UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Quarterly Period Ended June 30, 2023

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Transition Period from _______ to _______

Commission File Number: 001-39199

TRxADE HEALTH, INC.

(Exact name of registrant as specified in its charter)

Delaware		46-3673928
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

2420 Brunello Trace
Lutz, Florida		33558
(Address of principal executive offices)		(Zip code)

(800) 261-0281

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.00001 Par Value Per Share

MEDS

The NASDAQ Stock Market LLC

(The NASDAQ Capital Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer	☐	Accelerated filer	☐

Non-accelerated filer	☒	Smaller reporting company	☒

Emerging growth company	☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 1,247,169 shares of the registrant’s common stock outstanding on August 10, 2023 and no shares of preferred stock outstanding.

TRxADE HEALTH, INC.

FORM 10-Q

For the Quarter Ended June 30, 2023

TABLE OF CONTENTS

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS	3

PART I: FINANCIAL INFORMATION	4

ITEM 1. FINANCIAL STATEMENTS	4

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS	19

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	28

ITEM 4. CONTROLS AND PROCEDURES	28

PART II. OTHER INFORMATION	30

ITEM 1. LEGAL PROCEEDINGS	30

ITEM 1A. RISK FACTORS	30

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS	33

ITEM 3. DEFAULTS UPON SENIOR SECURITIES	33

ITEM 4. MINE SAFETY DISCLOSURES	33

ITEM 5. OTHER INFORMATION	33

ITEM 6. EXHIBITS	34

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q (“Report”), including without limitation, “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” contains forward-looking statements, within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995, regarding future events and the future results of the Company that are based on current expectations, estimates, forecasts, and projections about the industry in which the Company operates and the beliefs and assumptions of the management of the Company. Words such as “expects,” “anticipates,” “targets,” “goals,” “projects,” “intends,” “plans,” “believes,” “seeks,” “estimates,” variations of such words, and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are only predictions and are subject to risks, uncertainties and assumptions that are difficult to predict. These factors include, but are not limited to:

	●	Our limited amount of cash;
	●	The negative effect on our business and our ability to raise capital that is created by the fact that there is a substantial doubt about our ability to continue as a going concern;
	●	Risks of our operations not being profitable;
	●	Claims relating to alleged violations of intellectual property rights of others;
	●	Technical problems with our websites;
	●	Risks relating to implementing our acquisition strategies;
	●	Negative effects on our operations associated with the opioid pain medication health crisis;
	●	Regulatory and licensing requirement risks;
	●	Risks related to changes in the U.S. healthcare environment;
	●	The status of our information systems, facilities and distribution networks;
	●	Risks associated with the operations of our more established competitors;
	●	Regulatory changes;
	●	Healthcare fraud;
	●	The potential impact of some future pandemic;
	●	Inflation, rising interest rates, governmental responses thereto and possible recessions caused thereby.
	●	Changes in laws or regulations relating to our operations;
	●	Privacy laws;
	●	System errors;
	●	Dependence on current management;
	●	Our growth strategy;

● Risks related to the disruption of management’s attention from ongoing business operations due to pursuit of requirements related to being a listed company; and

● Other factors discussed in this Quarterly Report on Form 10-Q and in Part I, Item 1A. “Risk Factors” in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Form 10-K.

While forward-looking statements reflect our good faith beliefs, assumptions and expectations, they are not guarantees of future performance. The forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q. Furthermore, we disclaim any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. Moreover, because we operate in a very competitive and rapidly changing environment, new risk factors are likely to emerge from time to time. We caution investors not to place undue reliance on these forward-looking statements and urge you to carefully review the disclosures we make concerning risks in this Quarterly Report and in Part I, Item 1A. “Risk Factors” and Part II, Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K and Part II, Item 1A. “Risk Factors” in the Quarterly Report for the period ending March 31, 2023, filed with the Securities and Exchange Commission (SEC) on May 15, 2023. Readers of this Quarterly Report on Form 10-Q should also read our other periodic filings made with the SEC and other publicly filed documents for further discussion regarding such factors.

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TRxADE HEALTH, INC.

Consolidated Balance Sheets

June 30, 2023 and December 31, 2022

(Unaudited)

	June 30,			December 31,
	2023			2022
Assets
Current Assets
Cash	$	745,561		$	1,111,156
Accounts receivable, net		799,436			728,601
Inventory		161,259			119,582
Prepaid assets		388,789			110,945
Current assets of discontinued operations		-			22,837
Total Current Assets		2,095,045			2,093,121

Property plant and equipment, net		59,571			65,214
Intangible assets and capitalized software, net		589,720			450,845
Deposits		49,031			49,031
Operating lease right-of-use assets		951,618			1,051,815
Total Assets	$	3,744,985		$	3,710,026

Liabilities and Shareholders’ Equity
Current Liabilities
Accounts payable		863,579			682,653
Accrued liabilities		376,312			290,013
Other current liabilities		792,078			67,517
Contingent funding liabilities		62,390			108,036
Current portion lease liabilities		211,427			196,872
Warrant liability		1,957,161			588,533
Notes payable— related party		-			166,667
Current liabilities of discontinued operations		-			46,500
Total Current liabilities		4,262,947			2,146,791

Long Term Liabilities
Other long-term liabilities — leases		776,565			887,035
Notes payable- related party		-			333,333

Total Liabilities		5,039,512			3,367,159

Stockholders’ Equity

Series A preferred stock, $0.00001 par value; 10,000,000 shares authorized; none issued and outstanding, as of June 30, 2023 and December 31, 2022.		-			-
Common stock, $0.00001 par value; 6,666,667 shares authorized; 682,520 and 626,247 shares issued and outstanding, as of June 30, 2023 and December 31, 2022, respectively		7			6
Additional paid-in capital		20,585,803			20,482,666
Retained deficit		(21,880,337	)		(19,719,536	)
Total		(1,294,527	)		763,136
Non-controlling interest in subsidiary		-			(420,269	)
Total Stockholders’ equity		(1,294,527	)		342,867

Total Liabilities and Stockholders’ Equity	$	3,744,985		$	3,710,026

The accompanying notes are an integral part of the unaudited consolidated financial statements.

TRxADE HEALTH, INC.

Consolidated Statements Of Operations

For the Three and Six Months Ended June 30, 2023 and 2022

(Unaudited)

	2023			2022			2023			2022
	For the Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022

Revenues	$	2,251,076		$	3,278,729		$	4,498,826		$	6,519,001

Cost of sales		606,349			2,107,815			1,297,019			4,012,384
Gross Profit		1,644,727			1,170,914			3,201,807			2,506,617

Operating Expenses:
Wage and salary expense		820,957			1,178,124			1,726,858			2,248,082
Professional fees		229,624			111,057			369,285			212,066
Accounting and legal expense		193,446			139,858			441,663			376,079
Technology expense		441,376			298,062			674,662			543,847
General and administrative		304,949			546,919			682,370			1,198,221
Total operating expenses		1,990,352			2,274,020			3,894,838			4,578,295

Operating Loss		(345,625	)		(1,103,106	)		(693,031	)		(2,071,678	)

Nonoperating income (expense)
Change in fair value of warrant liability		(1,448,519	)		-			(1,368,628	)		-
Interest income		-			-			4,198
Gain on disposal of asset		-			-			-			4,100
Interest expense		(180,734	)		(9,155	)		(243,126	)		(10,519	)
Total nonoperating expense		(1,629,253	)		(9,155	)		(1,607,556	)		(6,419	)
Net Loss from continuing operations		(1,974,878	)		(1,112,261	)		(2,300,587	)		(2,078,097	)

Net Loss on discontinued operations, net of tax		-			-			(352,244	)		-

Net loss attributable to TRxADE Health, Inc.	$	(1,974,878	)	$	(1,083,763	)	$	(2,652,831	)	$	(2,043,910	)

Net loss attributable to non-controlling interests		-			(28,498	)		-			(34,187	)

Basic and diluted net loss per common share:
Continuing operations	$	(2.90	)	$	(2.04	)	$	(3.41	)	$	(3.81	)
Continuing operations, basic	$	(2.90	)	$	(2.04	)	$	(3.41	)	$	(3.81	)
Discontinued operations	$	-		$	-		$	(0.52	)	$	-
Discontinued operations, basic	$	-		$	-		$	(0.52	)	$	-
Net loss attributable to common stockholders	$	(2.90	)	$	(1.99	)	$	(3.93	)	$	(3.75	)
Net loss attributable to common stockholders, basic	$	(2.90	)	$	(1.99	)	$	(3.93	)	$	(3.75	)
Weighted average common shares outstanding - basic and diluted		681,199			545,403			675,143			545,306

The accompanying notes are an integral part of the unaudited consolidated financial statements.

TRxADE HEALTH, INC.

Consolidated Statements of Changes in Stockholders’ Equity

For the Three and Six Months Ended June 30, 2023, and 2022

(Unaudited)


	Preferred stock				Common Stock				Additional Paid-in		Accumulated			Non-Controlling Interest in			Total Stockholders’
	Shares		$ Amount		Shares		$ Amount		Capital		Deficit			Subsidiaries			Equity

Balance at December 31, 2022		-	$	-		626,247	$	6	$	20,482,666	$	(19,719,536	)	$	(420,269	)	$	342,867
Common stock issued for services				-		14,362		-		63,486		-			-			63,486
Warrants exercised for cash				-		40,116		1		6		-			-			7
Disposition of assets, related party		-		-		-		-		-		492,030			420,269			912,299
Options expense				-		-		-		14,434		-			-			14,434
Net loss				-		-		-		-		(677,953	)		-			(677,953	)
Balance at March 31, 2023		-	$	-		680,725	$	7	$	20,560,592	$	(19,905,459	)	$	-		$	655,140
Common stock issued for services				-		-		-		15,813		-			-			15,813
Warrants exercised for cash				-		1795		-		1,615		-			-			1,615
Options expense				-		-		-		7,783		-			-			7,783
Net loss				-		-		-		-		(1,974,878	)		-			(1,974,878	)
Balance at June 30, 2023		-	$	-		682,520	$	7	$	20,585,803	$	(21,880,337	)	$	-		$	(1,294,527	)

Balance at December 31, 2021		-	$	-		544,430	$	5	$	20,017,605	$	(16,247,437	)	$	-		$	3,770,173
Capital contributions				-		-		-		-		-			792,500			792,500
Common stock issued for services				-		-		-		32,083		-			-			32,083
Capital distributions				-		-		-		-		-			(775,000	)		(775,000	)
Warrants exercised for cash				-		972		-		875		-			-			875
Options expense				-		-		-		32,783		-			-			32,783
Net loss				-		-		-		-		(960,147	)		(5,689	)		(965,836	)
Balance at March 31, 2022		-	$	-		545,402	$	5	$	20,083,346	$	(17,207,584	)	$	11,811		$	2,887,578
Common stock issued for services				-		-		-		12,222		-			-			12,222
Options expense				-		-		-		16,994		-			-			16,994
Net loss				-		-		-		-		(1,083,763	)		(28,498	)		(1,112,261	)
Balance at June 30, 2022		-	$	-		545,402	$	5	$	20,112,562	$	(18,291,347	)	$	(16,687	)	$	1,804,533

The accompanying notes are an integral part of the unaudited consolidated financial statements

TRxADE HEALTH, INC.

Consolidated Statements of Cash Flows

For The Six Months Ended June 30, 2023 and 2022

(Unaudited)

	2023			2022
	Six months Ended June 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(2,652,831	)	$	(2,078,097	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense		5,643			8,994
Options expense		22,217			49,777
Common stock issued for services		79,299			44,305
Bad debt recovery		(32,074	)		(98,841	)
Gain on sale of asset		-			(4,100	)
Amortization of right of use assets		100,197			85,811
Amortization of intangible assets		-			14,700
Changes in operating assets and liabilities:
Accounts receivable, net		(38,761	)		58,746
Prepaid assets and deposits		28,308			84,250
Inventory		(41,677	)		(70,860	)
Lease liability		(95,915	)		(77,275	)
Accounts payable		180,926			718,164
Accrued liabilities		(219,853	)		(53,506	)
Inventory deposits		-			(875,321	)
Current liabilities		724,561			14,199
Warrant liability		1,368,628			-

Net cash used in operating activities from continuing operations		(571,332	)		(2,180,664	)
Net cash (used in) provided by operating activities from discontinued operations		(31,633	)		1,610
Net cash used in operating activities		(602,965	)		(2,179,054	)

Cash flows from investing activities:
Sale of fixed assets		-			23,000
Investment in capitalized software		(138,875	)		(280,172	)
Net cash used in investing activities from continuing operations		(138,875	)		(257,172	)
Net cash provided by investing activities from discontinued operations		420,269			-
Net cash provided by (used in) investing activities		281,394			(257,172	)

Cash flows from financing activities:
Repayment of contingent liability		(870,646	)		-
Proceeds from sale of future revenue		825,000			550,000
Distributions to non-controlling interest		-			(275,000	)
Proceeds from exercise of warrants		1,622			875
Net cash (used in) provided by financing activities from continuing operations		(44,024	)		550,875
Net cash used in financing activities from discontinued operations		-			(275,000	)
Net cash (used in) provided by financing activities		(44,024	)		275,875

Net change in cash		(365,595	)		(2,160,351	)
Cash at beginning of the year		1,111,156			3,122,578
Cash at end of the period	$	745,561		$	962,227

Supplemental disclosure of cash flow information
Cash paid for interest	$	243,126		$	3,328
Cash paid for income taxes	$	-		$	-
Non-Cash Transactions
Insurance premium financed	$	306,152		$	220,354
Note cancelled from SOSRx agreement termination	$	500,000		$	-
Note issued as SOSRx contribution	$	-		$	500,000
Intangible Asset Contribution from non-controlling interest	$	-		$	792,500
Disposition of assets, related party	$	492,030		$	-

The accompanying notes are an integral part of the unaudited consolidated financial statements.

NOTE 1 – ORGANIZATION AND BASIS OF PRESENTATION

TRxADE HEALTH, INC. (“we”, “our”, “Trxade”, and the “Company”) owns 100% of Trxade, Inc., Integra Pharma Solutions, LLC, Community Specialty Pharmacy, LLC, Alliance Pharma Solutions, LLC, and Bonum Health, LLC. The merger of Trxade, Inc. and TRxADE HEALTH, INC. (formerly named Trxade Group, Inc.) occurred in May 2013. Community Specialty Pharmacy was acquired in October 2018. SOSRx was created in February 2022 between Exchange Health, LLC. and Trxade.

Trxade, Inc., operates a web-based market platform that enables commerce among healthcare buyers and sellers of pharmaceuticals, accessories and services.

Integra Pharma Solutions, LLC (d.b.a. Trxade Prime), is a licensed pharmaceutical wholesaler and sells brand, generic and non-drug products to customers. Trxade Prime customers include all healthcare markets including government organizations, hospitals, clinics and independent pharmacies nationwide.

Alliance Pharma Solutions, LLC (d.b.a. DelivMeds) invested in SyncHealth MSO, LLC, a managed services organization, in January 2019, which investment was divested in February 2020. DelivMeds is currently being rebranded and the consumer-based app is still being developed. To date, we have not generated any revenue from this product.

Community Specialty Pharmacy, LLC, is an accredited independent retail pharmacy with a focus on a community-based model offering home delivery services to patients.

On January 20, 2023, the Company entered into Membership Interest Purchase Agreements to sell 100% of the outstanding membership interests of the Company’s subsidiaries, Alliance Pharma Solutions, LLC and Community Specialty Pharmacy, LLC. The Company will receive consideration in the amount of $125,000 for Alliance Pharma Solutions, LLC and $100,000 for Community Specialty Pharmacy, LLC. The Company also agreed to enter into a Master Service Agreement to operate the businesses prior to closing, additional amounts owed to the Company as a result of this Master Service Agreement are estimated to total approximately an aggregate of $266,000 as of the closing date, currently expected to occur on April 30, 2023.

Bonum Health, LLC, was formed to hold certain telehealth assets acquired in October 2019. The “Bonum Health Hub” was launched in February 2020; however, due to the COVID-19 pandemic, the Company does not anticipate installations moving forward. The Bonum Health mobile application is available on a subscription basis, primarily as a stand-alone telehealth software application that can be licensed on a business-to-business (B2B) model to clients as an employment health benefit for the clients’ employees.

SOSRx, LLC was formed on February 15, 2022. The Company entered into a relationship with Exchange Health, LLC, a technology company providing an online platform for manufacturers and suppliers to sell and purchase pharmaceuticals (“Exchange Health”). SOSRx LLC, a Delaware limited liability company (“SOSRx”), was formed, which was owned 51% by the Company and 49% by Exchange Health. SOSRx did not generate material revenue and in February of 2023, the Company voluntarily withdrew from the joint venture agreement. The asset impairment is reflected in the statement of operations for Fiscal 2022 as impairment of intangible asset. As part of the voluntary withdrawal the Company has recorded loss from discontinued operations reflected in the unaudited consolidated statement of operations in the amount of $352,244 for the six-month period ended June 30, 2023.

Basis of Presentation - The accompanying unaudited interim consolidated financial statements of TRxADE HEALTH, Inc. have been prepared in accordance with accounting principles generally accepted in the United States of America and the rules of the SEC and should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 27, 2023.

In the opinion of management, all adjustments, consisting of normal recurring adjustments, necessary for a fair presentation of financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. Notes to the financial statements that would substantially duplicate the disclosures contained in the audited financial statements for the year ended December 31, 2022, as reported in the Company’s Annual Report on Form 10-K have been omitted.

Stock Split - Effective June 21, 2023, the Company executed a 1:15 reverse stock split for stockholders of record on that date. This was executed to comply with the Nasdaq Listing Rule 5550(a)(2) to have the price of the stock above $1. All share and per share information included in these financial statements and notes thereto have been retroactively adjusted to give effect to the Reverse Stock Split, which became effective on June 21, 2023.

Recently Issued Accounting Pronouncements - In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company adopted ASU 2016-13 effective January 1, 2023. The Company determined that the update applied to trade receivables, but that there was no material impact to the consolidated financial statements from the adoption of ASU 2016-13.

From time to time, new accounting pronouncements are issued by the Financial Accounting Standard Board or other standard setting bodies that the Company adopts as of the specified effective date. The Company does not believe that the impact of recently issued standards that are not yet effective will have a material impact on the Company’s financial position or results of operations upon adoption.

Accounts Receivable – The Company’s receivables are from customers and are typically collected within 90 days. The Company determines the allowance based on known troubled accounts, historical experience, and other currently available evidence. During the six months ended June 30, 2023, and 2022, bad debt expense was a recovery of $32,074 from the GSG lawsuit and $98,841 respectively.

The Company had an Account Receivable with a single customer, GSG PPE, LLC (“GSG”), for the amount of $630,000 which was past due. The Company had obtained a Note Receivable which was due on September 30, 2021 and remained unpaid. The Company did not believe the amount to be collectible without legal actions, and therefore, recorded bad debt expense reflected on the consolidated statement of operations at December 31, 2021. The note was not paid pursuant to its terms and the Company had filed a suit to collect on the note and the personal guaranty securing the note. The Company settled the lawsuit in June of 2022 (See “NOTE 10 – CONTINGENCIES”, below).

Other Receivables – The Company’s other receivables balance is from one vendor. On May 20, 2022, effective as of May 18, 2022, Community Specialty Pharmacy, LLC (“CSP”) entered into an agreement to acquire COVID-19 testing kits from a third-party vendor for an aggregate of $1,200,000, of which $875,000 was paid on May 23, 2022. The Company received the COVID-19 testing kits in July 2022. On August 18, 2022 the Company was informed by the vendor that the vendor had received a letter from the U.S. Food and Drug Administration (“FDA”) that the COVID-19 test kits were misbranded under Section 502(o) of the Federal Food. Drug, and Cosmetic Act (“FDC Act”) (21 USC 352(o)) and adulterated under Section 501(f) of the FDC Act (21 USC 351(f)). Furthermore, the vendor informed the Company that the letter from the FDA also stated that because of the FDA’s prohibition on the distribution of adulterated and/or misbranded devices applies to all parties along the distribution chain, the FDA was advising the vendor against furthering the distribution of the COVID-19 test kits in interstate commerce. The company wrote the amount off as a loss of inventory at 12/31/2022.

Income (loss) Per Common Share – Basic net income per common share is computed by dividing net income available to common stockholders by the weighted average number of common shares outstanding. Diluted net income per common share is computed similar to basic net income per common share except that the denominator is increased to include the number of additional common shares that would have been outstanding if the potential common shares had been issued and if the additional common shares were dilutive. The dilutive effect of the Company’s options and warrants is computed using the treasury stock method. As of June 30, 2023, we had 177,536 outstanding warrants to purchase shares of common stock and 17,852 options to purchase shares of common stock. As part of the termination of the White Lion deal, White Lion was issued 50,000 shares of stock per the agreement on March 1, 2023. Armistice Capital executed its pre-funded warrants on January 4, 2023, and purchased 601,740 shares of stock with a purchase price of $6.02.

The following table sets forth the computation of basic and diluted loss per share:

	2023			2022			2023			2022
	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Numerator:
Net loss from continuing operations	$	(1,974,878	)	$	(1,112,261	)	$	(2,300,587	)	$	(2,078,097	)
Net loss from discontinued operations	$	-		$	-			(352,244	)	$	-
Numerator for basic and diluted EPS - income available to common stockholders		(1,974,878	)	$	(1,083,763	)		(2,652,831	)	$	(2,043,910	)
Denominator:
Denominator for basic and diluted EPS – weighted average shares		681,199			545,403			675,143			545,306
Denominator for basic EPS – weighted average shares		681,199			545,403			675,143			545,306
Basic and diluted loss per common share	$	(2.90	)	$	(1.99	)	$	(3.93	)	$	(3.75	)
Basic loss per common share	$	(2.90)		$	(1.99)		$	(3.93	)	$	(3.75	)
Continuing operations	$	(2.90	)	$	(1.99	)	$	(

SEC Form 10-Q filed by TRxADE HEALTH Inc.