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NEW YORK, Nov. 13, 2020 /PRNewswire/ — Color Star Technology Co., Ltd. (Nasdaq CM: CSCW) (the “Company”, or “Color Star”), an entertainment and education company that provides online entertainment performances and online music education services, today announced its audited financial results and the filing of its Annual Report on Form 20-F with the Securities and Exchanges Commission for the fiscal year ended June 30, 2020. A copy of the Annual Report is available at www.sec.gov. 

“Today’s announcement marks the filing of our Annual Report for the first time since we disposed the ready-mix concrete business and started to reposition the Company as a global, online+offline entertainment and paid knowledge sharing company. Looking ahead, with a continuously growing registered user base which now tops 500,000 and the combination of offline music festivals and online businesses that include online education academy, online concert, and online store, we firmly believe that Color Star is well positioned to succeed in years to come,”  commented Biao (Luke) Lu, Chairman and Chief Executive Officer of Color Star. 

Fiscal Year 2020 Financial Highlights

Financial Conditions

As of June 30, 2020, the Company had cash, cash equivalents of $0.99 million, compared to $0.32 million as of June 30, 2019. Other receivables were $1.00 million as of June 30, 2020, compared to $2,300 as of June 30, 2019. Prepayment and advances were $1.17 million as of June 30, 2020, compared to $25,000 as of June 30, 2019. Working capital was $2.63 million as of June 30, 2020, compared to working capital deficit of $1.14 million as of June 30, 2019.

Net cash used in operating activities was $2.54 million for fiscal year 2020, compared to $1.08 million for fiscal year 2019. Net cash used in investing activities was $1.39 million for fiscal year 2020, compared to $0.14 million for fiscal year 2019. Net cash provided by financing activities was $4.80 million for fiscal year 2020, compared to $0.52 million for fiscal year 2019. 

Recent Developments

On October 30, 2020, the Company announced that it had secured the naming rights for the Wu Muye Piano World Tour, under the name “Color World – Wu Muye Piano World Tour”.

On October 25, 2020, the Company officially added online “Star Mall” feature to its Color World App.

On October 16, 2020, the Company announced that it will kick off its “Color World”-branded Music Festival Series in mainland China.

On October 9, 2020, the Company announced the launch of a series of interactive live events featuring its growing band of Star Teachers.

On October 6, 2020, the Company announced that it had signed separate cooperation agreements with three renowned South Korean musicians.

On October 1, 2020, the Company announced that its ordinary shares would commence trading on the NASDAQ Capital Market under the new ticker symbol “CSCW”.

On September 28, 2020, the Company announced adding online store feature to its Color World App.

On September 25, 2020, the Company announced upgrading its Color World App with interactive live video streaming feature.

On September 23, 2020, the Company announced that it entered into a memorandum of understanding on September 21, 2020 with FENT Co. Ltd., a South Korean K-pop entertainment and artist agency service company, to acquire 100 percent equity interest in FENT.

On September 16, 2020, the Company announced that it had entered into a securities purchase agreement on September 15, 2020 with certain accredited investors to purchase $6.6 million of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

On September 14, 2020, the Company announced the debut of the Color World App.

On September 9, 2020, the Company announced the lineup of its “Fearless, Color World” cloud concert.

On September 4, 2020, the Company announced entry into strategic agreement with China-Korea Culture and Art Exchange Association, expanding its online star education services internationally.

August 28, 2020, the Company announced collaboration with Red Phoenix Entertainment to strategically expand into sports education.

On August 25, 2020, the Company announced cooperation with the Romanian Chamber of Commerce and Industry, expanding its online star education services.

On August 21, 2020, the Company announced press conference to be held in Beijing on September 2, 202 for Color World App

On August 19, 2020, the Company announced that it reached a long-term strategic agreement with Thailand’s “Sing Sian Yer Pao Daily News”.

On August 17, 2020, the Company announced that its online star education mobile application platform “Color Star” had successfully completed its testing phase and many international celebrities had joined the platform in advance to create an all-star lineup of entertainment education network.

On August 14, 2020, the Company announced that Hung-Jen Kuo had been named to its Board of Directors.

On August 10, 2020, the Company received a letter from Nasdaq notifying the Company that it had regained compliance with Nasdaq Listing Rules 5550(a)(2), as the Company maintained a closing bid price of $1.00 per share or greater for twenty (20) consecutive days from July 13 through August 7, 2020.

On August 10, 2020, the Company announced that Na Ying joined the Company’s “Fearless, Color World” online concert.

On August 7, 2020, the Company announced that American rapper, singer, songwriter and actor Machine Gun Kelly joined the Company’s “Fearless, Color World” online concert.

On August 5, 2020, the Company announced multi-platinum selling, Grammy and Golden Globe nominated recording artist Wiz Khalifa joined the Company’s “Fearless, Color World” online concert.

On August 4, 2020, the Company announced that Syncopated Ladies, the team of Emmy nominated choreographer and international tap star Chloé Arnold joined the Company’s “Fearless, Color World” online concert as the latest guest and opening dancers.

On August 3, 2020, the Company announced the launch of its official website.

On July 30, 2020, the Company announced that the famous Japanese idol Ryuta Hayashi joined the Company’s “Fearless, Color World” online concert.

On July 28, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Cooperation Agreement with a famous Chinese singer Win (Wei Xun) and an international musician Mike Mclaughlin to serve as Star Teachers on the Company’s online education platform Color World.

On July 27, 2020, the Company announced that the famous Grammy Award Winning American singer Ashanti joined the Company’s “Fearless, Color World” online concert.

On July 24, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Cooperation Framework Agreement with Hong Kong’s renowned tourbillon watch brand Memorigin to jointly design, produce and sell customized watches.

On July 23, 2020, the Company announced its wholly-owned subsidiary Color China Entertainment Limited had entered into cooperation agreements with Xiuzhu Chen, a renowned Asian music producer, and Bowan Wang, a renowned Asian dancer to serve as Star Teachers on the Company’s online education platform Color World.

On July 20, 2020, the Company announced it had entered into a securities purchase agreement with certain accredited investors to purchase approximately $4.2 million worth of its ordinary shares in a registered direct offering and warrants to purchase ordinary shares in a concurrent private placement.

On July 17, 2020, the Company announced the resignation of Yang (Sean) Liu as CEO and chairman of the board of directors and the appointment of Mr. Biao (Luke) Lu as his successor.

On July 17, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had entered into a cooperation agreement with Shenzhen Yuren Production Culture Media Co., Ltd. , through which renowned music producers Nianhe Li and Peirong Qiu, and music instructor Muheng Shen serving as Star Teachers on the Company’s online education platform Color World.

On July 15, 2020, the Company announced its “Fearless, Color World” online concert to hold on September 9, 2020.

On July 9, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Framework Agreement with Moremoon Cartoon Cultural Diffusion (Shenzhen) Co., Ltd. to release multiple series of Moremoon products on the Company’s Color World platform.

On July 7, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a cooperation agreement with a renowned American musician, Larry Carlton to serve as a Star Teacher on the Company’s online education platform Color World.

On July 2, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had just signed a cooperation agreement with a renowned guitarist, Zhengyan You (a.k.a. Masa) to serve as a Star Teacher on the Company’s online education platform Color World.

On July 1, 2020, the Company announced that its wholly owned subsidiary, Color China Entertainment Limited had signed a Broadcast and Educational Licensing Agreement with the famous American director Bobby Roth.

About Color Star Technology

Color Star Technology Co, Ltd. (Nasdaq CM: CSCW) is an entertainment and education company that provides online entertainment performances and online music education services. Its business operations are conducted through its wholly-owned subsidiaries Color China Entertainment Ltd. and CACM Group NY, Inc. The Company’s online education is provided through its Color World music and entertainment education platform. More information about the Company can be found at www.colorstarinternational.com.

Forward-Looking Statement

This press release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements that are other than statements of historical facts. When the Company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions that do not relate solely to historical matters, it is making forward-looking statements.  Forward-looking statements are not guarantee of future performance and involve risks and uncertainties that may cause the actual results to differ materially from the Company’s expectations discussed in the forward-looking statements. These statements are subject to uncertainties and risks including, but not limited to, the following:  the Company’s goals and strategies; the Company’s future business development; product and service demand and acceptance; changes in technology; economic conditions; the growth of the educational and training services market in China and other countries where CSCW conducts its business; reputation and brand; the impact of competition and pricing; government regulations; fluctuations in general economic and business conditions and assumptions underlying or related to any of the foregoing and other risks contained in reports filed by the Company with the Securities and Exchange Commission.  For these reasons, among others, investors are cautioned not to place undue reliance upon any forward-looking statements in this press release. Additional factors are discussed in the Company’s filings with the U.S. Securities and Exchange Commission, which are available for review at www.sec.gov. The Company undertakes no obligation to publicly revise these forward–looking statements to reflect events or circumstances that arise after the date hereof unless required by applicable laws, regulations or rules.

For more information, please contact:

Sherry Zheng

Weitian Group LLC 
Email: [email protected]
Phone: +1-718-213-7386

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SOURCE Color Star Technology Co., Ltd.

MOORESVILLE, N.C., Nov. 13, 2020 /PRNewswire/ — The Board of Directors for Lowe’s Companies, Inc. (NYSE: LOW) has declared a quarterly cash dividend of sixty cents($0.60) per share, payable February 3, 2021, to shareholders of record as of January 20, 2021.

Lowe’s Companies, Inc. (NYSE: LOW) is a FORTUNE® 50 home improvement company serving approximately 18 million customers a week in the United States and Canada. With fiscal year 2019 sales of $72.1 billion, Lowe’s and its related businesses operate or service more than 2,200 home improvement and hardware stores and employ approximately 300,000 associates.  Based in Mooresville, N.C., Lowe’s supports the communities it serves through programs focused on creating safe, affordable housing and helping to develop the next generation of skilled trade experts. For more information, visit Lowes.com.

LOW-IR

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SOURCE Lowe’s Companies, Inc.

BOSTON, Nov. 13, 2020 /PRNewswire/ — NeuroBo Pharmaceuticals, Inc. (Nasdaq: NRBO), a clinical-stage biotechnology company focused on developing and commercializing multimodal, disease-modifying therapies for neurodegenerative and cardiometabolic diseases, today announced financial results for the third quarter ended September 30, 2020.

“Throughout the third quarter and recent weeks, we continued to evaluate a variety of potential options for bringing the NB-01 asset to the market through a different regulatory pathway, including as an orphan drug or a rare disease indication,” stated Richard J. Kang, Ph.D., President and Chief Executive Officer of NeuroBo.

“We had continued work on preparing an Investigational New Drug (IND) application for submission to the U.S. Food and Drug Administration (FDA) for NB-02, our multi-component drug compound that, in pre-clinical models, has shown to impact multiple pathways involved in neurodegenerative disease.  Given the global resurgence of COVID-19, we have postponed continued work on the IND and the first human clinical trials for NB-02 until global health and macroeconomic conditions improve, with a view toward commencing clinical trial activity in the second half of 2021.

“We are also evaluating a number of potential opportunities that complement our multi-modal drug platforms.  Our development activity is mindful of conserving financial resources.  Toward that end, we believe we have the resources to fund our operations into the third quarter of 2021,” concluded Dr. Kang.

Third Quarter Financial and Operating Results Highlights

Upon the merger between Gemphire Therapeutics, Inc. and NeuroBo Pharmaceuticals, Inc. at year-end 2019, the formerly private NeuroBo was considered the accounting acquirer. In accordance with generally accepted accounting principles, the historical financial statements of private company, NeuroBo, are considered the financial statements of the combined company, with the merger accounted for as an acquisition of the Gemcabene family of related assets on December 30, 2019. The following highlights, therefore, represent the combined operations of both companies for the quarter ended September 30, 2020 and the operations of NeuroBo as a private company for the comparable quarter ended September 30, 2019.

• Research and Development (R&D) Expenses were $1.3 million for the three months ended September 30, 2020, compared to $1.2 million for the three months ended September 30, 2019. The $0.1 million increase in the third quarter of 2020 was primarily attributed to CRO termination costs of $0.6 million, offset in part by the reduction in clinical trial activity of $0.3 million, given the determination in March 2020 to postpone Phase 3 clinical trials of NB-01. R&D expenses during the three months ended September 30, 2020 and 2019 included stock-based compensation of zero and $60,000, respectively.
• General and Administrative Expenses were $1.8 million for the three months ended September 30, 2020, compared with $2.5 million for the three months ended September 30, 2019. The decrease of $0.7 million was primarily due to the reduction in transaction related costs that occurred during the third quarter of 2019 associated with legal, accounting and other consulting support of $1.6 million, offset by cost increases in the current quarter of $0.9 million related largely to director and officer insurance premiums of $0.4 million, public company related costs of $0.2 million, stock based compensation costs of $0.2 million, and payroll related costs of $0.1 million. Stock-based compensation costs during the three-month periods ended September 30, 2020 and 2019 were $0.2 million and a credit of $(6,000), respectively.
• Net Loss for the third quarter ended September 30, 2020 was approximately $3.1 million, or $0.19 per basic and diluted share, based on 16,427,307 weighted average common shares outstanding, compared with a net loss of approximately $3.6 million, or $0.70 per basic and diluted share, based on 5,166,812 weighted average common shares outstanding for the same period in 2019.
• Cash and Cash Equivalents were $12.4 million as of September 30, 2020, compared with $13.9 million at December 31, 2019. The Company expects that its cash position will be adequate to fund operations into the third quarter of 2021.

About NeuroBo Pharmaceuticals
NeuroBo Pharmaceuticals, Inc. has a current portfolio of three drug candidates. The company’s NB-01 candidate has been shown in a Phase 2 study to significantly reduce pain symptoms associated with painful diabetic neuropathy (PDN), with a superior safety profile when compared to currently available treatments. Due to global COVID-19 crisis, a planned Phase 3 study was postponed. In the interim, NeuroBo is exploring a potential orphan drug indication targeting chronic pain for NB-01. NeuroBo’s NB-02 drug candidate is focused on the treatment of Alzheimer’s disease and neurodegenerative diseases associated with the pathological dysfunction of tau proteins in the brain. The company’s third program, Gemcabene, was developed for the treatment of dyslipidemia, a serious medical condition that increases the risk of life-threatening cardiovascular disease.

NeuroBo Pharmaceuticals was jointly founded by Dr. Roy Freeman, professor of neurology at Harvard Medical School and renowned expert in neuropathic pain, and JK BioPharma Solutions, a biotechnology consulting company, to commercialize natural product-based research into ethical medicines. In December 2019, NeuroBo merged with Gemphire Therapeutics and through such merger, became listed on the Nasdaq Stock Market and added the Gemcabene family of related assets to its portfolio. For more information visit: https://www.neurobopharma.com.

Forward Looking Statements
Any statements in this press release that are not statements of historical fact constitute forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements regarding the development of NeuroBo’s product candidates and the therapeutic potential, timing and nature of clinical trials and potential regulatory approval of NeuroBo’s clinical programs and pipeline. Forward-looking statements are usually identified by the use of words, such as “believes,” “anticipates,” “expects,” “intends,” “plans,” “may,” “potential,” “will,” “could” and similar expressions. Actual results may differ materially from those indicated by forward-looking statements as a result of various important factors and risks. These factors, risks and uncertainties include, but are not limited to: the occurrence of health epidemics or contagious diseases, such as COVID-19, and potential effects on NeuroBo’s business, clinical trial sites, supply chain and manufacturing facilities; NeuroBo’s ability to continue as a going concern; the timing of completion of NeuroBo’s planned clinical trials; the timing of the availability of data from NeuroBo’s clinical trials; NeuroBo’s plans to research, develop and commercialize its current and future product candidates, including the potential alternative pathways for NB-01; the economic feasibility of developing NB-01 under an alternative pathway including pursuant to the terms of NeuroBo’s exclusive license agreement with Dong-A ST; NeuroBo’s ability to successfully collaborate with existing collaborators or enter into new collaborations and to fulfill its obligations under any such collaboration agreements; the clinical utility, potential benefits and market acceptance of NeuroBo’s product candidates; the impact of government laws and regulations; NeuroBo’s ability to protect its intellectual property position; and NeuroBo’s need for additional financing to fulfill its stated goals; and other factors discussed in the “Risk Factors” section of NeuroBo’s Annual Report on Form 10-K and in our other filings with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent NeuroBo’s views as of the date hereof. NeuroBo anticipates that subsequent events and developments will cause its views to change. However, while NeuroBo may elect to update these forward-looking statements at some point in the future, NeuroBo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing NeuroBo’s views as of any date subsequent to the date hereof.

Contacts:

Rx Communications Group

Melody Carey

+1-917-322-2571
[email protected]

– Tables to Follow –

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SOURCE NeuroBo Pharmaceuticals, Inc.

HONOLULU, Nov. 13, 2020 /PRNewswire/ — Cardax, Inc. (OTCQB:CDXI) reported its Q3 2020 results. Highlights:

Financial Results
. Operating loss decreased from $1,191,711 in Q3 2019 to $705,760 in Q3 2020, primarily due to a decrease in professional fees, research & development, salaries & wages, and selling, general, & administrative expenses. Net loss for the same three-month period decreased from $1,433,626 to $1,354,331 for the same reasons.

Operating loss decreased from $3,355,386 in the nine-months ended September 30, 2019, to $2,400,823 in the same period in 2020, also primarily due to a decrease in professional fees, research & development, salaries & wages, and selling, general, & administrative expenses. Net loss for the same nine-month period increased from $3,650,740 to $4,057,541, primarily due to amortization of non-cash discounts related to outstanding convertible notes.

ZanthoSyn^® Sales
. Cardax net revenues from ZanthoSyn^®, the Company’s astaxanthin dietary supplement, decreased from $229,142 in Q3 2019 to $66,502 in Q3 2020, and from $439,505 in the nine-months ended September 30, 2019, to $343,836 in the same period in 2020. These decreases resulted primarily from reduced orders by the Company’s largest customer, General Nutrition Corporation (“GNC”). The Company believes the reduction in orders as well as the decrease in sell-through at GNC stores was driven by GNC’s Chapter 11 bankruptcy filing in June 2020 and COVID-19 related impacts on GNC store sales.

GNC emerged from bankruptcy in October 2020 and has resumed orders of ZanthoSyn®. Cardax is also exploring additional sales channels to expand revenues.

Funding Activities
. Cardax raised $640,000 in Q3 2020 and $2,101,300 in the nine-months ended September 30, 2020, through the issuance of notes and convertible notes. The Company repaid outstanding notes in the amount of $154,228 in Q3 2020 and $554,228 in the nine-months ended September 30, 2020. The remainder of the proceeds was used for general corporate purposes.

Clinical Trial Grant Application
. At the invitation of a federal government agency, Cardax submitted a grant application in July 2020 for a proposed multi-center, randomized, double-blind, placebo-controlled human clinical trial to assess the time to recovery and other endpoints in hospitalized COVID-19 patients aged 65 and older. The proposed test agent is the same form of astaxanthin utilized in ZanthoSyn^® but would be studied at a higher dose as an investigational new drug.

The scientific rationale for testing astaxanthin in this indication is based on its potential to boost the immune system and reduce the extreme inflammatory response and oxidative stress that may lead to severe respiratory and coagulation complications in COVID-19 patients. Furthermore, astaxanthin has demonstrated excellent safety in pilot human studies and rigorous animal toxicity studies, with no evidence of immunocompromise, bleeding risk, or other clinically meaningful safety issues, even at high doses. The Company also filed a patent application in March 2020 related to this indication.

The grant application was reviewed by the agency in August 2020 and received comments and a score. In October 2020, the agency invited Cardax to submit an updated grant application based on guidance from the agency’s clinical trial advisory panel. The updated grant application is being prepared and expected to be submitted in December or January. The Company does not yet know if the grant will be funded or the timing or amount of a funding award, if any.

CHASE Study
. In March 2020, Cardax suspended recruitment of new subjects and study visits for existing subjects due to the COVID-19 pandemic and the related governmental “stay-at-home” orders. The Company expects to resume clinical trial operations when permissible and safe to proceed. The Cardiovascular Health Astaxanthin Supplement Evaluation (“CHASE”) study is a randomized, double-blind, placebo-controlled trial evaluating the cardiovascular health benefits of ZanthoSyn^® in subjects with documented cardiovascular risk factors. In a pre-specified interim look with 40 subjects, statistically significant improvements were seen in total cholesterol, LDL cholesterol, oxidized LDL cholesterol, and blood pressure, with a strong trend in reduction of the inflammatory marker, C-reactive protein, as well as triglycerides.

COVID-19 Impact
. The Company believes that its operations, including revenues and any public or private offerings, will continue to be affected by the ongoing COVID-19 pandemic, although the extent of the impact is uncertain at this time.

“Despite the accelerating COVID-19 pandemic, we continue to make progress on several fronts,” said David G. Watumull, Cardax CEO. “First, we are very pleased with the important next step in the review process for our invited COVID-19 clinical trial grant application and believe that the excellent safety profile and strong scientific rationale for astaxanthin support testing in a rigorous clinical trial.”

“In addition, GNC’s emergence from bankruptcy and the resumption of ZanthoSyn^® orders is encouraging. We also continue to pursue multiple funding opportunities to support our business,” Mr. Watumull added. “We would again like to thank our shareholders, employees, contractors, advisors, and professional service providers for their efforts during these difficult times. Their perseverance and commitment are key to advancing our business strategy.”

Please refer to the Quarterly Report on Form 10-Q filed by the Company for additional information.

About Cardax

Cardax is a development stage biopharmaceutical company primarily focused on the development of pharmaceuticals for diseases driven by inflammation. The Company also has a commercial business unit that markets ZanthoSyn^®, a physician recommended astaxanthin dietary supplement for inflammatory health.* CDX-101, the Company’s astaxanthin pharmaceutical candidate, is being developed for cardiovascular inflammation and dyslipidemia, with a target initial indication of severe hypertriglyceridemia. CDX-301, the Company’s zeaxanthin pharmaceutical candidate, is being developed for macular degeneration. CDX-101 and CDX-301 are currently in pre-clinical development, including the planning of IND enabling studies. The safety and efficacy of the Company’s pharmaceutical candidates have not been directly evaluated in clinical trials or confirmed by the FDA.

Media and Investors

Janice Kam

1-808-457-1400
[email protected]

Safe Harbor
This release may contain certain forward-looking statements regarding our prospective performance and strategies within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and are including this statement for purposes of said safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe future plans, strategies, and expectations of our company, are generally identified by use of words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “project,” “seek,” “strive,” “try,” or future or conditional verbs such as “could,” “may,” “should,” “will,” “would,” or similar expressions. Our ability to predict results or the actual effects of our plans or strategies is inherently uncertain, including without limitation the potential to be awarded any grant funding as described in this release as well as the effects that COVID-19 may have on our financing, sales, or any other aspect of our business, financial condition, or results of operations. Accordingly, actual results may differ materially from anticipated results. Some of the factors that could cause our actual results to differ from our expectations or beliefs include, without limitation, the risks discussed from time to time in our filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Except as required by applicable law or regulation, we undertake no obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.

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SOURCE Cardax, Inc.