FORM 4
[ ] Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

PAULSON CAPITAL (DELAWARE) CORP. 		2. Issuer Name and Ticker or Trading Symbol

CARDAX, INC. [ CDXI ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

_____ Director                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

1331 NW LOVEJOY STREET, SUITE 720 		3. Date of Earliest Transaction (MM/DD/YYYY)

2/7/2014
(Street)

PORTLAND, OR 97209
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
6. Individual or Joint/Group Filing (Check Applicable Line)

___ Form filed by One Reporting Person
_ X _ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock   2/24/2014     P    500000   A $0.20   1300000   I   By Paulson Investment Company, Inc.   (1)
Common Stock                  3872434   I   By Paulson Cardax Investments 1, LLC   (2)

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. Code
(Instr. 8) 		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		6. Date Exercisable and Expiration Date 7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4) 		8. Price of Derivative Security
(Instr. 5) 		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (right to buy)   $0.625   2/7/2014     J   (3)    1068477       2/7/2014   2/7/2019   Common Stock   1068477   $0   1068477   I   By Paulson Investment Company, Inc.   (1)
Warrants (right to buy)   $0.6250                    2/7/2014   2/7/2019   Common Stock   3872434     3872434   I   By Paulson Cardax Investments 1, LLC   (2)

Explanation of Responses:
( 1)  Paulson Investment Company, Inc. is a majority owned subsidiary of Paulson Capital (Delaware) Corp. Chester L.F. and Jacqueline M. Paulson (together the "Paulsons") are the managing partners of the Paulson Family LLC, which may be deemed to control Paulson Capital (Delaware) Corp. The Paulsons and Paulson Capital (Delaware) Corp. may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act) the shares and warrants owned directly by Paulson Investment Company, Inc. The Paulsons and Paulson Capital (Delaware) Corp. disclaim beneficial ownership of such shares except to the extent of their pecuniary interest therein.
( 2)  Paulson Investment Company, Inc. is the managing member of Paulson Cardax Investments 1, LLC and holds voting and investment control over the shares and warrants held by Paulson Cardax Investments 1, LLC. Paulson Investment Company, Inc. is a majority owned subsidiary of Paulson Capital (Delaware) Corp. The Paulsons are the managing partners of the Paulson Family LLC, which may be deemed to control Paulson Capital (Delaware) Corp. The Paulsons, Paulson Capital (Delaware) Corp. and Paulson Investment Company, Inc. may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act) the shares and warrants owned directly by Paulson Cardax Investments 1, LLC. The Paulsons and Paulson Capital (Delaware) Corp. disclaim beneficial ownership of such shares and warrants except to the extent of their pecuniary interest therein.
( 3)  Warrants acquired in connection with Paulson Investment Company, Inc.'s services as a sub-placement agent for a private placement of the issuer's securities.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
PAULSON CAPITAL (DELAWARE) CORP.
1331 NW LOVEJOY STREET, SUITE 720
PORTLAND, OR 97209
X

PAULSON INVESTMENT COMPANY, INC.
1331 NW LOVEJOY STREET, SUITE 720
PORTLAND, OR 97209
X

Paulson Cardax Investments 1 LLC
1331 NW LOVEJOY STREET, SUITE 720
PORTLAND, OR 97209
X


Signatures
/s/ Paulson Capital (Delaware) Corp. 5/9/2014
** Signature of Reporting Person Date

/s/ Paulson Investment Company, Inc. 5/9/2014
** Signature of Reporting Person Date

/s/ Paulson Cardax Investments 1, LLC 5/9/2014
** Signature of Reporting Person Date


Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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