Business
Cardax Reports Q1 2021 Results
Cardax Reports Q1 2021 Results.
About this update from Cardax Inc
[{"type":"text","content":"\n\n\n\nCardax Reports Q1 2021 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 2021 Results\n- Operating loss decreased vs. Q1 2020\n- Net loss increased vs. Q1 2020\n- ZanthoSyn® revenues decreased vs. Q1 2020\n- Company pursuing multiple funding opportunities\nPR Newswire\nHONOLULU, May 14, 2021\n\n\n\nHONOLULU, May 14, 2021 /PRNewswire/ -- Cardax, Inc. (OTCQB:CDXI) reported its Q1 2021 results. Highlights:\nFinancial Results. Operating loss decreased from $906,031 in Q1 2020 to $771,312 in Q1 2021 primarily due to reduced salaries & wages, professional fees, stock based compensation, and selling, general, & administrative expenses. Other expenses increased from $96,837 in Q1 2020 to $610,806 in Q1 2021, primarily due to a non-cash reduction in the gain from modification of debt instruments and a non-cash change in the fair value of the derivative liability. Net loss increased from $1,002,868 in Q1 2020 to $1,382,118 in Q1 2021.\nZanthoSyn® Sales. Cardax net revenues from ZanthoSyn®, the Company's astaxanthin dietary supplement, decreased from $142,813 in Q1 2020 to $104,574 in Q1 2021, resulting primarily from reduced orders by the Company's largest customer, General Nutrition Corporation (\"GNC\"). The Company believes the reduction in orders as well as decrease in sell-through at GNC stores was driven primarily by COVID-19 related impacts on GNC store sales and the reduced store count resulting from GNC's reorganization in 2020.\nFunding Activities. Cardax raised $661,359 in Q1 2021, primarily through notes and convertible notes, compared to $770,000 in Q1 2020. The proceeds were used fo...