Business
Cardax Reports Q1 2020 Results
Cardax Reports Q1 2020 Results.
About this update from Cardax Inc
[{"type":"text","content":"\n\n\n\nCardax Reports Q1 2020 Results\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prnsbls{\nBORDER-LEFT:black 1pt solid\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n.prnsbbs{\nBORDER-BOTTOM:black 1pt solid\n}\n.prnvab{\nVERTICAL-ALIGN: BOTTOM\n}\n.prnrbrs{\nBORDER-RIGHT:black 1pt solid\n}\n.prnpl6{\nPADDING-LEFT:0.50em\n}\n.prnsbts{\nBORDER-TOP:black 1pt solid\n}\n.prnpr6{\nPADDING-RIGHT:0.50em\n}\n.prntblns{\nBORDER-TOP: 1pt; BORDER-RIGHT: 1pt; BORDER-COLLAPSE: collapse; BORDER-BOTTOM: 1pt; BORDER-LEFT: 1pt\n}\n\n\n\n\n\n\nCardax Reports Q1 2020 Results\nPR Newswire\nHONOLULU, May 15, 2020\n\n\n\nHONOLULU, May 15, 2020 /PRNewswire/ -- Cardax, Inc. (OTCQB:CDXI) reported its Q1 2020 results. Highlights:\nFinancial Results. Net losses from the same quarter last year decreased 11.7%, from $1,135,420 in Q1 2019 to $1,002,868 in Q1 2020, primarily attributed to a decrease in selling, general, and administration expenses (\"SG&A\"). The Company raised $770,000 through the issuance of convertible notes in Q1 2020, $150,000 of which was used to pay off a convertible note due in March 2020, with the balance used for general working capital. \nIn April 2020, the Company received a $211,300 forgivable loan through the Small Business Administration's Paycheck Protection Program under the CARES Act, which is being used primarily to support employee salaries, consistent with the focus of the legislation. As a small business impacted by COVID-19, the economic relief provided under this program has been vital to retaining the Company's valuable employees.\nIn May 2020, the Company raised $460,000 through the issuance of a convertible note, $250,000 of which was used to pay off an outstanding convertible note, with the balance used for general working capital.\nZanthoSyn® Sales. Cardax net revenues from ZanthoSyn®, the Company's astaxanthin dietary supplement, decreased modestly to $142,813 in Q1 2020 from $164,972 in Q1 2019, driven primarily by COVID-19 related impacts on the Company's largest customer, General Nutrition Corporation (\"GNC\"). Sell-through decreased in Q1 202...