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By Annette Thatcher
Dec 03, 2014

ChromaDex, Corp. (CDXC) Takes Up Quite The Workload

ChromaDex, Corp. (CDXC) has seemingly been very busy lately. The company made a number of announcements on its ongoing ventures over the time span of 24 hours. Yesterday, CDXC announced licensing exclusive worldwide patent rights from the University of Mississippi for microalgae immunostimulatory extract technology. The licenses were issued under U.S. patent numbers 7,205,284 and 7,846,452.ChromaDex, Corp. stock chart

Earlier today, ChromaDex issued an 8-K, disclosing that on November 26 it had received a notice of conversion, pursuant to which CDXC assigned 108,676 series I preferred shares of NutriSci International, Inc. to Alpha Capital Anstalt and 10,868 series I preferred shares to Palladium Capital Advisors, LLC. The company also reported that on the same date it had elected to convert its remaining 551,114 series I preferred shares into 2,204,456 class A common shares of NutriSci International, Inc. and sell the entire amount to Emprise Capital, Corp. for a purchase price of $749,514.

A few hours ago, CDXC issued a press release, announcing it had received an approximate $750 thousand cash payment from the sale of its BluScience™ consumer product line which was made back in March 2013. This further changes the company's financial standings, which were the following according to the latest 10-Q for the quarter ended September 27, 2014:

  • Cash: $1.2 million
  • Total current assets: $6.3 million
  • Total current liabilities: $3.5 million
  • Revenues: $4.1 million
  • Net loss: $659.6 million

ChromaDex has a good asset base to operate with. The company has done well in its sales, making for a solid amount of proceeds. Though the financial results have been better than in previous periods, CDXC is still at a net loss. To add to the financial picture, the company recently secured a $5 million term loan from Hercules Technology II, L.P., which was addressed in ChromaDex's latest press release by company CEO Frank Jaksch, Jr. in regards to the venture's financial disposition.

CDXCCDXC has been granting compensations in the form of equity in recent months. As of September 27, the company had 8,822,108 exercisable stock options, 1.59 million restricted stock awards expected to vest as of the same date, and $388 thousand in compensation expense in the last quarter.

As there have been a number of updates on CDXC as of late, it remains to be seen whether the interest in the company will increase. Until there are results from ChromaDex's efforts, investors should do their due diligence on the company before making an investment in its shares.

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