Cardaxn has announced the company’s Q1 2020 financial results ended on March 31, 2020. The company has recorded a net loss of $1,135,420 in Q1 2019 to $1,002,868 in the financial results of Q1 2020. The company has secured $770,000 through the issuance of convertible notes in Q1 2020 ended on March 31, 2020. The company has used $150,000 to pay off a convertible note due in March 2020 for general working capital.
The company has secured the $211,300 formidable loan from the Small Business Administration’s Paycheck Protection Program under the state-passed CARES Act. The company has primarily used the amount to support urgent financial businesses, including the salary of its employees. The economic aid it secured under the CARES act proved to be vital to retain company’s operations.
The company has further predicted that all its company’s operations, including the expenses, revenues and any other private or public offering, may be significantly affected in 2020 due to the ongoing Covid-19 pandemic, although the extent and magnitude of the pandemic was only in beginning and at the initial stages.
Chief Executive Officer of Cardax, David Watumull said, “First, I would like to thank our employees, contractors, advisors, and professional service providers for all of their efforts during these difficult times. They have made an efficient and productive transition to our virtual work environment. Their perseverance and commitment are allowing us to pursue important opportunities to advance our business strategy, including our pharmaceutical development program.”
“In addition, on the consumer side of the business, we were pleased to continue as GNC’s top product in Hawaii and top anti-oxidant product nationwide. We are also exploring new channels opening up as a result of sales and distribution disruptions related to COVID-19,” Company’s CEO David Watumull further added in his statement.