TRxADE HEALTH, INC. Files 10-K for Fiscal Year Ended December 31, 2023

TL;DR

<b>TRxADE HEALTH, INC. filed its 2023 10-K report, detailing financial performance and corporate history.</b>

AI Summary

TRxADE HEALTH, INC (SCNX) filed a Annual Report (10-K) with the SEC on April 22, 2024. TRxADE HEALTH, INC. filed its annual 10-K report for the fiscal year ending December 31, 2023. The company's principal business address is 2420 BRUNELLO TRACE, LUTZ, FL 33558. TRxADE HEALTH, INC. was formerly known as TRXADE GROUP, INC., XCELLINK INTERNATIONAL INC., and Bluebird Exploration Co. The filing includes financial data for the fiscal years ending December 31, 2023, 2022, and 2021. The company is involved in wholesale trade of drugs, proprietaries, and druggists' sundries (SIC code 5122).

Why It Matters

For investors and stakeholders tracking TRxADE HEALTH, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of TRxADE HEALTH's financial position and operational activities for the fiscal year 2023, crucial for investors to assess the company's performance and outlook. Understanding the company's historical name changes and its industry classification (wholesale drugs) helps contextualize its business evolution and market position.

Risk Assessment

Risk Level: medium — TRxADE HEALTH, INC shows moderate risk based on this filing. The company has a history of name changes and operates in the wholesale drug sector, which can be subject to regulatory scrutiny and market volatility.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand the company's current financial health and future prospects.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-04-22 — Filing Date (Filed as of Date)
• 001-39199 — SEC File Number (SEC File Number)
• 0001382574 — Central Index Key (Central Index Key)

Key Players & Entities

• TRxADE HEALTH, INC. (company) — Filer name
• TRXADE GROUP, INC. (company) — Former company name
• XCELLINK INTERNATIONAL INC. (company) — Former company name
• Bluebird Exploration Co. (company) — Former company name
• 2420 BRUNELLO TRACE, LUTZ, FL 33558 (address) — Business address
• 5122 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-04-22: Filing Date — Date the 10-K was officially filed with the SEC

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the official annual financial and business overview for TRxADE HEALTH.)

SIC Code 5122

Standard Industrial Classification code for Wholesale - Drugs, Proprietaries & Druggists' Sundries. (Indicates TRxADE HEALTH's primary business sector.)

Key Financial Figures

• $0.00001 — nge on which registered Common Stock, $0.00001 Par Value Per Share MEDS The NASDAQ

Filing Documents

• form10-k.htm (10-K) — 1977KB
• ex19-1.htm (EX-19.1) — 6KB
• ex21-1.htm (EX-21.1) — 3KB
• ex23-1.htm (EX-23.1) — 3KB
• ex23-2.htm (EX-23.2) — 3KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 4KB
• ex32-2.htm (EX-32.2) — 4KB
• ex19-1_001.jpg (GRAPHIC) — 365KB
• ex19-1_002.jpg (GRAPHIC) — 397KB
• ex19-1_003.jpg (GRAPHIC) — 402KB
• ex19-1_004.jpg (GRAPHIC) — 359KB
• ex19-1_005.jpg (GRAPHIC) — 461KB
• ex19-1_006.jpg (GRAPHIC) — 430KB
• ex19-1_007.jpg (GRAPHIC) — 26KB
• ex19-1_008.jpg (GRAPHIC) — 109KB
• 0001493152-24-015595.txt (&nbsp;) — 12549KB
• meds-20231231.xsd (EX-101.SCH) — 79KB
• meds-20231231_cal.xml (EX-101.CAL) — 96KB
• meds-20231231_def.xml (EX-101.DEF) — 301KB
• meds-20231231_lab.xml (EX-101.LAB) — 628KB
• meds-20231231_pre.xml (EX-101.PRE) — 469KB
• form10-k_htm.xml (XML) — 1222KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 44 Item 1C. Cybersecurity 44 Item 2.

Properties

Properties 44 Item 3.

Legal Proceedings

Legal Proceedings 45 Item 4. Mine Safety Disclosures 45 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 45 Item 6. [Reserved] 46 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 46 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 53 Item 8.

Financial Statements and Supplemental Data

Financial Statements and Supplemental Data 54 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other Information 83 Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 83 PART III Item 10. Directors, Executive Officers and Corporate Governance 84 Item 11.

Executive Compensation

Executive Compensation 84 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 84 Item 13. Certain Relationships and Related Transactions, and Director Independence 84 Item 14. Principal Accountant Fees and Services 84 PART IV Item 15. Exhibits, Financial Statements and Schedules 85 Item 16. Form 10–K Summary 87

Signatures

Signatures 88 2 \ GLOSSARY The following are abbreviations and definitions of certain terms used in this Report, which are commonly used in the pharmaceutical industry: " ACA " means the Patient Protection and Affordable Care Act, often shortened to the Affordable Care Act, nicknamed Obamacare, which is a U.S. federal statute which provides numerous rights and protections that make health coverage fairer and easier to understand, along with subsidies (through " premium tax credits " and " cost-sharing reductions ") to make it more affordable. The law also expands the Medicaid program to cover more people with low incomes. " ADR " means Authorized Distributor of Record. Under current federal law, an ADR means a distributor with whom a manufacturer has established an ongoing relationship to distribute such manufacturer's products. " CMS " means the Centers for Medicare & Medicaid Services, which is a federal agency within the HHS that administers the Medicare program and works in partnership with state governments to administer Medicaid. " CSA " means the Controlled Substances Act, the statute establishing federal U.S. drug policy under which the manufacture, importation, possession, use, and distribution of certain substances is regulated. " DEA " means the Drug Enforcement Administration, a United States federal law enforcement agency under the United States Department of Justice, tasked with combating drug trafficking and distribution within the United States. " DQSA " means the Drug Quality and Security Act which is a law that amended the FFDCA to grant the FDA more authority to regulate and monitor the manufacturing of compounded drugs. " FDA " means U.S. The Food and Drug Administration, which is a federal agency of the United States Department of Health and Human Services. The FDA is responsible for protecting the public health by ensuring the safety, efficacy, and security of human and veterinary drugs, biological products, and medical d

Risk Factors" in this Annual Report

Item 1A. Risk Factors" in this Annual Report. Although we believe that the assumptions on which these forward-looking statements are based are reasonable, any of those assumptions could prove to be inaccurate, and as a result, the forward-looking statements based on those assumptions also could be inaccurate. In light of these and other uncertainties, the inclusion of a projection or forward-looking statements in this Annual Report should not be regarded as a representation by us that our plans and objectives will be achieved. We have based the forward-looking statements included in this Annual Report on information available to us on the date of this Annual Report, and we assume no obligation to update any such forward-looking statements. Although we undertake no obligation to revise or update any forward-looking statements in this Annual Report, whether as a result of new information, future events or otherwise, you are advised to consult any additional disclosures that we may make directly to you or through reports that we may file in the future with the Securities and Exchange Commission (the "SEC"), including Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. 6 PART I ITEM 1.

BUSINESS

BUSINESS INTRODUCTION This information included in this Annual Report on Form 10-K should be read in conjunction with the consolidated financial statements and related notes in " Item 8. Financial Statements and Supplemental Data " of this Report. Please see the " Glossary " above for a list of abbreviations and definitions used throughout this Report. Our logo and some of our trademarks and tradenames are used in this Report. This Report may also include trademarks, tradenames and service marks that are the property of others. Solely for convenience, trademarks, tradenames and service marks referred to in this Report may appear without the , and SM symbols. References to our trademarks, tradenames and service marks are not intended to indicate in any way that we will not assert to the fullest extent under applicable law our rights or the rights of the applicable licensors if any, nor that respective owners to other intellectual property rights will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend the use or display of other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies. The market data and certain other statistical information used throughout this Report are based on independent industry publications, reports by market research firms or other independent sources that we believe to be reliable sources. Industry publications and third-party research, surveys and studies generally indicate that their information has been obtained from sources believed to be reliable, although they do not guarantee the accuracy or completeness of such information. We are responsible for all of the disclosures contained in this Report, and we believe these industry publications and third-party research, surveys and studies are reliable. While we are not aware of any misstatements regarding any third-party information presented in this Report, their es

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View this 10-K filing on SEC EDGAR