FORM 3
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  PAULSON CAPITAL (DELAWARE) CORP.
 2. Date of Event Requiring Statement (Month/Day/Year)
02/07/2014		 3. Issuer Name and Ticker or Trading Symbol
CARDAX, INC. [CDXI]
(Last)
(First)
(Middle)
1331 NW LOVEJOY STREET, SUITE 720		 4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director __X__ 10% Owner
_____ Officer (give title below) _____ Other (specify below)
5. If Amendment, Date Original Filed(Month/Day/Year)
(Street)

PORTLAND, OR 97209		 6. Individual or Joint/Group Filing(Check Applicable Line)
___ Form filed by One Reporting Person
_X_ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security
(Instr. 4)		 2. Amount of Securities Beneficially Owned
(Instr. 4)		 3. Ownership Form: Direct (D) or Indirect (I)
(Instr. 5)		 4. Nature of Indirect Beneficial Ownership
(Instr. 5)
Common Stock 800,000
I
By Paulson Investment Company, Inc. (1)
Common Stock 3,872,434
I
By Paulson Cardax Investments 1, LLC (2)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 4)		 2. Date Exercisable and Expiration Date
(Month/Day/Year)		 3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)		 4. Conversion or Exercise Price of Derivative Security 5. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 5)		 6. Nature of Indirect Beneficial Ownership
(Instr. 5)
Date Exercisable Expiration Date Title Amount or Number of Shares
Warrants (right to buy) 02/07/2014 02/07/2019 Common Stock 3,872,434 $ 0.625 I By Paulson Cardax Investments 1, LLC (2)

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. 05/09/2014
**Signature of Reporting Person Date
/s/ Paulson Investment Company, Inc. 05/09/2014
**Signature of Reporting Person Date
/s/ Paulson Cardax Investments 1, LLC 05/09/2014
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(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).
(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 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. and may be deemed to indirectly beneficially own (as that term is defined in Rule 13d-3 under the Act) the shares owned directly by Paulson Cardax Investments 1, LLC. Paulson Capital (Delaware) Corp. and the Paulsons disclaim beneficial ownership of such shares and warrants except to the extent of their pecuniary interest therein.

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