred Stock		-		-		700		700,000
Total		100	$	76,095		2,486	$	1,932,433

As of September 30, 2020, there were 100 shares of Series B Convertible Preferred Stock outstanding, convertible into a negligible number of shares of common stock. There were no transactions involving our Series B Preferred Stock during the nine months ended September 30, 2020.

During the first quarter of 2020, 1,686 shares of our Series H Convertible Preferred Stock were converted into 469,696 shares of our common stock. As of September 30, 2020, there were no shares of Series H Preferred Stock outstanding.

During the first quarter of 2020, 700 shares of our Series I Convertible Preferred Stock were converted into 204,371 shares of our common stock. As of September 30, 2020, there were no shares of Series I Preferred Stock outstanding.

On January 24, 2020, we entered into a Securities Purchase Agreement with the purchasers identified therein providing for the issuance and sale to the purchasers of an aggregate of 300 shares of our Series J Convertible Preferred Stock (“Series J Preferred Stock”) for gross proceeds of $300,000. Our Series J Preferred Stock has rights and privileges as set forth in the pertinent Certificate of Designation of Preferences, Rights and Limitations, including a liquidation preference equal to the stated value per share. The Series J Preferred Stock has no voting rights and is not entitled to a dividend. During July 2020, 300 shares of Series J Preferred Stock were converted into 42,723 shares of our common stock. As of September 30, 2020, there were no shares of Series J Preferred Stock outstanding.

Common Stock

Reverse Stock Splits – On April 30, 2019, we enacted a 1-for-500 reverse stock split of our common stock, on January 21, 2020, we effected a 1-for-2000 reverse split of our common stock and on September 25, 2020, we effected a 1-for-20 reverse split of our common stock.

Conversions of Preferred Stock – As discussed under “Preferred Stock” above, during the nine months ended September 30, 2020, we issued 716,790 shares of our common stock pursuant to conversions of our Series H, Series I, and Series J Preferred Stock.

Public Offering – On September 24, 2020, we entered into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC, as representative of the underwriters (the “Representative”), for an underwritten public offering (the “Offering”) of an aggregate of 2,560,000 units of our equity securities (the “Units”). The Offering closed on September 29, 2020, with gross proceeds to us of approximately $12.8 million; net proceeds after deducting underwriting discounts and commissions and other offering expenses were approximately $11.2 million.

Of the 2,560,000 Units sold in the Offering: (a) 2,310,000 Units consist of one share of our common stock, and a Warrant to purchase one share of common stock (each, a “Unit Warrant”); and (b) 250,000 Units consisting of a Pre-Funded Warrant to purchase one share of common stock and a Unit Warrant. The Pre-Funded Warrants provide the holder the right to purchase one share of common stock at an exercise price of $0.01 per share, are immediately exercisable and will not expire until exercised in full. The Unit Warrants provide the holder the right to purchase one share of common stock, are immediately exercisable at an exercise price of $5.00 per share and expire five years after the issuance date. The public offering price was $5.00 per Unit ($4.99 for each Unit including a Pre-Funded Warrant). We granted the Representative a 45-day option to purchase up to 384,000 Units to cover over-allotments, if any.

Pursuant to the Underwriting Agreement, we issued to the Representative, as a portion of the underwriting compensation, warrants to purchase up to a total of 128,000 shares of common stock (the “Representative Warrants”). The Representative Warrants have an exercise price of $5.50 per share, are initially exercisable 180 days after the effective date of the Offering and have a term of three years from their initial exercise date.

Conversion of Deferred Compensation to Equity – During 2016 and 2017, to help conserve the Company’s cash resources, each of our executive officers and non-employee directors agreed to defer receipt of all or a portion (at varying levels) of their respective cash compensation. On September 29, 2020, upon our consummation of the Offering, $1,500,000 of the accumulated deferrals were converted at the $5.00 offering price, resulting in the issuance of 300,001 units substantially similar to the units sold in the public offering, with each unit consisting of one share of our common stock and one warrant substantially similar to a Unit Warrant (a “Management Warrant”).

Conversion of Convertible Debentures to Equity – As discussed in Note 8, upon our consummation of the Offering, we issued an aggregate of 177,625 shares of our common stock, 126,042 Pre-Funded Warrants and 303,667 Conversion Warrants upon the mandatory conversion of $1,214,667 of Convertible Debentures and accrued interest.

Other Common Stock Transactions – During the nine months ended September 30, 2020, we issued an aggregate of 3,162 shares of our common stock pursuant to a consulting agreement. See “Stock-Based Compensation Expense” below.

Stock Options

As a result of the reverse stock splits of our common stock all of our outstanding stock options were automatically adjusted such that all of such stock options as of the beginning of 2020 were eliminated. On June 19, 2020, our Board of Directors approved the GeoVax Labs, Inc. 2020 Stock Incentive Plan (the “2020 Plan”) to replace our prior stock option plan and reserved up to 250,000 shares of our common stock for issuance pursuant to the 2020 Plan. No equity awards were made from the 2020 Plan during the nine months ended September 30, 2020.

Stock Purchase Warrants

Series G Warrants – In August 2020, the holders of the Series G Warrants agreed to their cancellation and there were no Series G Warrants outstanding as of September 30, 2020.

Series H Warrants – During July 2020, all outstanding Series H Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of 7,147 shares of our common stock. There were no Series H Warrants outstanding as of September 30, 2020.

Series I Warrants – During July 2020, Series I Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of 29,755 shares of our common stock. As of September 30, 2020, there were 62,626 Series I Warrants outstanding, with an exercise price of $5.00 per share, reflective of anti-dilution adjustments resulting from the Offering.

June 2020 Warrants – As discussed in Note 8, on June 26, 2020, in connection with the issuance of the Convertible Debentures, we issued warrants to purchase 120,000 shares of common stock, with a five-year term and an exercise price of $10.00. As a result of the Offering, on September 29, 2020 the exercise price was reduced to $5.00.

Warrants Issued Upon Conversion of Convertible Debentures – As discussed in Note 8, on September 29, 2020, upon the conversion of the Convertible Debentures into our equity securities, we issued 126,042 Pre-Funded Warrants and 303,668 Conversion Warrants to purchase our common stock.

Warrants Issued Upon Conversion of Deferred Compensation – As discussed above under “Common Stock – Conversion of Deferred Compensation to Equity”, on September 29, 2020, upon the conversion of amounts owed to current and former executive officers and directors, we issued Management Warrants to purchase 300,001 shares of common stock.

Warrants Issued in Connection with Public Offering – As discussed above under “Common Stock – Public Offering”, on September 29, 2020, in connection with the Offering, we issued Unit Warrants to purchase 2,560,000 shares of common stock; Pre-Funded Warrants to purchase 250,000 shares of common stock; and Representative Warrants to purchase 128,000 shares of common stock.

Summary of Warrants Outstanding – The following table presents summary information about our warrants outstanding as of September 30, 2020:

Warrant Description	Number of Shares		Exercise Price		Expiration
Series I Warrants		62,626	$	5.00	Oct-Dec 2024
June 2020 Warrants		120,000		5.00	Jun 2025
Pre-Funded Warrants		376,042		0.01	Perpetual
Unit, Conversion and Management Warrants		3,163,669		5.00	Sep 2025
Representative Warrants		128,000		5.50	Mar 2024
Total Warrants Outstanding at September 30, 2020		3,850,337

Weighted-Average Exercise Price	$	4.53
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years)		4.9

Stock-Based Compensation Expense

There was no stock-based compensation expense related to our stock option plan recognized in the consolidated statement of operations for the three-month or nine-month periods ended September 30, 2020 and there was no unrecognized compensation expense related to stock options as of September 30, 2020. During the three-month and nine-month periods ended September 30, 2020 we recorded stock-based compensation expense of $6,000 and $24,000, respectively, associated with common stock issued for a consulting agreement.

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 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.

Grant 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 nine-month periods ended September 30, 2020, we recorded $231,330 and $1,186,844, respectively, of revenues associated with these grants and contracts, as compared to $214,765 and $754,022, respectively, for the comparable periods of 2019. As of September 30, 2020, there was an aggregate of $417,121 in approved grant funds available for use through September 2021.

During the three-month and nine-month periods ended September 30, 2020, we recorded $184,127 and $385,193, respectively, of revenues associated with research collaboration agreements with third parties, as compared to $118,444 and $153,360, respectively, for the comparable periods of 2019.

13.

Subsequent Events

During October 2020, holders of our Pre-Funded Warrants exercised 250,000 of such warrants, resulting in the issuance of 250,000 shares of our common stock for an aggregate exercise price of $2,500.

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 Item 1A, 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 infectious diseases and cancers using a novel vector vaccine platform (Modified Vaccinia Ankara (MVA) Virus-Like Particle, or “GV-MVA-VLP^TM”). In this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into highly effective VLP immunogens in the person being vaccinated. The MVA-VLP virus replicates to high titers in approved avian cells for manufacturing but cannot productively replicate in mammalian cells. Therefore, the MVA-VLP derived vaccines can elicit durable immune responses in the host similar to a live attenuated virus, while providing the safety characteristics of a replication-defective vector.

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.

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, 2019. There have been no significant changes to our critical accounting policies from those disclosed in our 2019 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 September 30, 2020, we had cash and cash equivalents of $11,580,594 and total assets of $11,755,897, as compared to $283,341 and $468,880, respectively, at December 31, 2019. At September 30, 2020, we had positive working capital of $10,811,147, compared to a working capital deficit of $1,568,929 at December 31, 2019.

Net cash used in operating activities was $1,208,619 and $1,117,737 for the nine-month periods ended September 30, 2020 and 2019, 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 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 September 30, 2020, there was $417,121 in approved grant funds available for use through September 2021. Of these amounts, we expect that approximately $290,500 will be used by us to reimburse third parties who will provide services covered by our grants. See “Results of Operations – Grant and Collaboration Revenues” below for additional details concerning our government grants.

NIAID 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 the planned Phase 1 trial (HVTN 132) to further evaluate the safety and immunogenicity of adding “protein boost” components to our vaccine, GOVX-B11. We expect HVTN 132 to commence patient enrollment in early 2021. 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 during 2020, with the addition of our vaccine into the trial in early 2021. A similar effort is underway with a consortium led by researchers at the University of California, San Francisco (UCSF), using our vaccine as part of a combinational therapy to induce remission in HIV-positive individuals; this program entered clinical trials during August 2020. Each of these programs could experience delays as a result of the ongoing COVID-19 pandemic.

Net cash used in investing activities was $2,470 and $4,272 for the nine-month periods ended September 30, 2020 and 2019, respectively. Our investing activities have consisted predominantly of capital expenditures.

Net cash provided by financing activities was $12,508,342 and $1,431,667 for the nine-month periods ended September 30, 2020 and 2019, respectively. Net cash provided by financing activities during the 2020 period relates to (i) the sale in January 2020 of shares of our Series J convertible preferred stock for net proceeds of $300,000, (ii) $170,200 of PPP loan proceeds received in April 2020 (see discussion below), (iii) $888,500 of net proceeds received in June 2020 from our issuance of Convertible Debentures (see discussion below), (iv) net proceeds of approximately $11.2 million received in September 2020 from the public offering of our equity securities (see discussion below), and (v) $8,854 in principal repayments toward the GRA Note. Net cash provided by financing activities during the 2019 period relates to the sale of shares of our Series G and Series I convertible preferred stock for aggregate net proceeds of $1,440,000 and $8,333 in principal repayments toward the GRA Note.

PPP Loan – On April 17, 2020, we received a $170,200 bank loan backed by the United States Small Business Administration pursuant to the Paycheck Protection Program (PPP) provisions of the CARES Act. The loan bears an annual interest rate of one percent and is due April 17, 2022. Commencing November 17, 2020, monthly payments of $9,578.16 will be due. Amounts due may be prepaid without penalty. In October 2020, we applied to the lender to have the full principal amount forgiven based upon our providing qualifying information regarding eligible expenses; as of the date of this report our application has not been processed.

Conversion of Deferred Compensation to Equity – During 2016 and 2017, to help conserve the Company’s cash resources, each of our executive officers and non-employee directors agreed to defer receipt of all or a portion (at varying levels) of their respective cash compensation; the deferrals continued during 2018, 2019 and 2020. As of August 31, 2020, the aggregate accumulated deferrals were approximately $2,025,198. On September 29, 2020, upon our consummation of the public offering discussed below, $1,500,000 of the accumulated deferrals were converted at the $5.00 offering price, resulting in the issuance of 300,001 units substantially similar to the units sold in the public offering. The remaining $525,198 of deferred compensation owed as of August 31, 2020 will be paid in cash. Subsequent to the public offering all deferred compensation arrangements have been discontinued.

Issuance of Convertible Debentures and Subsequent Conversion to Equity – On June 26 2020, we entered into a Securities Purchase Agreement with two institutional investors, pursuant to which we received gross proceeds of $1,050,000 in exchange for the issuance of:(i) 5% Original Issue Discount Senior Secured Convertible Debentures in the aggregate principal amount of $1,200,000; and (ii) warrants to purchase an aggregate of 120,000 shares of our common stock The Convertible Debentures had an original maturity of twelve months, bore interest at a rate of 5% per annum, and were secured by substantially all of the Company’s assets until such time as they were paid or converted in full.

On September 29, 2020, upon our consummation of the public offering discussed below, pursuant to the terms of the Convertible Debentures, the $1,200,000 maturity value and $14,667 of accrued interest were automatically converted at $4.00, resulting in the issuance of 303,667 conversion units. Of the 303,667 conversion units: (a) 177,625 consist of one share of common stock and a warrant to purchase one share of common stock (a “Conversion Warrant”), and (b) 126,042 consist of one pre-funded warrant to purchase one share of common stock (a “Pre-Funded Warrant”) and a Conversion Warrant. The Pre-Funded Warrants provide the holder the right to purchase one share of Common Stock at an exercise price of $0.01 per share, are immediately exercisable and will not expire until exercised in full. The Conversion Warrants provide the holder the right to purchase one share of common stock, are immediately exercisable at an exercise price of $5.00 per share and expire five years after the issuance date.

Of the 2,560,000 Units sold in the Offering: (a) 2,310,000 Units consist of one share of our common stock, and a warrant to purchase one share of common stock (each, a “Unit Warrant”); and (b) 250,000 Units consist of a Pre-Funded Warrant to purchase one share of common stock and a Unit Warrant. The Pre-Funded Warrants provide the holder the right to purchase one share of common stock at an exercise price of $0.01 per share, are immediately exercisable and will not expire until exercised in full. The Unit Warrants provide the holder the right to purchase one share of common stock, are immediately exercisable at an exercise price of $5.00 per share and expire five years after the issuance date. The public offering price was $5.00 per Unit ($4.99 for each Unit including a Pre-Funded Warrant). We granted the Representative a 45-day option to purchase up to 384,000 Units to cover over-allotments, if any. Pursuant to the Underwriting Agreement, we issued to the Representative, as a portion of the underwriting compensation, warrants to purchase up to a total of 128,000 shares of common stock (the “Representative Warrants”). The Representative Warrants have an exercise price of $5.50 per share, are initially exercisable 180 days after the effective date of the Offering and have a term of three years from their initial exercise date.

We intend to use the net proceeds from the Offering to advance our product candidates, including research and technical development, manufacturing, clinical studies, capital expenditures, and working capital. Our primary use of proceeds with respect to advancing our product candidates will be to focus on our COVID-19 and immuno-oncology programs. Certain of our vaccine programs are currently advancing under funding and/or collaboration agreements with government agencies and others; these include our HIV, Lassa Fever, and malaria vaccine programs. We may also use the net proceeds from the Offering to acquire and invest in complementary products, technologies or businesses; however, we currently have no agreements or commitments to complete any such transaction. These plans may change to the extent that other funding is secured for these programs from government agencies and others.

As of September 30, 2020, we had an accumulated deficit of $44.5 million. We expect to incur future net losses as we continue to fund the development of our product candidates. To date, we have financed our operations primarily with proceeds from multiple sales of equity and debt securities, government grants and clinical trial assistance, and corporate collaborations. We believe that our existing cash resources together with current government funding commitments, will be sufficient to continue our planned operations into early 2022. We will require additional funds to continue our planned operations beyond that date. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We may never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. We intend to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we may seek additional capital through arrangements with strategic partners or from other sources. There can be no assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.

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.

Results of Operations

Net Loss

We recorded a net loss of $570,648 for the three-month period ended September 30, 2020, as compared to $424,434 for the three-month period ended September 30, 2019. For the nine-month period ended September 30, 2020, we recorded a net loss of $1,621,546, as compared to $1,780,036 for the nine-month period ended September 30, 2019. 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 nine-month periods ended September 30, 2020, we recorded grant and collaboration revenues of $415,458 and $1,572,037, respectively, as compared to $333,209 and $907,382, respectively, during the comparable periods of 2019.

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 revenues 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 September 30, 2020 is presented in the table below.

	Grant Revenues Recorded During the Periods:								Unused Funds
	Three Months Ended Sep 30,				Nine Months Ended Sep 30,				Available at
	2020		2019		2020		2019		Sep 30, 2020
Lassa Fever – U.S. Army Grant	$	231,330	$	150,015	$	1,186,844	$	444,519	$	417,121
Lassa Fever – NIH SBIR Grant		-		64,750		-		147,042		-
Zika – NIH SBIR Grant		-		-		-		162,461		-
Total	$	231,330	$	214,765	$	1,186,844	$	754,022	$	417,121

Collaboration Revenues – In addition to the grant revenues above, during the three-month and nine-month periods ended September 30, 2020 we recorded revenues associated with research collaborations with third parties of $184,128 and $385,193, respectively, as compared to $118,445 and $153,360, respectively, during the comparable periods of 2019. These amounts primarily represent amounts paid to us by the other parties for materials and other costs associated with joint studies.

We continue to seek additional support for our product development programs via grants and collaborative arrangements with governmental funding agencies and other third parties, but there is no assurance that we will be successful in these efforts and we therefore do not predict what impact such funding, if received, may have on our operations.

Research and Development Expenses

Our research and development expenses were $416,756 and $1,687,113 for the three-month and nine-month periods ended September 30, 2020 as compared to $467,674 and $1,474,619 for the comparable periods of 2019. Research and development expense for the three-month and nine-month periods of 2020 included no stock-based compensation expense, as compared to $11,006 and $33,647, respectively, for the comparable periods of 2019 (see discussion under “Stock-Based Compensation Expense” below).

Our research and development expenses can fluctuate considerably on a period-to-period basis, depending on the timing of expenditures related to our government grants and other research projects, and other factors. Research and development expenses increased by $212,494, or 14%, from the nine-month period of 2019 to 2020 primarily due to the timing and amount of expenditures related to our government grants. Our research and development costs do not include costs incurred by the HIV Vaccine Trials Network (HVTN) or other collaborators in conducting clinical trials of our HIV vaccines; those costs are funded by the collaborators, or through their respective funding sources (such as NIAID’s funding of HVTN). We expect that our research and developments expenses will increase in the future as we expand our scientific staff and incur additional costs in support of our product development activities, particularly related to our COVID-19 vaccine and cancer immunotherapy programs, following completion of the Offering.

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 vaccine candidates. 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 approximate 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 $435,013 and $1,364,650 for the three-month and nine-month periods ended September 30, 2020, as compared to $291,475 and $1,214,189 during the comparable periods of 2019. 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 nine-month periods of 2020 included stock-based compensation expense of $6,000 and $24,000, respectively; as compared to $21,342 and $257,097, respectively, for the comparable periods of 2019 (see discussion under “Stock-Based Compensation Expense” below). Excluding stock-based compensation expense, general and administrative expenses were $429,013 and $1,340,650 during the three-month and nine-month periods ended September 30, 2020, respectively, as compared to $270,133and $957,092, respectively during the comparable periods of 2019, representing an increase of $383,558, or 40%, from the nine-month period of 2019 to the comparable period of 2020. The overall increase in general and administrative expense from 2019 to 2020 is primarily attributable to higher legal and other costs associated with our capital restructuring, stockholders meetings and other corporate activities, as well as higher legal costs associated with our patent prosecution and negotiation of license agreements with the NIH. We expect that our general and administrative costs will increase in the future in support of expanded research and development activities and other general corporate activities.

Stock-Based Compensation Expense

The table below shows the components of stock-based compensation expense for the three-month and nine-month periods ended September 30, 2020 and 2019. 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.

	Three Months Ended Sep 30,				Nine Months Ended Sep 30,
	2020		2019		2020		2019
Stock option expense	$	-	$	26,348	$	-	$	79,664
Stock issued for services		6,000		6,000		24,000		211,080
Total stock-based compensation expense	$	6,000	$	32,348	$	24,000	$	290,744

The reverse stock splits enacted in April 2019 and in January 2020 automatically adjusted our outstanding stock options such that the number of such options as of January 1, 2020 was negligible. No new stock options were granted during the nine-month period ended September 30, 2020. We therefore recorded no stock-based compensation expense related to our stock option plan for the three-month or nine-month periods ended September 30, 2020. We expect to make additional grants under our 2020 Stock Incentive Plan and will therefore incur related compensation expenses.

During the three-month and nine-month periods ended September 30, 2020 we recorded stock-based compensation expense of $6,000 and $24,000, respectively, associated with common stock issued for a consulting agreement, as compared to $6,000 and $211,080, respectively, during the same periods of 2019, associated with common stock issued for consulting and financial advisory services.

Other Income (Expense)

Interest income for the three-month and nine-month periods ended September 30, 2020 was $90 and $902, respectively, as compared to $2,560 and $4,665, respectively, for comparable periods of 2019. The variances between periods are primarily attributable to cash available for investment and interest rate fluctuations.

Interest expense for the three-month and nine-month periods ended September 30, 2020 was $134,427 and $142,722, respectively, as compared to $1,054 and $3,275, respectively, for comparable periods of 2019. Interest expense for the 2020 periods relates to the Convertible Debentures, GRA Note, PPP Loan, and financing costs associated with insurance premiums. For the nine-month period ended September 30, 2020, interest expense included $14,667 of accrued interest payable and $124,184 of amortized debt discount related to the Convertible Debentures. Subsequent to the full conversion of the Convertible Debentures into our equity securities on September 29, 2020, there will be no more interest expenses associated with the Convertible Debentures, and we expect other interest expense will be minimal.

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.

Changes in internal control over financial reporting

Although we have modified certain of our internal control procedures as a result of the COVID-19 pandemic, there were no significant changes in our internal control over financial reporting that occurred during the three months ended September 30, 2020 that have materially affected, or are 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

Risks Related to Our Business

We have a history of operating losses, and we expect losses to continue for the foreseeable future.

As a research and development-focused company, we have had no product revenue to date and revenues from our government grants and other collaborations have not generated sufficient cash flows to cover operating expenses. Since our inception, we have incurred operating losses each year due to costs incurred in connection with research and development activities and general and administrative expenses associated with our operations. We expect to incur additional operating losses and expect cumulative losses to increase as our research and development, preclinical, clinical, and manufacturing efforts expand. Our ability to generate revenue and achieve profitability depends on our ability to successfully complete the development of our product candidates, conduct preclinical tests and clinical trials, obtain the necessary regulatory approvals, and manufacture and market or otherwise commercialize our products. Unless we are able to successfully meet these challenges, we will not be profitable and may not remain in business.

Our business will require continued funding. If we do not receive adequate funding, we will not be able to continue our operations.

To date, we have financed our operations principally through the sale of our equity securities and through government grants and clinical trial support. We will require substantial additional financing at various intervals for our operations, including clinical trials, operating expenses, intellectual property protection and enforcement, for pursuit of regulatory approvals, and for establishing or contracting out manufacturing, marketing and sales functions. There is no assurance that such additional funding will be available on terms acceptable to us or at all. If we are not able to secure the significant funding that is required to maintain and continue our operations at current levels, or at levels that may be required in the future, we may be required to delay clinical studies or clinical trials, curtail operations, or obtain funds through collaborative arrangements that may require us to relinquish rights to some of our products or potential markets.

The costs of conducting all of our human clinical trials to date for our preventive HIV vaccine have been borne by the HVTN, with funding by NIAID, and we expect NIAID support for additional clinical trials. GeoVax incurs costs associated with manufacturing the clinical vaccine supplies and other study support. We cannot predict the level of support we will receive from the HVTN or NIAID for any additional clinical trials of our HIV vaccines.

Our current operations are also partially supported by a U.S. government grant awarded to us to support our Lassa Fever vaccine program. As of September 30, 2020, there was approximately $417,000 of unused grant funds remaining and available for use through September 2021. Of this amount, we anticipate that approximately $290,500 will be paid by us to unaffiliated third parties who are providing services called for by the grant. We are pursuing additional support from the federal government for our vaccine programs; however, as we progress to the later stages of our vaccine development activities, government financial support may be more difficult to obtain, or may not be available at all. Furthermore, there is some risk that actual funding for grants could be delayed, cut back, or eliminated due to government budget constraints. Therefore, it will be necessary for us to look to other sources of funding to finance our development activities.

We expect that our current working capital, combined with proceeds from current government grants will be sufficient to support our planned level of operations into early 2022. We will need to raise additional funds to significantly advance our vaccine development programs and to continue our operations. In order to meet our operating cash flow needs we plan to seek sources of non-dilutive capital through government grant programs and clinical trial support. We may also plan additional offerings of our equity securities, debt, or convertible debt instruments. Should the financing we require to sustain our working capital needs be unavailable or prohibitively expensive when we require it, the consequences could have a material adverse effect on our business, operating results, financial condition and prospects.

Significant disruptions of information technology systems or breaches of information security systems could adversely affect our business.

We rely upon a combination of information technology systems and traditional recordkeeping to operate our business. In the ordinary course of business, we collect, store, and transmit confidential information (including, but not limited to, personal information and intellectual property). We have also outsourced elements of our operations to third parties, including elements of our information technology systems and, as a result, we manage a number of independent vendor relationships with third parties who may or could have access to our confidential information. Our information technology and information security systems and records are potentially vulnerable to security breaches, service interruptions, or data loss from inadvertent or intentional actions by our employees or vendors. Our information technology and information security systems and records are also potentially vulnerable to malicious attacks by third parties. Such attacks are of ever-increasing levels of sophistication and are made by groups and individuals with a wide range of expertise and motives (including, but not limited to, financial crime, industrial espionage, and market manipulation).

While we have invested, and continue to invest, a portion of our limited funds in our information technology and information security systems, there can be no assurance that our efforts will prevent security breaches, service interruptions, or data losses. Any security breaches, service interruptions, or data losses could adversely affect our business operations and/or result in the loss of critical or sensitive confidential information or intellectual property, and could result in financial, legal, business, and reputational harm to us or allow third parties to gain material, inside information that they may use to trade in our securities.

Our business could be adversely affected by widespread public health epidemics, such as COVID-19, or other catastrophic events beyond our control.

In addition to our reliance on our own employees and facilities, we depend on our collaborators, laboratories and other facilities for the continued operation of our business. Despite any precautions we take, public health epidemics, such as COVID-19, or other catastrophic events, such as natural disasters, terrorist attack, hurricanes, fire, floods and ice and snowstorms, may result in interruptions in our business.

In response to the COVID-19 pandemic, we have suspended all non-essential travel for our employees, are canceling or postponing in-person attendance at industry events and limiting in-person work-related meetings. Currently, as a result of the work and travel restrictions related to the ongoing pandemic, several of our business activities are being conducted remotely which might be less effective than in-person meetings or in-office work. Despite these precautions, the necessary work within our laboratory and of our collaborators has continued without significant interruption. Although we continue to monitor the situation and may adjust our current policies as more information and guidance become available, temporarily suspending travel and limitations on doing business in-person has and could continue to negatively impact our business development efforts and create operational or other challenges, any of which could harm our business, financial condition and results of operations.

In addition, the COVID-19 pandemic could disrupt our operations due to absenteeism by infected or ill members of management or other employees because of our limited staffing. COVID-19 related illness could also impact members of our Board of Directors resulting in absenteeism from meetings of the directors or committees of directors, and making it more difficult to convene the quorums of the full Board of Directors or its committees needed to conduct meetings for the management of our affairs.

Risks Related to Development and Commercialization of Product Candidates and Dependence on Third Parties

Our products are still being developed and are unproven. These products may not be successful.

To become profitable, we must generate revenue through sales of our products. However, our products are in varying stages of development and testing. Our products have not been proven in human clinical trials and have not been approved by any government agency for sale. If we cannot successfully develop and prove our products and processes, or if we do not develop other sources of revenue, we will not become profitable and at some point, we would discontinue operations.

We depend upon key personnel who may terminate their employment with us at any time. If we were to lose the services of any of these individuals, our business and operations may be adversely affected.

The success of our business strategy will depend to a significant degree upon the continued services of key management, technical and scientific personnel and our ability to attract and retain additional qualified personnel and managers. Competition for qualified personnel is intense among companies, academic institutions and other organizations. The ability to attract and retain personnel is adversely affected by our financial challenges. If we are unable to attract and retain key personnel and advisors, it may negatively affect our ability to successfully develop, test, commercialize and market our products and product candidates.

Regulatory and legal uncertainties could result in significant costs or otherwise harm our business.

To manufacture and sell our products, we must comply with extensive domestic and international regulation. In order to sell our products in the United States, approval from the U.S. Food and Drug Administration (the “FDA”) is required. Satisfaction of regulatory requirements, including FDA requirements, typically takes many years, and if approval is obtained at all, it is dependent upon the type, complexity and novelty of the product, and requires the expenditure of substantial resources. We cannot predict whether our products will be approved by the FDA. Even if they are approved, we cannot predict the time frame for approval. Foreign regulatory requirements differ from jurisdiction to jurisdiction and may, in some cases, be more stringent or difficult to meet than FDA requirements. As with the FDA, we cannot predict if or when we may obtain these regulatory approvals. If we cannot demonstrate that our products can be used safely and successfully in a broad segment of the patient population on a long-term basis, our products would likely be denied approval by the FDA and the regulatory agencies of foreign governments.

We face intense competition and rapid technological change that could result in products that are superior to the products we will be commercializing or developing.

The market for vaccines that protect against or treat human infectious diseases is intensely competitive and is subject to rapid and significant technological change. We have numerous competitors in the United States and abroad, including, among others, large companies with substantially greater resources than us. If any of our competitors develop products with efficacy or safety profiles significantly better than our products, we may not be able to commercialize our products, and sales of any of our commercialized products could be harmed. Some of our competitors and potential competitors have substantially greater product development capabilities and financial, scientific, marketing and human resources than we do. Competitors may develop products earlier, obtain FDA approvals for products more rapidly, or develop products that are more effective than those under development by us. We will seek to expand our technological capabilities to remain competitive; however, research and development by others may render our technologies or products obsolete or noncompetitive, or result in treatments or cures superior to ours.

Our product candidates are based on new medical technology and, consequently, are inherently risky. Concerns about the safety and efficacy of our products could limit our future success.

We are subject to the risks of failure inherent in the development of product candidates based on new medical technologies. These risks include the possibility that the products we create will not be effective, that our product candidates will be unsafe or otherwise fail to receive the necessary regulatory approvals, and that our product candidates will be hard to manufacture on a large scale or will be uneconomical to market.

Many pharmaceutical products cause multiple potential complications and side effects, not all of which can be predicted with accuracy and many of which may vary from patient to patient. Long term follow-up data may reveal previously unidentified complications associated with our products. The responses of potential physicians and others to information about complications could materially adversely affect the market acceptance of our products, which in turn would materially harm our business.

We may experience delays in our clinical trials that could adversely affect our financial results and our commercial prospects.

We do not know whether planned pre-clinical and clinical trials will begin on time or whether we will complete any of our trials on schedule, if at all. Product development costs will increase if we have delays in testing or approvals or if we need to perform more or larger clinical trials than planned. Significant delays may adversely affect our financial results and the commercial prospects for our products and delay our ability to become profitable.

We rely heavily on the HVTN, independent clinical investigators, vaccine manufacturers, and other third-party service providers for successful execution of our clinical trials, but do not control many aspects of their activities. We are responsible for ensuring that each of our clinical trials is conducted in accordance with the general investigational plan and protocols for the trial. Moreover, the FDA requires us to comply with standards, commonly referred to as Good Clinical Practices, for conducting, recording, and reporting the results of clinical trials to assure that data and reported results are credible and accurate and that the rights, integrity and confidentiality of trial participants are protected. Our reliance on third parties that we do not control does not relieve us of these responsibilities and requirements. Third parties may not complete activities on schedule or may not conduct our clinical trials in accordance with regulatory requirements or our stated protocols. The failure of these third parties to carry out their obligations could delay or prevent the development, approval and commercialization of our product candidates. There is also a risk of changes in clinical trial strategy and timelines due to the HVTN and NIAID altering their trial strategy.

Failure to obtain timely regulatory approvals required to exploit the commercial potential of our products could increase our future development costs or impair our future sales.

None of our vaccines are approved by the FDA for sale in the United States or by other regulatory authorities for sale in foreign countries. To exploit the commercial potential of our technologies, we are conducting and planning to conduct additional pre-clinical studies and clinical trials. This process is expensive and can require a significant amount of time. Failure can occur at any stage of testing, even if the results are favorable. Failure to adequately demonstrate safety and efficacy in clinical trials could delay or preclude regulatory approval and restrict our ability to commercialize our technology or products. Any such failure may severely harm our business. In addition, any approvals we obtain may not cover all of the clinical indications for which approval is sought or may contain significant limitations in the form of narrow indications, warnings, precautions or contraindications with respect to conditions of use, or in the form of onerous risk management plans, restrictions on distribution, or post-approval study requirements.

State pharmaceutical marketing compliance and reporting requirements may expose us to regulatory and legal action by state governments or other government authorities.

Several states have enacted legislation requiring pharmaceutical companies to establish marketing compliance programs and file periodic reports on sales, marketing, pricing and other activities. Similar legislation is being considered in other states. Many of these requirements are new and uncertain, and available guidance is limited. Unless we are in full compliance with these laws, we could face enforcement action, fines, and other penalties and could receive adverse publicity, all of which could harm our business.

Changes in healthcare law and implementing regulations, as well as changes in healthcare policy, may impact our business in ways that we cannot currently predict, and may have a significant adverse effect on our business and results of operations.

In the United States and foreign jurisdictions, there have been, and continue to be, several legislative and regulatory changes and proposed changes regarding the healthcare system that could prevent or delay marketing approval of product candidates, restrict or regulate post-approval activities, and affect our ability to profitably sell any product candidates for which we obtain marketing approval. Among policy makers and payors in the United States and elsewhere, including in the European Union, there is significant interest in promoting changes in healthcare systems with the stated goals of containing healthcare costs, improving quality and/or expanding access. In the United States, the pharmaceutical industry has been a particular focus of these efforts and has been significantly affected by major legislative initiatives.

The Patient Protection and Affordable Care Act, as amended by the Health Care and Education Reconciliation Act of 2010 (collectively, the “Affordable Care Act”), substantially changed the way healthcare is financed by both the government and private insurers, and significantly impacts the U.S. pharmaceutical industry. The Affordable Care Act includes a number of provisions that are intended to lower healthcare costs, including provisions relating to prescription drug prices and government spending on medical products.

Since its enactment, there have also been judicial and Congressional challenges to certain aspects of the Affordable Care Act, as well as efforts by the Trump administration to repeal or replace certain aspects of the statute. We continue to evaluate the effect that the Affordable Care Act and subsequent changes to the statute has on our business. It is uncertain the extent to which any such changes may impact our business or financial condition.

There has also been heightened governmental scrutiny recently over the manner in which drug manufacturers set prices for their marketed products. There have been several Congressional inquiries and proposed bills, as well as state efforts, designed to, among other things, bring more transparency to product pricing, review the relationship between pricing and manufacturer patient programs, and reform government program reimbursement methodologies for drug products. In June 2017, the FDA issued a Drug Competition Action plan intended to lower prescription drug prices by encouraging competition from generic versions of existing products. In July 2018, the FDA issued a Biosimilar Action Plan, intended to similarly promote competition to prescription biologics from biosimilars.

Individual states in the United States have also become increasingly aggressive in passing legislation and implementing regulations designed to control pharmaceutical and biological product pricing, including price or patient reimbursement constraints, discounts, restrictions on certain product access and marketing cost disclosure and transparency measures. For example, in September 2017, the California State Assembly approved SB17, which requires pharmaceutical companies to notify health insurers and government health plans at least 60 days before any scheduled increases in the prices of their products if they exceed 16% over a two-year period, and further requiring pharmaceutical companies to explain the reasons for such increase. Effective in 2016, Vermont passed a law requiring certain manufacturers identified by the state to justify their price increases.

We expect that these, and other healthcare reform measures that may be adopted in the future, may result in more rigorous coverage criteria and lower reimbursement, and in downward pressure on the price that we receive for any approved product. Any reduction in reimbursement from Medicare or other government-funded programs may result in a similar reduction in payments from private payors. The implementation of cost containment measures or other healthcare reforms may prevent us from being able to generate revenue, attain profitability or commercialize our drugs, once marketing approval is obtained.

We may not be successful in establishing collaborations for product candidates we seek to commercialize, which could adversely affect our ability to discover, develop, and commercialize products.

We expect to seek collaborations for the development and commercialization of product candidates in the future. The timing and terms of any collaboration will depend on the evaluation by prospective collaborators of the clinical trial results and other aspects of a product’s safety and efficacy profile. If we are unable to reach agreements with suitable collaborators for any product candidate, we will be forced to fund the entire development and commercialization of such product candidates, ourselves, and we may not have the resources to do so. If resource constraints require us to enter into a collaboration agreement early in the development of a product candidate, we may be forced to accept a more limited share of any revenues the product may eventually generate. We face significant competition in seeking appropriate collaborators. Moreover, these collaboration arrangements are complex and time-consuming to negotiate and document. We may not be successful in our efforts to establish collaborations or other alternative arrangements for any product candidate. Even if we are successful in establishing collaborations, we may not be able to ensure fulfillment by collaborators of their obligations or our expectations.

We do not have manufacturing, sales, or marketing experience.

We do not have experience in manufacturing, selling, or marketing. To obtain the expertise necessary to successfully manufacture, market, and sell our products, we must develop our own commercial infrastructure and/or collaborative commercial arrangements and partnerships. Our ability to execute our current operating plan is dependent on numerous factors, including, the performance of third-party collaborators with whom we may contract.

Our products under development may not gain market acceptance.

Our products may not gain market acceptance among physicians, patients, healthcare payers and the medical community. Significant factors in determining whether we will be able to compete successfully include:

	•	the efficacy and safety of our products;
	•	the time and scope of regulatory approval;
	•	reimbursement coverage from insurance companies and others;
	•	the price and cost-effectiveness of our products, especially as compared to any competitive products; and
	•	the ability to maintain patent protection.

We may be required to defend lawsuits or pay damages for product liability claims.

Product liability is a major risk in testing and marketing biotechnology and pharmaceutical products. We may face substantial product liability exposure in human clinical trials and for products that we sell after regulatory approval. We carry product liability insurance and we expect to continue such policies. However, product liability claims, regardless of their merits, could exceed policy limits, divert management’s attention, and adversely affect our reputation and demand for our products.

Reimbursement decisions by third-party payors may have an adverse effect on pricing and market acceptance. If there is not sufficient reimbursement for our products, it is less likely that they will be widely used.

Market acceptance of products we develop, if approved, will depend on reimbursement policies and may be affected by, among other things, future healthcare reform measures. Government authorities and third-party payors, such as private health insurers and health maintenance organizations, decide which drugs they will cover and establish payment levels. We cannot be certain that reimbursement will be available for any products that we may develop. Also, we cannot be certain that reimbursement policies will not reduce the demand for, or the price paid for our products. If reimbursement is not available or is available on a limited basis, we may not be able to successfully commercialize products that we develop.

Risks Related to Our Intellectual Property

We could lose our license rights to our important intellectual property if we do not fulfill our contractual obligations to our licensors.

Our rights to significant parts of the technology we use in our products are licensed from third parties and are subject to termination if we do not fulfill our contractual obligations to our licensors. Termination of intellectual property rights under any of our license agreements could adversely impact our ability to produce or protect our products. Our obligations under our license agreements include requirements that we make milestone payments to our licensors upon the achievement of clinical development and regulatory approval milestones, royalties as we sell commercial products, and reimbursement of patent filing and maintenance expenses. Should we become bankrupt or otherwise unable to fulfill our contractual obligations, our licensors could terminate our rights to critical technology that we rely upon.

If we are unable to finalize our license agreements with the NIH, we may not be able to continue our work.

We have secured a non-exclusive commercial license to the NIH MVA backbone for our SARS CoV-2 vaccine with the NIAID of the NIH on behalf of the United States, which includes the use of certain patents and patent applications arising from the Moss laboratory and the provided materials. We have also agreed on material terms for a non-exclusive research and development license to use the MVA backbone for our other vaccine candidates, which has been approved by the appropriate committees within the NIH and is awaiting final signature. If we later decide to commercialize vaccine candidates that are under the research and development license, we will need to negotiate appropriate commercialization licenses. If we are unable to finalize these agreements on the agreed-upon terms, we may have to accept less favorable terms, and it is possible that we will be unable to agree. In that case, we may not be able to continue our work.

Other parties may claim that we infringe their intellectual property or proprietary rights, which could cause us to incur significant expenses or prevent us from selling products.

Our success will depend in part on our ability to operate without infringing the patents and proprietary rights of third parties. The manufacture, use and sale of new products have been subject to substantial patent rights litigation in the pharmaceutical industry. These lawsuits generally relate to the validity and infringement of patents or proprietary rights of third parties. Infringement litigation is prevalent with respect to generic versions of products for which the patent covering the brand name product is expiring, particularly since many companies that market generic products focus their development efforts on products with expiring patents. Pharmaceutical companies, biotechnology companies, universities, research institutions or other third parties may have filed patent applications or may have been granted patents that cover aspects of our products or our licensors’ products, product candidates or other technologies.

Future or existing patents issued to third parties may contain patent claims that conflict with those of our products. We expect to be subject to infringement claims from time to time in the ordinary course of business, and third parties could assert infringement claims against us in the future with respect to our current products or with respect to products that we may develop or license. Litigation or interference proceedings could force us to:

	•	stop or delay selling, manufacturing or using products that incorporate, or are made using the challenged intellectual property;
	•	pay damages; or
	•	enter into licensing or royalty agreements that may not be available on acceptable terms, if at all.

Any litigation or interference proceedings, regardless of their outcome, would likely delay the regulatory approval process, be costly and require significant time and attention of our key management and technical personnel.

Any inability to protect intellectual property rights in the United States and foreign countries could limit our ability to manufacture or sell products.

We will rely on trade secrets, unpatented proprietary know-how, continuing technological innovation and, in some cases, patent protection to preserve our competitive position. Our patents and licensed patent rights may be challenged, invalidated, infringed or circumvented, and the rights granted in those patents may not provide proprietary protection or competitive advantages to us. We and our licensors may not be able to develop patentable products with acceptable patent protection. Even if patent claims are allowed, the claims may not issue, or in the event of issuance, may not be sufficient to protect the technology owned by or licensed to us. If patents containing competitive or conflicting claims are issued to third parties, we may be prevented from commercializing the products covered by such patents or may be required to obtain or develop alternate technology. In addition, other parties may duplicate, design around or independently develop similar or alternative technologies.

We may not be able to prevent third parties from infringing or using our intellectual property, and the parties from whom we may license intellectual property may not be able to prevent third parties from infringing or using the licensed intellectual property. We generally attempt to control and limit access to, and the distribution of, our product documentation and other proprietary information. Despite efforts to protect this proprietary information, unauthorized parties may obtain and use information that we may regard as proprietary. Other parties may independently develop similar know-how or may even obtain access to these technologies.

The laws of some foreign countries do not protect proprietary information to the same extent as the laws of the United States, and many companies have encountered significant problems and costs in protecting their proprietary information in these foreign countries.

Neither the U.S. Patent and Trademark Office nor the courts have established a consistent policy regarding the breadth of claims allowed in pharmaceutical patents. The allowance of broader claims may increase the incidence and cost of patent interference proceedings and the risk of infringement litigation. On the other hand, the allowance of narrower claims may limit the value of our proprietary rights.

Risks Related to Our Common Stock

Upon exercise of our outstanding warrants we will be obligated to issue a substantial number of additional shares of common stock which will dilute our present shareholders.

We are obligated to issue additional shares of our common stock in connection with our outstanding warrants. Currently outstanding warrants are exercisable for 3,600,337 shares. The exercise of these warrants will cause us to issue additional shares of our common stock and will dilute the percentage ownership of our shareholders.

The market price of our common stock is highly volatile.

The market price of our common stock has been, and is expected to continue to be, highly volatile. Certain factors, including announcements of new developments by us or other companies, regulatory matters, new or existing medicines or procedures, concerns about our financial position, operating results, litigation, government regulation, developments or disputes relating to agreements, patents or proprietary rights, may have a significant impact on the market price of our stock. In addition, potential dilutive effects of future sales of shares of common stock by us, and subsequent sales of common stock by the holders of our Convertible Debentures and other options and warrants, including the June 2020 Warrants, could have an adverse effect on the market price of our shares.

In addition, the securities markets from time to time experience significant price and volume fluctuations that are unrelated to the operating performance of particular companies. These market fluctuations may also materially and adversely affect the market price of our common stock.

Our common stock does not have a vigorous trading market and investors may not be able to sell their securities when desired.

We have a limited active public market for our common stock. A more active public market, allowing investors to buy and sell large quantities of our common stock, may never develop even though our shares are now listed on Nasdaq. Consequently, investors may not be able to liquidate their investments in the event of an emergency or for any other reason.

We will need additional capital, and the sale of additional shares or other equity securities could result in additional dilution to our stockholders.

In order to meet our operating cash flow needs, we may plan additional offerings of our equity securities, debt, or convertible debt instruments. The sale of additional equity securities could result in significant additional dilution to our stockholders. Certain securities, such as our outstanding warrants, and subsequent issuances, contain or may contain anti-dilution provisions which could result in the issuance of additional shares at lower prices if we sell other shares below specified prices. The incurrence of indebtedness could result in debt service obligations and operating and financing covenants that would restrict our operations. We cannot assure investors that financing will be available in amounts or on terms acceptable to us, if at all.

We have never paid dividends and have no plans to do so.

Holders of shares of our common stock are entitled to receive such dividends as may be declared by our Board of Directors. To date, we have paid no cash dividends on our shares of common stock and we do not expect to pay cash dividends on our common stock in the foreseeable future. We intend to retain future earnings, if any, to provide funds for operations of our business. Therefore, any potential return investors may have in our common stock will be in the form of appreciation, if any, in the market value of their shares of common stock.

If we fail to maintain an effective system of internal controls, we may not be able to accurately report our financial results or prevent fraud.

We are subject to reporting obligations under the United States securities laws. The SEC, as required by the Sarbanes-Oxley Act of 2002, adopted rules requiring every public company to include a management report on such company’s internal controls over financial reporting in its annual report. Effective internal controls are necessary for us to produce reliable financial reports and are important to help prevent fraud. As a result, our failure to achieve and maintain effective internal controls over financial reporting could result in the loss of investor confidence in the reliability of our financial statements, which in turn could negatively impact the trading price of our stock.

Public company compliance may make it more difficult for us to attract and retain officers and directors.

The Sarbanes-Oxley Act, the Dodd-Frank Act, the JOBS Act, the FAST Act, and rules subsequently implemented by the SEC have required changes in corporate governance practices of public companies. As a public company, we expect these rules and regulations, and amendments to them, to contribute to our compliance costs and to make certain activities more time consuming and costly. As a public company, we also expect that these rules and regulations may make it difficult and expensive for us to obtain director and officer liability insurance and we may be required to accept reduced policy limits and coverage or incur substantially higher costs to obtain the same or similar coverage. As a result, it may be difficult for us to attract and retain qualified persons to serve on our board of directors or as executive officers.

Our Certificate of Incorporation and Bylaws may be amended by the affirmative vote of a majority of our stockholders.

Under the Delaware General Corporation Law, a corporation’s certificate of incorporation may be amended by the affirmative vote of the holders of a majority of the outstanding shares entitled to vote, and a majority of the outstanding shares of each class entitled to vote as a class, unless the articles require the vote of a larger percentage of shares. Our Certificate of Incorporation, as amended, does not require the vote of a larger percentage of shares. As permitted under the Delaware General Corporation Law, our Bylaws give our board of directors the power to adopt, amend, or repeal our Bylaws. Our stockholders entitled to vote have concurrent power to adopt, amend, or repeal our Bylaws.

Broker-dealers may be discouraged from effecting transactions in shares of our common stock if we are considered to be a penny stock and thus subject to the penny stock rules.

The SEC has adopted a number of rules to regulate “penny stocks” that restrict transactions involving stock which is deemed to be penny stock. Such rules include Rules 3a51-1, 15g-1, 15g-2, 15g-3, 15g-4, 15g-5, 15g-6, 15g-7, and 15g-9 under the Exchange Act. These rules may have the effect of reducing the liquidity of penny stocks. “Penny stocks” generally are equity securities with a price of less than $5.00 per share (other than securities registered on certain national securities exchanges or quoted on Nasdaq if current price and volume information with respect to transactions in such securities is provided by the exchange or system). Our securities have in the past constituted, and may again in the future, if we are delisted from Nasdaq, constitute, “penny stock” within the meaning of the rules. The additional sales practice and disclosure requirements imposed upon U.S. broker-dealers may discourage broker-dealers from effecting transactions in shares of our common stock, which could severely limit the market liquidity of such shares and impede their sale in the secondary market.

A U.S. broker-dealer selling penny stock to anyone other than an established customer or “accredited investor” (generally, an individual with net worth in excess of $1,000,000 (exclusive of personal residence) or an annual income exceeding $200,000, or $300,000 together with his or her spouse) must make a special suitability determination for the purchaser and must receive the purchaser’s written consent to the transaction prior to sale, unless the broker-dealer or the transaction is otherwise exempt. In addition, the “penny stock” regulations require the U.S. broker-dealer to deliver, prior to any transaction involving a “penny stock”, a disclosure schedule prepared in accordance with SEC standards relating to the “penny stock” market, unless the broker-dealer or the transaction is otherwise exempt. A U.S. broker-dealer is also required to disclose commissions payable to the U.S. broker-dealer and the registered representative and current quotations for the securities. Finally, a U.S. broker-dealer is required to submit monthly statements disclosing recent price information with respect to the “penny stock” held in a customer’s account and information with respect to the limited market in “penny stocks”.

Stockholders should be aware that, according to the SEC, the market for “penny stocks” has suffered in recent years from patterns of fraud and abuse. Such patterns include (i) control of the market for the security by one or a few broker-dealers that are often related to the promoter or issuer; (ii) manipulation of prices through prearranged matching of purchases and sales and false and misleading press releases; (iii) “boiler room” practices involving high-pressure sales tactics and unrealistic price projections by inexperienced sales persons; (iv) excessive and undisclosed bid-ask differentials and markups by selling broker-dealers; and (v) the wholesale dumping of the same securities by promoters and broker-dealers after prices have been manipulated to a desired level, resulting in investor losses. Our management is aware of the abuses that have occurred historically in the penny stock market. Although we do not expect to be in a position to dictate the behavior of the market or of broker-dealers who participate in the market, management will strive within the confines of practical limitations to prevent the described patterns from being established with respect to our securities.

Item 2

Unregistered Sales of Equity Securities and Use of Proceeds

None.

Item 3

Defaults Upon Senior Securities

None.

Item 4

Mine Safety Disclosures

Not applicable.

Item 5

Other Information

During the period covered by this report, there was no information required to be disclosed by us in a Current Report on Form 8-K that was not so reported, nor were there any material changes to the procedures by which our security holders may recommend nominees to our board of directors.

Item 6

Exhibits

Exhibit

Number

Description

1.1

Underwriting Agreement dated September 24, 2020 between the Company and Maxim Group LLC, as representative of the underwriters (7)

3.1	Certificate of Amendment to the Certificate of Incorporation of GeoVax Labs, Inc. filed January 21, 2020 (1)

3.2	Certificate of Amendment to the Certificate of Incorporation of GeoVax Labs, Inc. filed September 24, 2020 (7)

4.1	Form of Stock Certificate representing the Company’s Common Stock, par value $0.001 per share (1)

4.1.2

Form of Stock Certificate representing the Company’s Common Stock par value $0.001 per share after the reverse stock split effected September 25, 2020 (9)

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

4.3	Form of Common Stock Purchase Warrant (11)

4.3.1

Form of Pre-Funded Warrant (7)

4.3.2

Form of Pre-Funded Warrant issued to holders of Convertible Debentures (8)

4.3.3

Form of Warrant issued to holders of Convertible Debentures (8)

4.3.4

Form of Representative’s Warrant Agreement (10)

4.3.5

Form of Warrant issued to Management Creditors (10)

4.4	Warrant Agent Agreement dated September 29, 2020 between the Company and American Stock Transfer & Trust Company, LLC (8)

4.5	Form of Subscription Agreement executed by Management Creditors (10)

10.1	Office and Laboratory Lease between UCB, Inc. and GeoVax, Inc. (3)

10.2	Form of Securities Purchase Agreement dated January 24, 2020 (2)

10.3	Form of Note dated April 17, 2020 (4)

10.4	2020 Stock Incentive Plan (5)

10.5	Securities Purchase Agreement dated June 26, 2020 (6)

10.6	Form of 5% Original Issue Discount Senior Secured Convertible Debenture dated June 26, 2020 (6)

10.7	Form of Common Stock Purchase Warrant dated June 26, 2020 (6)

10.8	Form of Security Agreement dated June 26, 2020 (6)

10.9	Form of Subsidiary Guarantee dated June 26, 2020 (6)

10.10

Agreement Regarding Outstanding Convertible Preferred Stock and Warrants dated June 26, 2020 (6)

10.11

Patent and Biological Materials License Agreement with the National Institute of Allergy and Infectious Diseases, dated October 22, 2020 (12)

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 January 21, 2020.

(2)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed January 24, 2020.

(3)	Incorporated by reference from the registrant’s Annual Report on Form 10-K filed March 24, 2020.

(4)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed April 20, 2020.

(5)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed June 25, 2020.

(6)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed June 26, 2020.

(7)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed September 25, 2020.

(8)	Incorporated by reference from the registrant’s Current Report on Form 8-K filed September 29, 2020.

(9)	Incorporated by reference from the Amendment No. 2 to registrant’s Registration Statement on Form S-1 (File No. 333-239958) filed August 26, 2020

(10)	Incorporated by reference from the Amendment No. 3 to registrant’s Registration Statement on Form S-1 (File No. 333-239958) filed September 8, 2020

(11)	Incorporated by reference from the Amendment No. 4 to registrant’s Registration Statement on Form S-1 (File No. 333-239958) filed September 23, 2020

(12)

Incorporated by reference from the registrant’s Current Report on Form 8-K filed October 26, 2020. Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted as the Company has determined (i) the omitted information is not material and (ii) the omitted information would likely cause competitive harm to the Company if publicly disclosed.

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: November 5, 2020	By:	/s/ Mark W. Reynolds
		Mark W. Reynolds
		Chief Financial Officer
		(duly authorized officer and principal financial officer)

EX-31.1 2 ex_210637.htm EXHIBIT 31.1 ex_210637.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:

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;

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;

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

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: November 5, 2020	/s/ David A. Dodd
	David A. Dodd
	President & Chief Executive Officer

EX-31.2 3 ex_210638.htm EXHIBIT 31.2 ex_210638.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)

(3)

(4)

(5)

	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: November 5, 2020	/s/ Mark W. Reynolds
	Mark W. Reynolds
	Chief Financial Officer

EX-32.1 4 ex_210639.htm EXHIBIT 32.1 ex_210639.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 September 30, 2020, 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: November 5, 2020	/s/ David A. Dodd
	David A. Dodd
	President & Chief Executive Officer

EX-32.2 5 ex_210640.htm EXHIBIT 32.2 ex_210640.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 September 30, 2020, 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: November 5, 2020	/s/ Mark W. Reynolds
	Mark W. Reynolds
	Chief Financial Officer

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font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 48.9%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series B Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series H Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,156,338</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series I Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">700</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">700,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,486</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,932,433</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div> 300001 300001 300001 7147 29755 250000 36902 36902 300 1499700 1500000 6000 24000 250000 37 -37 417121 300001

161478

152653

579585

1851040

551762

1732702

654295

651312

55203149

39340509

26652

26664

26348

457833

412927

662299

119139

124184

124185

204553

78754

273

272

8400

11755897

468880

11734794

447264

11580594

283341

259701

11580594

569359

11297253

309658

0.01

5.50

0.01

5.5

4.53

120000

128000

300001

2560000

250000

128000

62626

120000

376042

3163669

128000

3850337

250000

0.001

600000000

3559473

14992

3559473

14992

3559

1686

700

300

469696

204371

42723

716790

2378

303667

177626

126042

177626

250

126042

303667

303668

126042

1200000

250000

1200000

0.05

9578.16

P1Y

769334

645150

11010

2983

5693

-0.73

-1282.28

-2.85

-14016.03

435013

291475

1364650

1214189

141154

68603

252036

431170

-82274

83637

72551

-18329

134427

1054

142722

3275

411

1344

547

1753

429

774

133148

138851

2560

902

4665

41539

124617

40316

120949

171213

176356

41539

942153

2043436

11755897

468880

923647

2016193

3026

12487

2252

13126

18506

27243

12508342

1431667

-2470

-4272

-1208619

-1117737

-1621546

-1780036

-570648

-424434

-595694

-455204

-570648

-701454

-654148

-424434

-134337

1506

-141820

1390

182584

12500

851769

759149

3051763

2688808

-436311

-425940

-1479726

-1781426

27823

118338

161500

2470

4272

0.01

1000

10000000

100

2486

100

2486

100

1686

700

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">10.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Stockholders' Equity</div></div> </td> </tr> </table> <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;">Convertible </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;"> </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: inherit;">10,000,000</div> shares of our Preferred Stock, <div style="display: inline; font-style: italic; font: inherit;">$.01</div> par value, which <div style="display: inline; font-style: italic; font: inherit;"> may </div>be issued in <div style="display: inline; font-style: italic; font: inherit;">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: inherit;"> September 30, 2020 </div>and <div style="display: inline; font-style: italic; font: inherit;"> December 31, 2019. </div>Each series of our outstanding preferred stock has a stated value of <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">$1,000</div></div> per share. Further information concerning each series of preferred stock, and the changes in each series during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September </div><div style="display: inline; font-style: italic; font: inherit;">30,</div> <div style="display: inline; font-style: italic; font: inherit;">2020</div> are discussed below the table.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", 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;">September 30, 2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="6" style="text-align: center; font-family: "Times New Roman", 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, 2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> </tr> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 48.9%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series B Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series H Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,686</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">1,156,338</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series I Convertible Preferred Stock</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">-</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">700</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">700,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">100</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">76,095</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">2,486</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 9%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">1,932,433</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table> </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;">As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">100</div> shares of Series B Convertible Preferred Stock outstanding, convertible into a negligible number of shares of common stock. There were <div style="display: inline; font-style: italic; font: inherit;">no</div> transactions involving our Series B Preferred Stock during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020.</div></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 the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> <div style="display: inline; font-style: italic; font: inherit;">1,686</div> shares of our Series H Convertible Preferred Stock were converted into <div style="display: inline; font-style: italic; font: inherit;">469,696</div> shares of our common stock. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> shares of Series H Preferred Stock outstanding.</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 the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2020,</div> <div style="display: inline; font-style: italic; font: inherit;">700</div> shares of our Series I Convertible Preferred Stock were converted into <div style="display: inline; font-style: italic; font: inherit;">204,371</div> shares of our common stock. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> shares of Series I Preferred Stock outstanding.</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;">On <div style="display: inline; font-style: italic; font: inherit;"> January 24, 2020, </div>we entered into a Securities Purchase Agreement with the purchasers identified therein providing for the issuance and sale to the purchasers of an aggregate of <div style="display: inline; font-style: italic; font: inherit;">300</div> shares of our Series J Convertible Preferred Stock (“Series J Preferred Stock”) for gross proceeds of <div style="display: inline; font-style: italic; font: inherit;">$300,000.</div> Our Series J Preferred Stock has rights and privileges as set forth in the pertinent Certificate of Designation of Preferences, Rights and Limitations, including a liquidation preference equal to the stated value per share. The Series J Preferred Stock has <div style="display: inline; font-style: italic; font: inherit;">no</div> voting rights and is <div style="display: inline; font-style: italic; font: inherit;">not</div> entitled to a dividend. During <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div><div style="display: inline; font-style: italic; font: inherit;">300</div> shares of Series J Preferred Stock were converted into <div style="display: inline; font-style: italic; font: inherit;">42,723</div> shares of our common stock. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">no</div> shares of Series J Preferred Stock outstanding.</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;">Common 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;"> </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;">Reverse Stock Split</div><div style="display: inline; font-style: italic;">s</div><div style="display: inline; font-style: italic;"> –</div> On <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2019, </div>we enacted a <div style="display: inline; font-style: italic; font: inherit;">1</div>-for-<div style="display: inline; font-style: italic; font: inherit;">500</div> reverse stock split of our common stock, on <div style="display: inline; font-style: italic; font: inherit;"> January 21, 2020, </div>we effected a <div style="display: inline; font-style: italic; font: inherit;">1</div>-for-<div style="display: inline; font-style: italic; font: inherit;">2000</div> reverse split of our common stock and on <div style="display: inline; font-style: italic; font: inherit;"> September 25, 2020, </div>we effected a <div style="display: inline; font-style: italic; font: inherit;">1</div>-for-<div style="display: inline; font-style: italic; font: inherit;">20</div> reverse split of our common stock.</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;">Conversions of Preferred Stock</div> – As discussed under “Preferred Stock” above, during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>we issued <div style="display: inline; font-style: italic; font: inherit;">716,790</div> shares of our common stock pursuant to conversions of our Series H, Series I, and Series J Preferred Stock.</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;">Public Offering – </div>On <div style="display: inline; font-style: italic; font: inherit;"> September 24, 2020, </div>we entered into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC, as representative of the underwriters (the “Representative”), for an underwritten public offering (the “Offering”) of an aggregate of <div style="display: inline; font-style: italic; font: inherit;">2,560,000</div> units of our equity securities (the “Units”). The Offering closed on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2020, </div>with gross proceeds to us of approximately <div style="display: inline; font-style: italic; font: inherit;">$12.8</div> million; net proceeds after deducting underwriting discounts and commissions and other offering expenses were approximately <div style="display: inline; font-style: italic; font: inherit;">$11.2</div> million.</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;">Of the <div style="display: inline; font-style: italic; font: inherit;">2,560,000</div> Units sold in the Offering: (a) <div style="display: inline; font-style: italic; font: inherit;">2,310,000</div> Units consist of <div style="display: inline; font-style: italic; font: inherit;">one</div> share of our common stock, and <div style="display: inline; font-style: italic; font: inherit;">a </div>Warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock (each, a “Unit Warrant”); and (b) <div style="display: inline; font-style: italic; font: inherit;">250,000</div> Units consisting of <div style="display: inline; font-style: italic; font: inherit;">a</div> Pre-Funded Warrant to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock and <div style="display: inline; font-style: italic; font: inherit;">a</div> Unit Warrant. The Pre-Funded Warrants provide the holder the right to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$0.01</div> per share, are immediately exercisable and will <div style="display: inline; font-style: italic; font: inherit;">not</div> expire until exercised in full. The Unit Warrants provide the holder the right to purchase <div style="display: inline; font-style: italic; font: inherit;">one</div> share of common stock, are immediately exercisable at an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.00</div> per share and expire <div style="display: inline; font-style: italic; font: inherit;">five</div> years after the issuance date. The public offering price was <div style="display: inline; font-style: italic; font: inherit;">$5.00</div> per Unit (<div style="display: inline; font-style: italic; font: inherit;">$4.99</div> for each Unit including a Pre-Funded Warrant). We granted the Representative a <div style="display: inline; font-style: italic; font: inherit;">45</div>-day option to purchase up to <div style="display: inline; font-style: italic; font: inherit;">384,000</div> Units to cover over-allotments, if any.</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;">Pursuant to the Underwriting Agreement, we issued to the Representative, as a portion of the underwriting compensation, warrants to purchase up to a total of <div style="display: inline; font-style: italic; font: inherit;">128,000</div> shares of common stock (the “Representative Warrants”). The Representative Warrants have an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.50</div> per share, are initially exercisable <div style="display: inline; font-style: italic; font: inherit;">180</div> days after the effective date of the Offering and have a term of <div style="display: inline; font-style: italic; font: inherit;">three</div> years from their initial exercise date.</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;">Conversion of Deferred Compensation to Equity </div><div style="display: inline; font-style: italic;">– </div>During <div style="display: inline; font-style: italic; font: inherit;">2016</div> and <div style="display: inline; font-style: italic; font: inherit;">2017,</div> to help conserve the Company's cash resources, each of our executive officers and non-employee directors agreed to defer receipt of all or a portion (at varying levels) of their respective cash compensation. On <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2020, </div>upon our consummation of the Offering, <div style="display: inline; font-style: italic; font: inherit;">$1,500,000</div> of the accumulated deferrals were converted at the <div style="display: inline; font-style: italic; font: inherit;">$5.00</div> offering price, resulting in the issuance of <div style="display: inline; font-style: italic; font: inherit;">300,001</div> units substantially similar to the units sold in the public offering, with each unit consisting of <div style="display: inline; font-style: italic; font: inherit;">one</div> share of our common stock and <div style="display: inline; font-style: italic; font: inherit;">one</div> warrant substantially similar to a Unit Warrant (a “Management Warrant”).</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;">Conversion of Convertible Debentures</div><div style="display: inline; font-style: italic;"> to Equity</div> – As discussed in Note <div style="display: inline; font-style: italic; font: inherit;">8,</div> upon our consummation of the Offering, we issued an aggregate of <div style="display: inline; font-style: italic; font: inherit;">177,625</div> shares of our common stock, <div style="display: inline; font-style: italic; font: inherit;">126,042</div> Pre-Funded Warrants and <div style="display: inline; font-style: italic; font: inherit;">303,667</div> Conversion Warrants upon the mandatory conversion of <div style="display: inline; font-style: italic; font: inherit;">$1,214,667</div> of Convertible Debentures and accrued interest.</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;">Other Common Stock Transactions</div><div style="display: inline; font-style: italic;"> –</div> During the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>we issued an aggregate of <div style="display: inline; font-style: italic; font: inherit;">3,162</div> shares of our common stock pursuant to a consulting agreement. See “Stock-Based Compensation Expense” below.</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 Options</div></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;">As a result of the reverse stock splits of our common stock all of our outstanding stock options were automatically adjusted such that all of such stock options as of the beginning of <div style="display: inline; font-style: italic; font: inherit;">2020</div> were eliminated. On <div style="display: inline; font-style: italic; font: inherit;"> June 19, 2020, </div>our Board of Directors approved the GeoVax Labs, Inc. <div style="display: inline; font-style: italic; font: inherit;">2020</div> Stock Incentive Plan (the <div style="display: inline; font-style: italic; font: inherit;">“2020</div> Plan”) to replace our prior stock option plan and reserved up to <div style="display: inline; font-style: italic; font: inherit;">250,000</div> shares of our common stock for issuance pursuant to the <div style="display: inline; font-style: italic; font: inherit;">2020</div> Plan. <div style="display: inline; font-style: italic; font: inherit;">No</div> equity awards were made from the <div style="display: inline; font-style: italic; font: inherit;">2020</div> Plan during the <div style="display: inline; font-style: italic; font: inherit;">nine</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020.</div></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 Purchase Warrants</div></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 G Warrants</div> – In <div style="display: inline; font-style: italic; font: inherit;"> August 2020, </div>the holders of the Series G Warrants agreed to their cancellation and there were <div style="display: inline; font-style: italic; font: inherit;">no</div> Series G Warrants outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020.</div></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 H Warrants</div> – During <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div>all outstanding Series H Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of <div style="display: inline; font-style: italic; font: inherit;">7,147</div> shares of our common stock. There were <div style="display: inline; font-style: italic; font: inherit;">no</div> Series H Warrants outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020.</div></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 </div><div style="display: inline; font-style: italic;">I</div><div style="display: inline; font-style: italic;"> Warrants</div> – During <div style="display: inline; font-style: italic; font: inherit;"> July 2020, </div>Series I Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of <div style="display: inline; font-style: italic; font: inherit;">29,755</div> shares of our common stock. As of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020, </div>there were <div style="display: inline; font-style: italic; font: inherit;">62,626</div> Series I Warrants outstanding, with an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$5.00</div> per share, reflective of anti-dilution adjustments resulting from the Offering.</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;"><div style="display: inline; font-style: italic; font: inherit;"> June 2020 </div>Warrants</div> – As discussed in Note <div style="display: inline; font-style: italic; font: inherit;">8,</div> on <div style="display: inline; font-style: italic; font: inherit;"> June 26, 2020, </div>in connection with the issuance of the Convertible Debentures, we issued warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">120,000</div> shares of common stock, with a <div style="display: inline; font-style: italic; font: inherit;">five</div>-year term and an exercise price of <div style="display: inline; font-style: italic; font: inherit;">$10.00.</div> As a result of the Offering, on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2020 </div>the exercise price was reduced to <div style="display: inline; font-style: italic; font: inherit;">$5.00.</div></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;">Warrants Issued </div><div style="display: inline; font-style: italic;">Upon</div><div style="display: inline; font-style: italic;"> Conversion of Convertible Debentures</div> – As discussed in Note <div style="display: inline; font-style: italic; font: inherit;">8,</div> on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2020, </div>upon the conversion of the Convertible Debentures into our equity securities, we issued <div style="display: inline; font-style: italic; font: inherit;">126,042</div> Pre-Funded Warrants and <div style="display: inline; font-style: italic; font: inherit;">303,668</div> Conversion Warrants to purchase our common stock.</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;">Warrants Issued </div><div style="display: inline; font-style: italic;">Upon</div><div style="display: inline; font-style: italic;"> Conversion of Deferred Compensation</div> – As discussed above under “<div style="display: inline; font-style: italic;">Common Stock</div><div style="display: inline; font-style: italic;"> – </div><div style="display: inline; font-style: italic;">Conversion of Deferred Compensation to Equity</div>”, on <div style="display: inline; font-style: italic; font: inherit;"> September </div><div style="display: inline; font-style: italic; font: inherit;">29,</div> <div style="display: inline; font-style: italic; font: inherit;">2020,</div> upon the conversion of amounts owed to current and former executive officers and directors, we issued Management Warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">300,001</div> shares of common stock.</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;">Warrants Issued in Connection with Public Offering</div> – As discussed above under “<div style="display: inline; font-style: italic;">Common Stock – Public Offering</div>”, on <div style="display: inline; font-style: italic; font: inherit;"> September 29, 2020, </div>in connection with the Offering, we issued Unit Warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">2,560,000</div> shares of common stock; Pre-Funded Warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">250,000</div> shares of common stock; and Representative Warrants to purchase <div style="display: inline; font-style: italic; font: inherit;">128,000</div> shares of common stock.</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;">Summary of Warrants Ou</div><div style="display: inline; font-style: italic;">tst</div><div style="display: inline; font-style: italic;">anding</div><div style="display: inline; font-style: italic;"> </div>– The following table presents summary information about our warrants outstanding as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020:</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"> </div> <div> <table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 54.5%; border-bottom: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Warrant Description</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">Number</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">of Shares</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">Exercise</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Price</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 15.5%; border-bottom: 1px solid black;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Expiration</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series I Warrants</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">62,626</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Oct-Dec 2024</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">June 2020 Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Jun 2025</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Pre-Funded Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">376,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">0.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Perpetual</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Unit, Conversion and Management Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,163,669</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Sep 2025</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Representative Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">128,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Mar 2024</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Warrants Outstanding at September 30, 2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">3,850,337</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-Average Exercise Price</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4.53</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> </table> </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;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">There was <div style="display: inline; font-style: italic; font: inherit;">no</div> stock-based compensation expense related to our stock option plan recognized in the consolidated statement of operations for the <div style="display: inline; font-style: italic; font: inherit;">three</div>-month or <div style="display: inline; font-style: italic; font: inherit;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>and there was <div style="display: inline; font-style: italic; font: inherit;"><div style="display: inline; font-style: italic; font: inherit;">no</div></div> unrecognized compensation expense related to stock options as of <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020. </div>During the <div style="display: inline; font-style: italic; font: inherit;">three</div>-month and <div style="display: inline; font-style: italic; font: inherit;">nine</div>-month periods ended <div style="display: inline; font-style: italic; font: inherit;"> September 30, 2020 </div>we recorded stock-based compensation expense of <div style="display: inline; font-style: italic; font: inherit;">$6,000</div> and <div style="display: inline; font-style: italic; font: inherit;">$24,000,</div> respectively, associated with common stock issued for a consulting agreement.</div></div>

76095

1932433

76095

1156338

700000

13046

95320

888500

300000

1440000

300000

11200000

50000

170200

537047

534577

115605

11736

664388

661918

10093

10606

<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: 27pt; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">September 30,</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">2020</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">2019</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 68%;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Laboratory equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">537,047</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">534,577</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Leasehold improvements</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">115,605</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Other furniture, fixtures & equipment</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">11,736</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">11,736</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">664,388</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 13%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">661,918</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Accumulated depreciation and amortization</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(654,295</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">)</td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">(651,312</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", 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: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-bottom: 0pt; margin-top: 0pt;">Property and equipment, net</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,093</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0); margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td> <td style="width: 13%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">10,606</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> </tr> </table></div>

62500

228000

8854

8333

416756

467674

1687113

1474619

-44469059

-42847513

231330

1186844

214765

754022

184127

385193

118444

153360

415458

333209

1572037

907382

<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; font-size: 10pt; font-family: "Times New Roman", Times, serif; text-indent: 0px; min-; min-width: 700px;"> <tr style="vertical-align: bottom;"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; width: 54.5%; border-bottom: 1px solid black;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </div> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Warrant Description</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid black;"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">Number</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">of Shares</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td colspan="2" style="text-align: center; font-family: "Times New Roman", 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;">Exercise</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Price</div> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="text-align: center; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; width: 15.5%; border-bottom: 1px solid black;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;"> </div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;">Expiration</div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Series I Warrants</div> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">62,626</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; border-bottom: 1px none rgb(0, 0, 0); text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; border-bottom: 1px none rgb(0, 0, 0); font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="border-bottom: 1px none rgb(0, 0, 0); text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Oct-Dec 2024</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">June 2020 Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">120,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Jun 2025</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Pre-Funded Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">376,042</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">0.01</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Perpetual</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Unit, Conversion and Management Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">3,163,669</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.00</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Sep 2025</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Representative Warrants</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">128,000</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">5.50</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="text-align: center; font-family: "Times New Roman", 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;"><div style="display: inline; font-style: italic; font: inherit;">Mar 2024</div></div> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Total Warrants Outstanding at September 30, 2020</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; border-bottom: 3px double rgb(0, 0, 0);"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);"><div style="display: inline; font-style: italic; font: inherit;">3,850,337</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> <td> </td> </tr> <tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-Average Exercise Price</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;">$</td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4.53</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);"> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> <div style=" font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years)</div> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="width: 12%; text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"><div style="display: inline; font-style: italic; font: inherit;">4.9</div></td> <td nowrap="nowrap" style="width: 1%; font-family: "Times New Roman", Times, serif; font-size: 10pt; margin-left: 0pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="text-align: right; font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"> </td> <td style="font-family: "Times New Roman", Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic; font: inherit;"> </div></td> </tr> </table></div>

24000

290744

4.99

2486

14992

400

689580

400

691704

100

3559473

3450

3183

3402

3054

2390

177625

-2386

674067

-300

42723

177626

-767

-281

-1048

2369

3162

521

2124

517

300

2560000

2310000

250000

2310000

300

500

700

-1856338

674

1855664

-300000

299957

177

569340

569517

-303475

303475

-172941

172941

-716044

716041

5999

6000

11998

12000

6000

2500

2310

11156186

11158496

300000

404250

85750

490000

438700

61300

500000

700000

10813744

-1574556

1932433

39340509

-42847513

376095

690

41202172

-43443207

-1864250

376095

692

41672003

-43898411

-1849621

76095

3559

55203149

-44469059

1971333

37483204

-40476884

-1022347

2072108

37899081

-41178338

-1207149

2337867

38165986

-41832486

-1328633

2321823

38914375

-42256920

-1020719

500

2000

290500

457834

P5Y

P3Y

P4Y328D

782978

331

569955

127

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Nov. 05, 2020
Document Information [Line Items]
Entity Registrant Name	GeoVax Labs, Inc.
Entity Central Index Key	0000832489
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		3,810,836
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false

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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
ASSETS
Cash and cash equivalents	$ 11,580,594	$ 283,341
Grant funds and other receivables	141,154	68,603
Prepaid expenses and other current assets	13,046	95,320
Total current assets	11,734,794	447,264
Property and equipment, net (Note 5)	10,093	10,606
Deposits	11,010	11,010
Total assets	11,755,897	468,880
Current liabilities:
Accounts payable	161,478	152,653
Accrued expenses (Note 6)	579,585	1,851,040
Current portion of notes payable	182,584	12,500
Total current liabilities	923,647	2,016,193
Note payable, net of current portion	18,506	27,243
Total liabilities	942,153	2,043,436
Commitments (Note 9)
Stockholders’ equity (deficiency):
Preferred Stock, $.01 par value (Note 10): Authorized shares – 10,000,000 Issued and outstanding shares – 400 and 2,486 June 30, 2020 and December 31, 2019, respectively	76,095	1,932,433
Common stock, $.001 par value: Authorized shares – 600,000,000 Issued and outstanding shares – 13,834,075 and 299,835 at June 30, 2020 and December 31, 2019, respectively	3,559	15
Additional paid-in capital	55,203,149	39,340,509
Accumulated deficit	(44,469,059)	(42,847,513)
Total stockholders’ equity (deficiency)	10,813,744	(1,574,556)
Total liabilities and stockholders’ equity (deficiency)	$ 11,755,897	$ 468,880

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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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)	100	2,486
Preferred stock, shares outstanding (in shares)	100	2,486
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)	3,559,473	14,992
Common stock, shares outstanding (in shares)	3,559,473	14,992

XML 15 R4.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Grant and collaboration revenue	$ 415,458	$ 333,209	$ 1,572,037	$ 907,382
Operating expenses:
Research and development	416,756	467,674	1,687,113	1,474,619
General and administrative	435,013	291,475	1,364,650	1,214,189
Total operating expenses	851,769	759,149	3,051,763	2,688,808
Loss from operations	(436,311)	(425,940)	(1,479,726)	(1,781,426)
Other income (expense):
Interest income	90	2,560	902	4,665
Interest expense	(134,427)	(1,054)	(142,722)	(3,275)
Total other income (expense)	(134,337)	1,506	(141,820)	1,390
Net loss	$ (570,648)	$ (424,434)	$ (1,621,546)	$ (1,780,036)
Basic and diluted:
Net loss per common share (in dollars per share)	$ (0.73)	$ (1,282.28)	$ (2.85)	$ (14,016.03)
Weighted average shares outstanding (in shares)	782,978	331	569,955	127

XML 16 R5.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficiency) (Unaudited) - USD ($)	Conversion from Convertible Debentures to Conversion Units [Member] Common Stock [Member]	Conversion from Convertible Debentures to Conversion Units [Member] Additional Paid-in Capital [Member]	Conversion from Convertible Debentures to Conversion Units [Member]	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Dec. 31, 2018				3,450	11
Balance at Dec. 31, 2018				$ 1,971,333		$ 37,483,204	$ (40,476,884)	$ (1,022,347)
Net loss							(701,454)	(701,454)
Balance at Mar. 31, 2019				$ 2,072,108		37,899,081	(41,178,338)	(1,207,149)
Balance (in shares) at Dec. 31, 2018				3,450	11
Balance at Dec. 31, 2018				$ 1,971,333		37,483,204	(40,476,884)	(1,022,347)
Net loss								(1,780,036)
Balance at Sep. 30, 2019				$ 2,321,823	$ 3	38,914,375	(42,256,920)	(1,020,719)
Balance (in shares) at Dec. 31, 2018				3,450	11
Balance at Dec. 31, 2018				$ 1,971,333		37,483,204	(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)	3
Conversion of preferred stock to common stock				$ (303,475)		303,475
Net loss
Balance at Mar. 31, 2020				$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Balance (in shares) at Mar. 31, 2019				3,183	14
Balance at Mar. 31, 2019				$ 2,072,108		37,899,081	(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)	6
Conversion of preferred stock to common stock				$ (172,941)		172,941
Common stock issued for services (in shares)
Common stock issued for services						6,000		6,000
Net loss							(654,148)	(654,148)
Balance at Jun. 30, 2019				$ 2,337,867		38,165,986	(41,832,486)	(1,328,633)
Balance (in shares) at Jun. 30, 2019				3,402	20
Sale of convertible preferred stock for cash and cancellation of note payable (in shares)				700
Sale of convertible preferred stock for cash and cancellation of note payable				$ 700,000				700,000
Conversion of preferred stock to common stock (in shares)				(1,048)	2,369
Conversion of preferred stock to common stock				$ (716,044)	$ 3	716,041
Common stock issued for services (in shares)					1
Common stock issued for services						6,000		6,000
Net loss							(424,434)	(424,434)
Balance at Sep. 30, 2019				$ 2,321,823	$ 3	38,914,375	(42,256,920)	(1,020,719)
Balance (in shares) at Dec. 31, 2019				2,486	14,992
Balance at Dec. 31, 2019				$ 1,932,433	$ 15	39,340,509	(42,847,513)	(1,574,556)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares)				300
Sale of convertible preferred stock for cash and cancellation of note payable				$ 300,000				300,000
Conversion of preferred stock to common stock (in shares)				(2,386)	674,067
Conversion of preferred stock to common stock				$ (1,856,338)	$ 674	1,855,664
Common stock issued for services (in shares)					521
Common stock issued for services					$ 1	5,999		6,000
Net loss							(595,694)	(595,694)
Balance at Mar. 31, 2020				$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Balance (in shares) at Dec. 31, 2019				2,486	14,992
Balance at Dec. 31, 2019				$ 1,932,433	$ 15	39,340,509	(42,847,513)	$ (1,574,556)
Common stock issued for services (in shares)								3,162
Net loss								$ (1,621,546)
Stock Issued During Period, Shares, Warrants Exercised								36,902
Stock Issued During Period, Shares, Cancellation of Accrued Compensation								300,001
Balance at Sep. 30, 2020				$ 76,095	$ 3,559	55,203,149	(44,469,059)	$ 10,813,744
Balance (in shares) at Mar. 31, 2020				400	689,580
Balance at Mar. 31, 2020				$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Common stock issued for services (in shares)					2,124
Common stock issued for services					$ 2	11,998		12,000
Net loss							(455,204)	(455,204)
Warrants issued in bridge financing						457,833		457,833
Balance at Jun. 30, 2020				$ 376,095	$ 692	41,672,003	(43,898,411)	(1,849,621)
Balance (in shares) at Jun. 30, 2020				400	691,704
Conversion of preferred stock to common stock (in shares)	177,626			(300)	42,723
Conversion of preferred stock to common stock	$ 177	$ 569,340	$ 569,517	$ (300,000)	$ 43	299,957
Common stock issued for services (in shares)					517
Common stock issued for services						6,000		6,000
Net loss							(570,648)	(570,648)
Stock Issued During Period, Shares, Warrants Exercised					36,902
Warrants exercised for common stock					$ 37	(37)
Stock Issued During Period, Shares, Cancellation of Accrued Compensation					300,001
Common stock issued upon cancellation of accrued compensation					$ 300	1,499,700		1,500,000
Sale of common stock for cash (in shares)					2,310,000
Sale of common stock for cash					$ 2,310	11,156,186		11,158,496
Balance at Sep. 30, 2020				$ 76,095	$ 3,559	$ 55,203,149	$ (44,469,059)	$ 10,813,744

XML 17 R6.htm IDEA: XBRL DOCUMENT

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, 2018	3,450	11
Balance at Dec. 31, 2018	$ 1,971,333		$ 37,483,204	$ (40,476,884)	$ (1,022,347)
Net loss				(701,454)	(701,454)
Balance (in shares) at Mar. 31, 2019	3,183	14
Balance at Mar. 31, 2019	$ 2,072,108		37,899,081	(41,178,338)	(1,207,149)
Balance (in shares) at Dec. 31, 2018	3,450	11
Balance at Dec. 31, 2018	$ 1,971,333		37,483,204	(40,476,884)	(1,022,347)
Net loss					(1,780,036)
Balance (in shares) at Sep. 30, 2019	3,054	2,390
Balance at Sep. 30, 2019	$ 2,321,823	$ 3	38,914,375	(42,256,920)	(1,020,719)
Balance (in shares) at Dec. 31, 2018	3,450	11
Balance at Dec. 31, 2018	$ 1,971,333		37,483,204	(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)	3
Conversion of preferred stock to common stock	$ (303,475)		303,475
Stock option expense			26,652		26,652
Net loss
Balance (in shares) at Mar. 31, 2020	400	689,580
Balance at Mar. 31, 2020	$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Balance (in shares) at Mar. 31, 2019	3,183	14
Balance at Mar. 31, 2019	$ 2,072,108		37,899,081	(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)	6
Conversion of preferred stock to common stock	$ (172,941)		172,941
Stock option expense			26,664		26,664
Net loss				(654,148)	(654,148)
Common stock issued for services (in shares)
Common stock issued for services			6,000		6,000
Balance (in shares) at Jun. 30, 2019	3,402	20
Balance at Jun. 30, 2019	$ 2,337,867		38,165,986	(41,832,486)	(1,328,633)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares)	700
Sale of convertible preferred stock for cash and cancellation of note payable	$ 700,000				700,000
Conversion of preferred stock to common stock (in shares)	(1,048)	2,369
Conversion of preferred stock to common stock	$ (716,044)	$ 3	716,041
Stock option expense			26,348		26,348
Net loss				(424,434)	(424,434)
Common stock issued for services (in shares)		1
Common stock issued for services			6,000		6,000
Balance (in shares) at Sep. 30, 2019	3,054	2,390
Balance at Sep. 30, 2019	$ 2,321,823	$ 3	38,914,375	(42,256,920)	(1,020,719)
Balance (in shares) at Dec. 31, 2019	2,486	14,992
Balance at Dec. 31, 2019	$ 1,932,433	$ 15	39,340,509	(42,847,513)	(1,574,556)
Sale of convertible preferred stock for cash and cancellation of note payable (in shares)	300
Sale of convertible preferred stock for cash and cancellation of note payable	$ 300,000				300,000
Conversion of preferred stock to common stock (in shares)	(2,386)	674,067
Conversion of preferred stock to common stock	$ (1,856,338)	$ 674	1,855,664
Net loss				(595,694)	(595,694)
Common stock issued for services (in shares)		521
Common stock issued for services		$ 1	5,999		6,000
Balance (in shares) at Mar. 31, 2020	400	689,580
Balance at Mar. 31, 2020	$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Balance (in shares) at Dec. 31, 2019	2,486	14,992
Balance at Dec. 31, 2019	$ 1,932,433	$ 15	39,340,509	(42,847,513)	(1,574,556)
Net loss					$ (1,621,546)
Common stock issued for services (in shares)					3,162
Balance (in shares) at Sep. 30, 2020	100	3,559,473
Balance at Sep. 30, 2020	$ 76,095	$ 3,559	55,203,149	(44,469,059)	$ 10,813,744
Balance (in shares) at Mar. 31, 2020	400	689,580
Balance at Mar. 31, 2020	$ 376,095	$ 690	41,202,172	(43,443,207)	(1,864,250)
Net loss				(455,204)	(455,204)
Common stock issued for services (in shares)		2,124
Common stock issued for services		$ 2	11,998		12,000
Balance (in shares) at Jun. 30, 2020	400	691,704
Balance at Jun. 30, 2020	$ 376,095	$ 692	41,672,003	(43,898,411)	(1,849,621)
Conversion of preferred stock to common stock (in shares)	(300)	42,723
Conversion of preferred stock to common stock	$ (300,000)	$ 43	299,957
Net loss				(570,648)	(570,648)
Common stock issued for services (in shares)		517
Common stock issued for services			6,000		6,000
Balance (in shares) at Sep. 30, 2020	100	3,559,473
Balance at Sep. 30, 2020	$ 76,095	$ 3,559	$ 55,203,149	$ (44,469,059)	$ 10,813,744

XML 18 R7.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cash flows from operating activities:
Net loss	$ (1,621,546)	$ (1,780,036)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,983	5,693
Stock-based compensation expense	24,000	290,744
Changes in assets and liabilities:
Grant funds and other receivables	(72,551)	18,329
Prepaid expenses and other current assets	82,274	(83,637)
Amortization of debt discount	124,185
Accounts payable and accrued expenses	252,036	431,170
Total adjustments	412,927	662,299
Net cash used in operating activities	(1,208,619)	(1,117,737)
Cash flows from investing activities:
Purchase of property and equipment	(2,470)	(4,272)
Net cash used in investing activities	(2,470)	(4,272)
Cash flows from financing activities:
Net proceeds from sale of preferred stock	300,000	1,440,000
Net proceeds from issuance of note payable	170,200
Net proceeds from bridge financing	888,500
Net proceeds from sale of common stock and warrants	11,158,496
Principal repayment of note payable	(8,854)	(8,333)
Net cash provided by financing activities	12,508,342	1,431,667
Net increase in cash and cash equivalents	11,297,253	309,658
Cash and cash equivalents at beginning of period	283,341	259,701
Cash and cash equivalents at end of period	$ 11,580,594	$ 569,359

XML 19 R8.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($)	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Cancellation of deferred compensation liability	$ 1,500,000
Stock Issued During Period, Shares, Cancellation of Accrued Compensation	300,001
Stock Issued During Period, Shares, Warrants Exercised	36,902
Conversion of Series H, Series I, and Series J Preferred Stock into Common Stock [Member]
Common stock issued upon conversion of preferred stock (in shares)	716,790	2,378
Series G Convertible Preferred Stock Issued in Exchange for Cancellation of Term notes Payable [Member]
Original amount converted in debt conversion		$ 250,000
Stock issued in conversion of debt (in shares)		250
Unit Warrants [Member]
Unit warrants issued (in shares)	300,001
Conversion from Convertible Debentures to Conversion Units [Member]
Accrued interest converted in debt conversion	$ 14,667
Original amount converted in debt conversion	$ 1,200,000
Stock issued in conversion of debt (in shares)	177,626
Conversion from Convertible Debentures to Conversion Units [Member] \| Unit Warrants [Member]
Warrants issued in debt conversion (in shares)	303,668
Conversion from Convertible Debentures to Conversion Units [Member] \| Pre-Funded Warrants [Member]
Warrants issued in debt conversion (in shares)	126,042

XML 20 R9.htm IDEA: XBRL DOCUMENT

Note 1 - Description of Business

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Nature of Operations [Text Block]

1.	Description of Business

”). In this platform, MVA, a large virus capable of carrying several vaccine antigens, expresses proteins that assemble into highly effective VLP immunogens in the person being vaccinated. The MVA-VLP virus replicates to high titers in approved avian cells for manufacturing but cannot productively replicate in mammalian cells. Therefore, the MVA-VLP derived vaccines can elicit durable immune responses in the host similar to a live attenuated virus, while providing the safety characteristics of a replication-defective vector.

Our current development programs are focused on preventive vaccines against novel coronavirus (COVID-

), Human Immunodeficiency Virus (HIV), Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), and malaria, as well as immunotherapies for HIV and solid tumor cancers.

third

party resources through collaborations and partnerships for preclinical and clinical testing with multiple government, academic and corporate entities.

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 the metropolitan Atlanta, Georgia area.

XML 21 R10.htm IDEA: XBRL DOCUMENT

Note 2 - Basis of Presentation

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Basis of Accounting [Text Block]

2.	Basis of Presentation

The accompanying condensed consolidated financial statements at

September 30, 2020

and for the

three

-month and

nine

-month periods ended

September 30, 2020

and

2019

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

-K for the year ended

December 31, 2019.

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,

we enacted reverse stock splits of our common stock on

April 30, 2019,

January 21, 2020

and

September 30, 2020.

Unless otherwise noted, the accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.

twelve

-month period following the date the financial statements are issued. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates.

second

quarter of

2020.

However, as a result of our financing activities consummated during the

third

quarter of

2020

(see Note

), management has concluded that as of

September 30, 2020

there is

longer a substantial doubt over the Company's ability to operate as a going concern for at least the next

twelve

-month period. We believe that our existing cash resources together with current government funding commitments, will be sufficient to continue our planned operations into early

2022.

may

never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. Management intends to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we

may

seek additional capital through arrangements with strategic partners or from other sources. There can be

assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations.

XML 22 R11.htm IDEA: XBRL DOCUMENT

Note 3 - Significant Accounting Policies and Recent Accounting Pronouncements

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Significant Accounting Policies [Text Block]

3.	Significant Accounting Policies and Recent Accounting Pronouncements

We disclosed in Note

to our consolidated financial statements included in our Annual Report on Form

-K for the year ended

December 31, 2019

those accounting policies that we consider significant in determining our results of operations and financial position. There have been

material changes to, or in the application of, the accounting policies previously identified and described in the Form

-K.

There have been

other recent accounting pronouncements or changes in accounting pronouncements during the

nine

months ended

September 30, 2020,

as compared to the recent accounting pronouncements described in our Annual Report on Form

-K for the fiscal year ended

December 31, 2019,

which we expect to have a material impact on our financial statements.

XML 23 R12.htm IDEA: XBRL DOCUMENT

Note 4 - Basic and Diluted Loss Per Common Share

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Earnings Per Share [Text Block]

4.	Basic and Diluted Loss Per Common Share

204,553

and

78,754

shares for the

three

-month and

nine

-month periods ended

September 30, 2020,

respectively, as compared to

273

and

272

shares for the

three

-month and

nine

-month periods ended

September 30, 2019,

respectively. See Note

for more information concerning our outstanding common share equivalents at

September 30, 2020

that could potentially dilute earnings per share in the future.

XML 24 R13.htm IDEA: XBRL DOCUMENT

Note 5 - Property and Equipment

9 Months Ended

Sep. 30, 2020

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

September 30, 2020

and

December 31, 2019:

	September 30, 2020			December 31, 2019
Laboratory equipment	$	537,047		$	534,577
Leasehold improvements		115,605			115,605
Other furniture, fixtures & equipment		11,736			11,736
Total property and equipment		664,388			661,918
Accumulated depreciation and amortization		(654,295	)		(651,312	)
Property and equipment, net	$	10,093		$	10,606

XML 25 R14.htm IDEA: XBRL DOCUMENT

Note 6 - Accrued Expenses

9 Months Ended

Sep. 30, 2020

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 are composed of the following as of

September 30, 2020

and

December 31, 2019:

	September 30, 2020		December 31, 2019
Accrued payroll and director fees	$	551,762	$	1,732,702
Other accrued expenses		27,823		118,338
Total accrued expenses	$	579,585	$	1,851,040

XML 26 R15.htm IDEA: XBRL DOCUMENT

Note 7 - Notes Payable

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Debt Disclosure [Text Block]

7.	Notes Payable

GRA Note

–

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. Future principal repayments are expected to be

$3,026

for the remainder of

2020,

$12,487

2021,

$13,126

2022,

and

$2,252

2023.

Interest expense related to the GRA Note for the

three

-month and

nine

-month periods ended

September 30, 2020

was

$411

and

$1,344,

respectively, as compared to

$547

and

$1,753,

respectively, for the same periods of

2019.

CARES Act Paycheck Protection Program Loan

–

April 17, 2020,

we received a

$170,200

bank loan backed by the United States Small Business Administration pursuant to the Paycheck Protection Program (PPP) provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The loan bears an annual interest rate of

one

percent and is due

April 17, 2022.

Commencing

November 17, 2020,

monthly payments of

$9,578.16

will be due. Amounts due

may

be prepaid without penalty. We accrued interest expense associated with the PPP Loan of

$429

and

$774

for the

three

-month and

nine

-month periods ended

September 30, 2020,

respectively. In

October 2020,

we applied to the lender to have the loan forgiven, based upon our submission of qualifying information regarding eligible expenses; as of the date of this report our application has

not

been processed.

XML 27 R16.htm IDEA: XBRL DOCUMENT

Note 8 - Convertible Debentures

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Short-term Debt [Text Block]

8.	Convertible Debentures

June 26 2020,

we entered into a Securities Purchase Agreement with

two

institutional investors, pursuant to which we received gross proceeds of

$1,050,000

in exchange for the issuance of: (i)

Original Issue Discount Senior Secured Convertible Debentures (the “Convertible Debentures”) in the aggregate principal amount of

$1,200,000;

and (ii)

five

-year warrants (the

“June 2020

Warrants”) to purchase an aggregate of

120,000

shares of our common stock at an exercise price of

$10.00

per share. Net proceeds after deducting the original issue discount, finder's fee and other debt issuance costs was

$888,500.

As a result of the public offering of our securities described in Note

10,

September 29, 2020

the exercise price of the

June 2020

Warrants was reduced to

$5.00.

The Convertible Debentures had an original maturity of

twelve

months, bore interest at a rate of

per annum, and were secured by substantially all of the Company's assets until such time as they were paid or converted in full.

The Convertible Debentures were mandatorily convertible upon our consummation of a public offering of common stock with gross proceeds of

$6,000,000

or more, and which resulted in the listing of our common stock on a national securities exchange (a “Qualified Offering”). The conversion price upon the occurrence of a Qualified Offering was equal to the lower of (i)

$10.00

per share or (ii)

80%

of the offering price. The conversion provisions of the Convertible Debentures were subject to a “conversion blocker” such that each of the purchasers could

not

convert the Convertible Debentures to the extent that the conversion would result in the purchaser and its affiliates holding more than

4.99%

of our outstanding common stock.

September 29, 2020,

upon our consummation of the public offering discussed in Note

10,

the

$1,200,000

maturity value of the Convertible Debentures and

$14,667

of accrued interest were automatically converted at

$4.00,

the Qualified Offering discounted price, resulting in the issuance of

303,667

conversion units. Of the

303,668

conversion units: (a)

177,626

consist of

one

share of common stock and

warrant to purchase

one

share of common stock (a “Conversion Warrant”), and (b)

126,042

consist of

one

pre-funded warrant to purchase

one

share of common stock (a “Pre-Funded Warrant”) and

Conversion Warrant. The Pre-Funded Warrants provide the holder the right to purchase

one

share of Common Stock at an exercise price of

$0.01

per share, are immediately exercisable and will

not

expire until exercised in full. The Unit Warrants provide the holder the right to purchase

one

share of common stock, are immediately exercisable at an exercise price of

$5.00

per share and expire

five

years after the issuance date.

Upon the issuance of the Convertible Debentures, we recorded a debt discount of

$769,334,

including the

$150,000

original issue discount,

$457,834

of fair value allocated to the warrants (recorded as Additional Paid-in Capital), and

$161,500

of direct transaction costs incurred. The debt discount was amortized to interest expense over the

-month term of the Debentures using the effective interest rate method, up to the date of conversion. As a result of the mandatory conversion of the Convertible Debentures on

September 29, 2020,

the remaining unamortized debt discount (

$645,150

) was recorded as Additional Paid-in Capital in the accompanying Consolidated Balance Sheets. Interest expense associated with the Convertible Debentures was

$133,148

and

138,851

for the

three

-month and

nine

-month periods ended

September 30, 2020,

respectively, including of

$119,139

and

$124,184,

respectively, of debt discount amortization.

XML 28 R17.htm IDEA: XBRL DOCUMENT

Note 9 - Commitments

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Commitments Disclosure [Text Block]

9.	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, 2022.

Rent expense for the

three

-month and

nine

-month periods ended

September 30, 2020

was

$41,539

and

$124,617,

respectively, as compared to

$40,316

and

$120,949,

respectively, for the same periods of

2019.

Future minimum lease payments total

$41,539

2020,

$171,213

2021

and

$176,356

2022,

although the lease

may

be terminated at any time by either party with

ninety

days' written notice.

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

September 30, 2020,

there was approximately

$290,500

of unrecorded outstanding purchase commitments to our vendors and subcontractors,

$228,000

of which we expect will be due in

2020

and

$62,500

2021.

We expect this entire amount to be reimbursable to us pursuant to existing government grants.

XML 29 R18.htm IDEA: XBRL DOCUMENT

Note 10 - Stockholders' Equity

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Preferred Stock [Text Block]

10.	Stockholders' Equity

Convertible

Preferred Stock

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

September 30, 2020

and

December 31, 2019.

Each series of our outstanding preferred stock has a stated value of

$1,000

per share. Further information concerning each series of preferred stock, and the changes in each series during the

nine

months ended

September

30,

2020

are discussed below the table.

	September 30, 2020				December 31, 2019
			Carrying				Carrying
	Shares		Value		Shares		Value
Series B Convertible Preferred Stock		100	$	76,095		100	$	76,095
Series H Convertible Preferred Stock		-		-		1,686		1,156,338
Series I Convertible Preferred Stock		-		-		700		700,000
Total		100	$	76,095		2,486	$	1,932,433

As of

September 30, 2020,

there were

100

shares of Series B Convertible Preferred Stock outstanding, convertible into a negligible number of shares of common stock. There were

transactions involving our Series B Preferred Stock during the

nine

months ended

September 30, 2020.

During the

first

quarter of

2020,

1,686

shares of our Series H Convertible Preferred Stock were converted into

469,696

shares of our common stock. As of

September 30, 2020,

there were

shares of Series H Preferred Stock outstanding.

During the

first

quarter of

2020,

700

shares of our Series I Convertible Preferred Stock were converted into

204,371

shares of our common stock. As of

September 30, 2020,

there were

shares of Series I Preferred Stock outstanding.

January 24, 2020,

we entered into a Securities Purchase Agreement with the purchasers identified therein providing for the issuance and sale to the purchasers of an aggregate of

300

shares of our Series J Convertible Preferred Stock (“Series J Preferred Stock”) for gross proceeds of

$300,000.

Our Series J Preferred Stock has rights and privileges as set forth in the pertinent Certificate of Designation of Preferences, Rights and Limitations, including a liquidation preference equal to the stated value per share. The Series J Preferred Stock has

voting rights and is

not

entitled to a dividend. During

July 2020,

300

shares of Series J Preferred Stock were converted into

42,723

shares of our common stock. As of

September 30, 2020,

there were

shares of Series J Preferred Stock outstanding.

Common Stock

Reverse Stock Split

–

April 30, 2019,

we enacted a

-for-

500

reverse stock split of our common stock, on

January 21, 2020,

we effected a

-for-

2000

reverse split of our common stock and on

September 25, 2020,

we effected a

-for-

reverse split of our common stock.

Conversions of Preferred Stock

– As discussed under “Preferred Stock” above, during the

nine

months ended

September 30, 2020,

we issued

716,790

shares of our common stock pursuant to conversions of our Series H, Series I, and Series J Preferred Stock.

Public Offering –

September 24, 2020,

we entered into an Underwriting Agreement (the “Underwriting Agreement”) with Maxim Group LLC, as representative of the underwriters (the “Representative”), for an underwritten public offering (the “Offering”) of an aggregate of

2,560,000

units of our equity securities (the “Units”). The Offering closed on

September 29, 2020,

with gross proceeds to us of approximately

$12.8

million; net proceeds after deducting underwriting discounts and commissions and other offering expenses were approximately

$11.2

million.

Of the

2,560,000

Units sold in the Offering: (a)

2,310,000

Units consist of

one

share of our common stock, and

Warrant to purchase

one

share of common stock (each, a “Unit Warrant”); and (b)

250,000

Units consisting of

Pre-Funded Warrant to purchase

one

share of common stock and

Unit Warrant. The Pre-Funded Warrants provide the holder the right to purchase

one

share of common stock at an exercise price of

$0.01

per share, are immediately exercisable and will

not

expire until exercised in full. The Unit Warrants provide the holder the right to purchase

one

share of common stock, are immediately exercisable at an exercise price of

$5.00

per share and expire

five

years after the issuance date. The public offering price was

$5.00

per Unit (

$4.99

for each Unit including a Pre-Funded Warrant). We granted the Representative a

-day option to purchase up to

384,000

Units to cover over-allotments, if any.

Pursuant to the Underwriting Agreement, we issued to the Representative, as a portion of the underwriting compensation, warrants to purchase up to a total of

128,000

shares of common stock (the “Representative Warrants”). The Representative Warrants have an exercise price of

$5.50

per share, are initially exercisable

180

days after the effective date of the Offering and have a term of

three

years from their initial exercise date.

Conversion of Deferred Compensation to Equity

–

During

2016

and

2017,

to help conserve the Company's cash resources, each of our executive officers and non-employee directors agreed to defer receipt of all or a portion (at varying levels) of their respective cash compensation. On

September 29, 2020,

upon our consummation of the Offering,

$1,500,000

of the accumulated deferrals were converted at the

$5.00

offering price, resulting in the issuance of

300,001

units substantially similar to the units sold in the public offering, with each unit consisting of

one

share of our common stock and

one

warrant substantially similar to a Unit Warrant (a “Management Warrant”).

Conversion of Convertible Debentures

to Equity

– As discussed in Note

upon our consummation of the Offering, we issued an aggregate of

177,625

shares of our common stock,

126,042

Pre-Funded Warrants and

303,667

Conversion Warrants upon the mandatory conversion of

$1,214,667

of Convertible Debentures and accrued interest.

Other Common Stock Transactions

–

During the

nine

months ended

September 30, 2020,

we issued an aggregate of

3,162

shares of our common stock pursuant to a consulting agreement. See “Stock-Based Compensation Expense” below.

Stock Options

As a result of the reverse stock splits of our common stock all of our outstanding stock options were automatically adjusted such that all of such stock options as of the beginning of

2020

were eliminated. On

June 19, 2020,

our Board of Directors approved the GeoVax Labs, Inc.

2020

Stock Incentive Plan (the

“2020

Plan”) to replace our prior stock option plan and reserved up to

250,000

shares of our common stock for issuance pursuant to the

2020

Plan.

equity awards were made from the

2020

Plan during the

nine

months ended

September 30, 2020.

Stock Purchase Warrants

Series G Warrants

– In

August 2020,

the holders of the Series G Warrants agreed to their cancellation and there were

Series G Warrants outstanding as of

September 30, 2020.

Series H Warrants

– During

July 2020,

all outstanding Series H Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of

7,147

shares of our common stock. There were

Series H Warrants outstanding as of

September 30, 2020.

Series

Warrants

– During

July 2020,

Series I Warrants were exercised using the “cashless” exercise feature of the warrants, resulting in the issuance of

29,755

shares of our common stock. As of

September 30, 2020,

there were

62,626

Series I Warrants outstanding, with an exercise price of

$5.00

per share, reflective of anti-dilution adjustments resulting from the Offering.

June 2020

Warrants

– As discussed in Note

June 26, 2020,

in connection with the issuance of the Convertible Debentures, we issued warrants to purchase

120,000

shares of common stock, with a

five

-year term and an exercise price of

$10.00.

As a result of the Offering, on

September 29, 2020

the exercise price was reduced to

$5.00.

Warrants Issued

Upon

Conversion of Convertible Debentures

– As discussed in Note

September 29, 2020,

upon the conversion of the Convertible Debentures into our equity securities, we issued

126,042

Pre-Funded Warrants and

303,668

Conversion Warrants to purchase our common stock.

Warrants Issued

Upon

Conversion of Deferred Compensation

– As discussed above under “

Common Stock

–

Conversion of Deferred Compensation to Equity

”, on

September

29,

2020,

upon the conversion of amounts owed to current and former executive officers and directors, we issued Management Warrants to purchase

300,001

shares of common stock.

Warrants Issued in Connection with Public Offering

– As discussed above under “

Common Stock – Public Offering

”, on

September 29, 2020,

in connection with the Offering, we issued Unit Warrants to purchase

2,560,000

shares of common stock; Pre-Funded Warrants to purchase

250,000

shares of common stock; and Representative Warrants to purchase

128,000

shares of common stock.

Summary of Warrants Ou

tst

anding

– The following table presents summary information about our warrants outstanding as of

September 30, 2020:

Warrant Description	Number of Shares		Exercise Price		Expiration
Series I Warrants		62,626	$	5.00	Oct-Dec 2024
June 2020 Warrants		120,000		5.00	Jun 2025
Pre-Funded Warrants		376,042		0.01	Perpetual
Unit, Conversion and Management Warrants		3,163,669		5.00	Sep 2025
Representative Warrants		128,000		5.50	Mar 2024
Total Warrants Outstanding at September 30, 2020		3,850,337

Weighted-Average Exercise Price	$	4.53
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years)		4.9

Stock-Based Compensation Expense

There was

stock-based compensation expense related to our stock option plan recognized in the consolidated statement of operations for the

three

-month or

nine

-month periods ended

September 30, 2020

and there was

unrecognized compensation expense related to stock options as of

September 30, 2020.

During the

three

-month and

nine

-month periods ended

September 30, 2020

we recorded stock-based compensation expense of

$6,000

and

$24,000,

respectively, associated with common stock issued for a consulting agreement.

XML 30 R19.htm IDEA: XBRL DOCUMENT

Note 11 - Income Taxes

9 Months Ended

Sep. 30, 2020

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 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.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

XML 31 R20.htm IDEA: XBRL DOCUMENT

Note 12 - Grants and Collaboration Revenue

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Government Grants and Contracts [Text Block]

12.	Grant and Collaboration Revenue

three

-month and

nine

-month periods ended

September 30, 2020,

we recorded

$231,330

and

$1,186,844,

respectively, of revenues associated with these grants and contracts, as compared to

$214,765

and

$754,022,

respectively, for the comparable periods of

2019.

As of

September 30, 2020,

there was an aggregate of

$417,121

in approved grant funds available for use through

September 2021.

During the

three

-month and

nine

-month periods ended

September 30, 2020,

we recorded

$184,127

and

$385,193,

respectively, of revenues associated with research collaboration agreements with

third

parties, as compared to

$118,444

and

$153,360,

respectively, for the comparable periods of

2019.

XML 32 R21.htm IDEA: XBRL DOCUMENT

Note 13 - Subsequent Events

9 Months Ended

Sep. 30, 2020

Notes to Financial Statements

Subsequent Events [Text Block]

13.	Subsequent Events

During

October 2020,

holders of our Pre-Funded Warrants exercised

250,000

of such warrants, resulting in the issuance of

250,000

shares of our common stock for an aggregate exercise price of

$2,500.

XML 33 R22.htm IDEA: XBRL DOCUMENT

Note 5 - Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Property, Plant and Equipment [Table Text Block]

	September 30, 2020			December 31, 2019
Laboratory equipment	$	537,047		$	534,577
Leasehold improvements		115,605			115,605
Other furniture, fixtures & equipment		11,736			11,736
Total property and equipment		664,388			661,918
Accumulated depreciation and amortization		(654,295	)		(651,312	)
Property and equipment, net	$	10,093		$	10,606

XML 34 R23.htm IDEA: XBRL DOCUMENT

Note 6 - Accrued Expenses (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	September 30, 2020		December 31, 2019
Accrued payroll and director fees	$	551,762	$	1,732,702
Other accrued expenses		27,823		118,338
Total accrued expenses	$	579,585	$	1,851,040

XML 35 R24.htm IDEA: XBRL DOCUMENT

Note 10 - Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2020

Notes Tables

Schedule of Preferred Stock [Table Text Block]

	September 30, 2020				December 31, 2019
			Carrying				Carrying
	Shares		Value		Shares		Value
Series B Convertible Preferred Stock		100	$	76,095		100	$	76,095
Series H Convertible Preferred Stock		-		-		1,686		1,156,338
Series I Convertible Preferred Stock		-		-		700		700,000
Total		100	$	76,095		2,486	$	1,932,433

Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block]

Warrant Description	Number of Shares		Exercise Price		Expiration
Series I Warrants		62,626	$	5.00	Oct-Dec 2024
June 2020 Warrants		120,000		5.00	Jun 2025
Pre-Funded Warrants		376,042		0.01	Perpetual
Unit, Conversion and Management Warrants		3,163,669		5.00	Sep 2025
Representative Warrants		128,000		5.50	Mar 2024
Total Warrants Outstanding at September 30, 2020		3,850,337

Weighted-Average Exercise Price	$	4.53
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years)		4.9

XML 36 R25.htm IDEA: XBRL DOCUMENT

Note 4 - Basic and Diluted Loss Per Common Share (Details Textual) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	204,553	273	78,754	272

XML 37 R26.htm IDEA: XBRL DOCUMENT

Note 5 - Property and Equipment - Schedule of Property and Equipment (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Property and equipment, gross	$ 664,388	$ 661,918
Accumulated depreciation and amortization	(654,295)	(651,312)
Property and equipment, net	10,093	10,606
Laboratory Equipment [Member]
Property and equipment, gross	537,047	534,577
Leasehold Improvements [Member]
Property and equipment, gross	115,605	115,605
Other Furniture Fixtures And Equipment [Member]
Property and equipment, gross	$ 11,736	$ 11,736

XML 38 R27.htm IDEA: XBRL DOCUMENT

Note 6 - Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Accrued payroll and director fees	$ 551,762	$ 1,732,702
Other accrued expenses	27,823	118,338
Total accrued expenses	$ 579,585	$ 1,851,040

XML 39 R28.htm IDEA: XBRL DOCUMENT

Note 7 - Notes Payable (Details Textual) - USD ($)			3 Months Ended		9 Months Ended
Note 7 - Notes Payable (Details Textual) - USD ($)	Apr. 17, 2020	Feb. 28, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Proceeds from Notes Payable, Total					$ 170,200
Long-Term Debt, Maturity, Year One			$ 3,026		3,026
Paycheck Protection Program CARES Act [Member]
Proceeds from Notes Payable, Total	$ 170,200
Interest Expense, Debt, Total			429		774
Debt Instrument, Periodic Payment, Total	$ 9,578.16
Senior Notes [Member]
Proceeds from Notes Payable, Total		$ 50,000
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Long-Term Debt, Maturity, Year One			12,487		12,487
Long-Term Debt, Maturity, Year Two			13,126		13,126
Long-Term Debt, Maturity, Year Three			2,252		2,252
Interest Expense, Debt, Total			$ 411	$ 547	$ 1,344	$ 1,753

XML 40 R29.htm IDEA: XBRL DOCUMENT

Note 8 - Convertible Debentures (Details Textual) - USD ($)			3 Months Ended	9 Months Ended
	Sep. 29, 2020	Jun. 26, 2020	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 24, 2020
Proceeds from Convertible Debt				$ 888,500
Number of Common Stock Securities Called by Each Unit (in shares)	1
Amortization of Debt Discount (Premium)				124,185
Conversion from Convertible Debentures to Conversion Units [Member]
Debt Instrument, Convertible, Conversion Price (in dollars per share)	$ 4
Debt Conversion, Original Debt, Amount	$ 1,200,000			1,200,000
Debt Conversion, Accrued Interest Amount	$ 14,667			$ 14,667
Debt Conversion, Converted Instrument, Shares Issued (in shares)	303,667			177,626
Conversion from Convertible Debentures to Conversion Units [Member] \| Conversion Units Tranche One [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)	177,626
Number of Common Stock Securities Called by Each Unit (in shares)	1
Conversion from Convertible Debentures to Conversion Units [Member] \| Conversion Units Tranche Two [Member]
Debt Conversion, Converted Instrument, Shares Issued (in shares)	126,042
June 2020 Warrants [Member]
Warrants and Rights Outstanding, Term (Year)		5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)		120,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 5	$ 10	$ 5	$ 5
Warrants and Rights Outstanding		$ 457,834
Payments of Debt Issuance Costs		$ 161,500
Conversion Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member] \| Conversion Units Tranche One [Member]
Number of Warrants Called by Each Unit (in shares)	1
Conversion Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member] \| Conversion Units Tranche Two [Member]
Number of Warrants Called by Each Unit (in shares)	1
Conversion Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Pre-Funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 0.01		$ 0.01	$ 0.01		$ 0.01
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1					1
Pre-Funded Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member] \| Conversion Units Tranche Two [Member]
Number of Warrants Called by Each Unit (in shares)	1
Unit Warrants [Member]
Warrants and Rights Outstanding, Term (Year)	5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,560,000
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)	$ 5
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Convertible Debentures [Member]
Number of Institutional Investors		2
Proceeds from Convertible Debt, Gross		$ 1,050,000
Debt Instrument, Interest Rate, Stated Percentage		5.00%
Debt Instrument, Face Amount		$ 1,200,000
Proceeds from Convertible Debt		$ 888,500
Debt Instrument, Term (Month)		1 year
Gross Proceeds from Issuance of Common Stock, Public Offering		$ 6,000,000
Debt Instrument, Convertible, Conversion Price (in dollars per share)		$ 10
Percentage of Offering Price		80.00%
Debt Instrument, Convertible, Maximum Allowed Ownership of Common Stock Outstanding, Percentage		4.99%
Debt Instrument, Unamortized Discount, Total	$ 645,150	$ 769,334
Debt Conversion, Original Debt Discount		$ 150,000
Interest Expense, Debt, Total			$ 133,148	$ 138,851
Amortization of Debt Discount (Premium)			$ 119,139	$ 124,184

XML 41 R30.htm IDEA: XBRL DOCUMENT

Note 9 - Commitments (Details Textual)	3 Months Ended		9 Months Ended
Note 9 - Commitments (Details Textual)	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) ft²	Sep. 30, 2019 USD ($)
Area of Real Estate Property (Square Foot) \| ft²	8,400		8,400
Operating Leases, Rent Expense, Total	$ 41,539	$ 40,316	$ 124,617	$ 120,949
Lessee, Operating Lease, Liability, to be Paid, Remainder of Fiscal Year	41,539		41,539
Lessee, Operating Lease, Liability, to be Paid, Year One	171,213		171,213
Lessee, Operating Lease, Liability, to be Paid, Year Two	176,356		176,356
Unrecorded Unconditional Purchase Obligation, Total	290,500		290,500
Purchase Obligation, to be Paid, Remainder of Fiscal Year	228,000		228,000
Purchase Obligation, to be Paid, Year One	$ 62,500		$ 62,500

XML 42 R31.htm IDEA: XBRL DOCUMENT

Note 10 - Stockholders' Equity (Details Textual)							1 Months Ended	3 Months Ended		9 Months Ended
Note 10 - Stockholders' Equity (Details Textual)	Sep. 29, 2020 USD ($) $ / shares shares	Sep. 25, 2020	Sep. 24, 2020 USD ($) $ / shares shares	Jan. 24, 2020 USD ($) shares	Jan. 21, 2020	Apr. 30, 2019	Jul. 31, 2020 shares	Sep. 30, 2020 USD ($) $ / shares shares	Mar. 31, 2020 shares	Sep. 30, 2020 USD ($) $ / shares shares	Sep. 30, 2019 shares	Jun. 26, 2020 $ / shares shares	Dec. 31, 2019 $ / shares shares
Preferred Stock, Shares Authorized (in shares)								10,000,000		10,000,000			10,000,000
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares								$ 0.01		$ 0.01			$ 0.01
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								100		100			2,486
Proceeds from Issuance or Sale of Equity, Gross \| $			$ 12,800,000
Proceeds from Issuance or Sale of Equity, Total \| $			$ 11,200,000
Number of Common Stock Securities Called by Each Unit (in shares)	1
Deferred Compensation Liability Conversion to Equity, Amount \| $	$ 1,500,000									$ 1,500,000
Deferred Compensation Liability Conversion to Equity, Conversion Price (in dollars per share) \| $ / shares	$ 5
Stock Issued During Period, Shares, Cancellation of Accrued Compensation (in shares)	300,001									300,001
Stock Issued During Period, Shares, Conversion of Convertible Securities (in shares)	177,625
Stock Issued During Period, Shares, Issued for Services (in shares)										3,162
Class of Warrant or Right, Outstanding (in shares)								3,850,337		3,850,337
Stock Issued During Period, Shares, Warrants Exercised (in shares)										36,902
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount \| $								$ 0		$ 0
Stock Issued During Period, Value Expensed During the Period, Issued for Services \| $								6,000		24,000
Share-based Payment Arrangement, Option [Member]
Share-based Payment Arrangement, Expense \| $								$ 0		$ 0
Stock Incentive Plan 2020 [Member]
Common Stock, Capital Shares Reserved for Future Issuance (in shares)								250,000		250,000
Conversion from Convertible Debentures to Conversion Units [Member]
Debt Conversion, Converted Instrument, Principal and Interest, Amount \| $	$ 1,214,667
Representative [Member]
Over-Allotment Option, Term (Day)			45 days
Number of Units Granted for Over-Allotment (in shares)			384,000
Capital Units [Member]
Stock Issued During Period, Shares, New Issues (in shares)			2,560,000
Shares Issued, Price Per Share (in dollars per share) \| $ / shares			$ 5
Conversion Warrants [Member]
Class Of Warrant Or Right, Issued During Period (in shares)			2,560,000
Conversion Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member]
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares)	303,667
Unit Warrant [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)			1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares			$ 5
Warrants and Rights Outstanding, Term (Year)			5 years
Pre-Funded Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1		1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 0.01		$ 0.01					$ 0.01		$ 0.01
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	250,000
Class of Warrant or Right, Outstanding (in shares)								376,042		376,042
Pre-Funded Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member]
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares)	126,042									126,042
Representative Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares			$ 5.50					$ 5.5		$ 5.5
Warrants and Rights Outstanding, Term (Year)			3 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	128,000		128,000
Class of Warrant or Right, Period for Warrants or Rights Exercisable (Day)			180 days
Class of Warrant or Right, Outstanding (in shares)								128,000		128,000
Management Warrant [Member]
Number of Warrants Called by Each Unit (in shares)	1
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	300,001
Series G Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)								0		0
Series H Warrants [Member]
Class of Warrant or Right, Outstanding (in shares)								0		0
Stock Issued During Period, Shares, Warrants Exercised (in shares)							7,147
Series I Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares								$ 5		$ 5
Class of Warrant or Right, Outstanding (in shares)								62,626		62,626
Stock Issued During Period, Shares, Warrants Exercised (in shares)							29,755
June 2020 Warrants [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 5							$ 5		$ 5		$ 10
Warrants and Rights Outstanding, Term (Year)												5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)												120,000
Class of Warrant or Right, Outstanding (in shares)								120,000		120,000
Unit Warrants [Member]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right (in shares)	1
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) \| $ / shares	$ 5
Warrants and Rights Outstanding, Term (Year)	5 years
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)	2,560,000
Unit Warrants [Member] \| Conversion from Convertible Debentures to Conversion Units [Member]
Debt Conversion, Converted Instrument, Warrants or Options Issued (in shares)										303,668
Reverse Stock Split [Member]
Stockholders' Equity Note, Stock Split, Conversion Ratio		20			2,000	500
Conversion of Series H Preferred Stock Into Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)									1,686
Conversion of Stock, Shares Issued (in shares)									469,696
Conversion of Series I Preferred Stock Into Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)									700
Conversion of Stock, Shares Issued (in shares)									204,371
Conversion of Series J Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Converted (in shares)							300
Conversion of Stock, Shares Issued (in shares)							42,723
Conversion of Series H, Series I, and Series J Preferred Stock into Common Stock [Member]
Conversion of Stock, Shares Issued (in shares)										716,790	2,378
Series B Convertible Preferred Stock [Member]
Preferred Stock, Par or Stated Value Per Share (in dollars per share) \| $ / shares								$ 1,000		$ 1,000			$ 1,000
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								100		100			100
Series H Convertible Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								0		0			1,686
Series I Convertible Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								0		0			700
Series J Convertible Preferred Stock [Member]
Preferred Stock, Shares Outstanding, Ending Balance (in shares)								0		0
Stock Issued During Period, Shares, New Issues (in shares)				300
Proceeds from Issuance of Preferred Stock and Preference Stock \| $				$ 300,000
Capital Units Tranche One [Member] \| Capital Units [Member]
Stock Issued During Period, Shares, New Issues (in shares)			2,310,000
Number of Common Stock Securities Called by Each Unit (in shares)			1
Capital Units Tranche One [Member] \| Unit Warrant [Member] \| Capital Units [Member]
Number of Warrants Called by Each Unit (in shares)			1
Capital Units Tranche Two [Member] \| Capital Units [Member]
Stock Issued During Period, Shares, New Issues (in shares)			250,000
Capital Units Tranche Two [Member] \| Unit Warrant [Member] \| Capital Units [Member]
Number of Warrants Called by Each Unit (in shares)			1
Capital Units Tranche Two [Member] \| Pre-Funded Warrants [Member] \| Capital Units [Member]
Number of Warrants Called by Each Unit (in shares)			1
Units Including Pre-Funded Warrants [Member] \| Capital Units [Member]
Shares Issued, Price Per Share (in dollars per share) \| $ / shares			$ 4.99

XML 43 R32.htm IDEA: XBRL DOCUMENT

Note 10 - Stockholders' Equity - Preferred Stock Summary (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Preferred stock, shares outstanding (in shares)	100	2,486
Preferred Stock	$ 76,095	$ 1,932,433
Series B Convertible Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	100	100
Preferred Stock	$ 76,095	$ 76,095
Series H Convertible Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	0	1,686
Preferred Stock		$ 1,156,338
Series I Convertible Preferred Stock [Member]
Preferred stock, shares outstanding (in shares)	0	700
Preferred Stock		$ 700,000

XML 44 R33.htm IDEA: XBRL DOCUMENT

Note 10 - Stockholders' Equity - Summary of Warrants (Details) - $ / shares	Sep. 30, 2020	Sep. 29, 2020	Sep. 24, 2020	Jun. 26, 2020
Number of warrants (in shares)	3,850,337
Weighted Average [Member]
Exercise price (in dollars per share)	$ 4.53
Series I Warrants [Member]
Number of warrants (in shares)	62,626
Exercise price (in dollars per share)	$ 5
June 2020 Warrants [Member]
Number of warrants (in shares)	120,000
Exercise price (in dollars per share)	$ 5	$ 5		$ 10
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years) (Year)				5 years
Pre-Funded Warrants [Member]
Number of warrants (in shares)	376,042
Exercise price (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Unit, Conversion and Management Warrants [Member]
Number of warrants (in shares)	3,163,669
Exercise price (in dollars per share)	$ 5
Representative Warrants [Member]
Number of warrants (in shares)	128,000
Exercise price (in dollars per share)	$ 5.5		$ 5.50
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years) (Year)			3 years
Outstanding Warrants Excluding Pre-Funded Warrants [Member] \| Weighted Average [Member]
Weighted-Average Remaining Life (excluding Pre-Funded Warrants)(in years) (Year)	4 years 328 days

XML 45 R34.htm IDEA: XBRL DOCUMENT

Note 11 - Income Taxes (Details Textual) $ in Thousands	9 Months Ended
Note 11 - Income Taxes (Details Textual) $ in Thousands	Sep. 30, 2020 USD ($)
Income Taxes Paid	$ 0

XML 46 R35.htm IDEA: XBRL DOCUMENT

Note 12 - Grants and Collaboration Revenue (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenue from Contract with Customer, Including Assessed Tax	$ 415,458	$ 333,209	$ 1,572,037	$ 907,382
Unused Grant Funds	417,121		417,121
NIH Grants [Member]
Revenue from Contract with Customer, Including Assessed Tax	231,330	214,765	1,186,844	754,022
Research Agreements [Member]
Revenue from Contract with Customer, Including Assessed Tax	$ 184,127	$ 118,444	$ 385,193	$ 153,360

- Definition

Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-Section 50
-Paragraph 5
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130545-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 32
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 30
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
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-Paragraph 22
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
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-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
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-Section S99
-Paragraph 1
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

XML 47 R36.htm IDEA: XBRL DOCUMENT

Note 13 - Subsequent Events (Details Textual) - USD ($)	1 Months Ended	3 Months Ended	9 Months Ended
Note 13 - Subsequent Events (Details Textual) - USD ($)	Oct. 31, 2020	Sep. 30, 2020	Sep. 30, 2020
Stock Issued During Period, Shares, Warrants Exercised (in shares)			36,902
Stock Issued During Period, Value, Warrants Exercised
Stock Issued During Period, Value, New Issues		$ 11,158,496
Subsequent Event [Member]
Stock Issued During Period, Value, Warrants Exercised	$ 250,000
Stock Issued During Period, Value, New Issues	$ 2,500
Subsequent Event [Member] \| Pre-Funded Warrants [Member]
Stock Issued During Period, Shares, Warrants Exercised (in shares)	250,000

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