Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2022 | May 06, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 001-39199 | |
Entity Registrant Name | TRxADE HEALTH, INC. | |
Entity Central Index Key | 0001382574 | |
Entity Tax Identification Number | 46-3673928 | |
Entity Incorporation, State or Country Code | DE | |
Entity Address, Address Line One | 2420 Brunello Trace | |
Entity Address, City or Town | Lutz | |
Entity Address, State or Province | FL | |
Entity Address, Postal Zip Code | 33558 | |
City Area Code | (800) | |
Local Phone Number | 261-0281 | |
Title of 12(b) Security | Common Stock, $0.00001 Par Value Per Share | |
Trading Symbol | MEDS | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Elected Not To Use the Extended Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 8,181,041 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash | $ 1,870,682 | $ 3,122,578 |
Accounts Receivable, net | 1,040,893 | 978,973 |
Inventory | 273,950 | 56,279 |
Prepaid Assets | 400,376 | 216,414 |
Undeposited funds | 11,166 | |
Total Current Assets | 3,597,067 | 4,374,244 |
Property Plant and Equipment, Net | 73,679 | 98,751 |
Intangible Asset, net | 792,500 | |
Other Assets | ||
Deposits | 49,031 | 60,136 |
Right of use Leased Assets | 1,178,705 | 1,233,033 |
Research and Development | 149,229 | |
Total Assets | 5,840,211 | 5,766,164 |
Current Liabilities | ||
Accounts Payable | 908,495 | 477,028 |
Accrued Liabilities | 344,938 | 270,437 |
Current Portion Lease Liabilities | 175,237 | 178,561 |
Customer Deposits | 996 | |
Notes Payable— Related Party | 166,667 | |
Total Current Liabilities | 1,596,333 | 926,026 |
Long Term Liabilities | ||
Notes Payable—Related Party | 333,333 | |
Other Long-Term Liabilities — Leases | 1,022,967 | 1,069,965 |
Total Liabilities | 2,952,633 | 1,995,991 |
Stockholders’ Equity | ||
Series A Preferred Stock, $0.00001 par value; 10,000,000 shares authorized; none issued and outstanding, as of March 31, 2022 and December 31, 2021 | ||
Common Stock, $0.00001 par value; 100,000,000 shares authorized; 8,181,041 and 8,166,457 shares issued and outstanding, as of March 31, 2022 and December 31, 2021, respectively | 82 | 82 |
Additional Paid-in Capital | 20,083,269 | 20,017,528 |
Retained Deficit | (17,213,273) | (16,247,437) |
Total TRxADE HEALTH, INC. stockholders’ equity | 2,870,078 | 3,770,173 |
Non-Controlling Interest | 17,500 | |
Total Stockholders’ Equity | 2,887,578 | 3,770,173 |
Total Liabilities and Stockholders’ Equity | $ 5,840,211 | $ 5,766,164 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 8,181,041 | 8,166,457 |
Common stock, shares outstanding | 8,181,041 | 8,166,457 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
Revenues | $ 3,240,272 | $ 3,053,235 |
Cost of Sales | 1,904,569 | 1,669,924 |
Gross Profit | 1,335,703 | 1,383,311 |
Operating Expense | ||
Wage and Salary Expense | 1,069,958 | 939,634 |
Professional Fees | 101,009 | 264,819 |
Accounting and Legal Expense | 236,221 | 160,047 |
Technology Expense | 245,785 | 214,890 |
General and Administrative | 651,302 | 448,176 |
Total Operating Expenses | 2,304,275 | 2,027,566 |
Operating Loss | (968,572) | (644,255) |
Gain on Disposal of Asset | 4,100 | |
Interest Expense | (1,364) | (7,264) |
Net Loss | (965,836) | (651,519) |
Net loss attributable to TRxADE HEALTH, Inc. | (960,147) | (651,519) |
Net loss attributable to non-controlling interests | $ (5,689) | |
Net loss per Common Share — Basic and Diluted | $ (0.12) | $ (0.08) |
Weighted average Common Shares Outstanding – Basic and Diluted | 8,178,124 | 8,093,199 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Preferred Stock [Member]Series A Preferred Stock [Member] | Common Stock [Member] | Noncontrolling Interest [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Beginning balance, value at Dec. 31, 2020 | $ 81 | $ 19,610,631 | $ (10,931,554) | $ 8,679,158 | ||
Balance, shares at Dec. 31, 2020 | 8,093,199 | |||||
Common Stock Issued for Services | 98,247 | 98,247 | ||||
Common Stock Issued from Offering, Shares | ||||||
Options Expense | 75,738 | 75,738 | ||||
Net Loss | (651,519) | (651,519) | ||||
Ending balance, value at Mar. 31, 2021 | $ 81 | 19,784,616 | (11,583,073) | 8,201,624 | ||
Balance, shares at Mar. 31, 2021 | 8,093,199 | |||||
Beginning balance, value at Dec. 31, 2021 | $ 82 | 20,017,528 | (16,247,437) | 3,770,173 | ||
Balance, shares at Dec. 31, 2021 | 8,166,457 | |||||
Capital Contributions | 17,500 | 17,500 | ||||
Common Stock Issued for Services | 32,083 | 32,083 | ||||
Common Stock Issued from Offering, Shares | ||||||
Warrants Exercised for Cash | 875 | 875 | ||||
Warrants Exercised for Cash, shares | 14,584 | |||||
Options Expense | 32,783 | 32,783 | ||||
Net Loss | (965,836) | (965,836) | ||||
Ending balance, value at Mar. 31, 2022 | $ 82 | $ 17,500 | $ 20,083,269 | $ (17,213,273) | $ 2,887,578 | |
Balance, shares at Mar. 31, 2022 | 8,181,041 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating Activities: | ||
Net Loss | $ (965,836) | $ (651,519) |
Adjustments to reconcile net income (loss) to net cash used in Operating activities: | ||
Depreciation Expense | 3,972 | 1,750 |
Options Expense | 32,783 | 75,738 |
Common Stock Issued for Services | 32,083 | 98,247 |
Bad Debt Expense | 1,317 | |
Gain on sale of asset | (1,900) | |
Amortization of Right of Use Assets | 54,328 | 31,678 |
Changes in Operating assets and liabilities: | ||
Other assets | (149,229) | |
Accounts Receivable, net | (63,237) | (1,131,807) |
Prepaid Assets | (172,857) | (306,490) |
Inventory | (217,671) | 787,632 |
Undeposited Customer Funds | (11,166) | |
Investment in Sub | 6,425 | |
Lease Liability | (50,322) | (31,517) |
Accounts Payable | 431,467 | 109,642 |
Accrued Liabilities | 74,501 | 299,923 |
Customer Deposits | 996 | |
Net Cash Used in operating activities | (1,000,771) | (710,298) |
Investing Activities: | ||
Sale of Fixed Assets | 23,000 | |
Net Cash Provided by investing activities | 23,000 | |
Financing Activities: | ||
Distributions to Non-Controlling Interest | (275,000) | |
Proceeds from Exercise of Warrants | 875 | |
Net Cash Used in financing activities | (274,125) | |
Net Increase (Decrease) in Cash | (1,251,896) | (710,298) |
Cash at beginning of the Period | 3,122,578 | 5,919,578 |
Cash at End of the Period | 1,870,682 | 5,209,280 |
Supplemental Cash Flow Information | ||
Cash Paid for Interest | 1,364 | 1,639 |
Cash Paid for Income Taxes | ||
Non-Cash Transactions | ||
Insurance Premium Financed | 220,354 | |
Note Issued as SOSRx Contribution | 500,000 | |
Intangible Asset Contribution from Non-controlling interest | $ 792,500 |
ORGANIZATION AND BASIS OF PRESE
ORGANIZATION AND BASIS OF PRESENTATION | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
ORGANIZATION AND BASIS OF PRESENTATION | ORGANIZATION AND BASIS OF PRESENTATION TRxADE HEALTH, INC. (“ we our Trxade Company 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 Group, Inc. occurred in May 2013. Community Specialty Pharmacy was acquired in October 2018. SOSRx was created in February 2022 between Exchange Health and Trxade Health. From January 2021 to December 2021 (from when it was dissolved) the Company also owned 100 % of MedChecks, LLC. 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. Bonum Health, LLC, was formed to hold certain telehealth assets acquired in October 2019. The “ Bonum Health Hub 143,891 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, the created entity relating to the relationship, a Delaware limited liability company, was formed in February 2022, and is owned 51 % by the Company and 49 % by Exchange Health. Basis of Presentation 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, 2021, as reported in the Company’s Annual Report on Form 10-K have been omitted. Accounts Receivable – 1,317 0 The Company had an Account Receivable with a single customer, GSG PPE, LLC, for the amount of $ 630,000 Income (loss) Per Common Share 29,951 410,964 The following table sets forth the computation of basic and diluted Income (Loss) per Share: SCHEDULE OF BASIC AND DILUTIVE INCOME (LOSS) PER SHARE 2022 2021 For the three months ended March 31, 2022 2021 Numerator: Net Loss $ (965,836 ) $ (651,519 ) Numerator for basic and diluted EPS - income (loss) available to common Shareholders $ (960,147 ) $ (651,519 ) Denominator: Denominator for basic and diluted EPS – Weighted average shares 8,178,124 8,093,199 Basic and diluted loss per common share $ (0.12 ) $ (0.08 ) |
SHORT TERM DEBT _ RELATED PARTI
SHORT TERM DEBT – RELATED PARTIES | 3 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
SHORT TERM DEBT – RELATED PARTIES | NOTE 2– SHORT TERM DEBT – RELATED PARTIES On February 15, 2022, the Company entered into a relationship with Exchange Health, a technology company providing an online platform for manufacturers and suppliers to sell and purchase pharmaceuticals. SOSRx, was formed, which is owned 51 49 325,000 500,000 400,000 At March 31, 2022, total related party debt was $ 500,000 0 2 5.25 166,666.67 41,666.67 In October 2018, in connection with the acquisition of Community Specialty Pharmacy, LLC, a $ 300,000 10% October 15, 2021 75,000 25,000 3.00 225,000 76,500 At March 31, 2021, related party debt was $ 225,000 |
STOCKHOLDERS_ EQUITY
STOCKHOLDERS’ EQUITY | 3 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
STOCKHOLDERS’ EQUITY | NOTE 3 – STOCKHOLDERS’ EQUITY 2021 Equity Compensation Awards On April 15, 2021, the Board of Directors, with the recommendation of the Compensation Committee, approved the grant of options to purchase an aggregate of 17,500 th five years 4.76 In connection with and pursuant to the independent director compensation policy previously adopted by the Board of Directors, on April 15, 2021, the then three independent members of the Board of Directors (Mr. Donald G. Fell, Dr. Pamela Tenaerts, and Mr. Michael L. Peterson), were each awarded 10,721 shares of restricted stock, valued at $ 55,000 ($ 5.13 per share) based on the closing sales price of the Company’s common stock on the Nasdaq Capital Market on the effective date of the grant, April 1, 2021, which vest at the rate of ¼ th 165,000 13,750 . Common Shares totaling 16,082 were cancelled on May 27, 2021, when the director services of Mr. Peterson and Dr. Tenaerts were terminated. The Board of Directors of the Company, on May 27, 2021, confirmed the vesting of 2,680 In connection with and pursuant to the independent director compensation policy previously adopted by the Board of Directors, on May 27, 2021, the Board of Directors awarded Charles L. Pope, and Christine L. Jennings, each independent members of the Board of Directors appointed to the Board of Directors on May 27, 2021, 10,912 shares of restricted stock each, valued at $ 41,250 each ($ 3.78 per share) based on the closing sales price of the Company’s common stock on the Nasdaq Capital Market on the effective date of the grant, May 27, 2021, which vest at the rate of 1/3rd of such shares on October 1, 2021 and January 1 and April 1, 2022, subject to such persons continuing to provide services to the Company on such dates. The Company recognized stock-based compensation expense of $ 18,333 Employment Agreement with Suren Ajjarapu, Chief Executive Officer In connection with our employment agreement with Mr. Suren Ajjarapu, our Chief Executive Officer, which was effective on April 14, 2020, we granted 49,020 300,000 72,062 49,020 no Stock Repurchase Program On May 27, 2021, the Board of Directors of the Company authorized and approved a share repurchase program for up to $ 1 There was no time frame or expiration date for the repurchase program, and such program was to remain in place until a maximum of $1.0 million of the Company’s common stock had been repurchased or until such program was suspended or discontinued by the Board of Directors. On July 18, 2021, our Board of Directors approved an “at-the-market” offering and paused the Stock Repurchase Program until the offering was complete. On July 22, 2021, our Board of Directors delayed the “at-the-market” offering and reactivated the Stock Repurchase Program. On August 5, 2021, our Board of Directors paused the Stock Repurchase Program until a planned “at-the-market” offering was complete, which “at-the-market” offering was terminated effective on December 5, 2021. On December 10, 2021, the Board of Directors authorized and approved the resumption of the Company’s prior share repurchase program (as modified), as discussed above. The share repurchase program as approved by the Board of Directors on December 10, 2021, modified the prior repurchase program to allow for the repurchase of up to 100,000 There is no time frame for the repurchase program, and such program will remain in place until a maximum of 100,000 shares of the Company’s common stock have been repurchased or until such program is discontinued by the Board of Directors. To date, no |
WARRANTS
WARRANTS | 3 Months Ended |
Mar. 31, 2022 | |
Warrants | |
WARRANTS | NOTE 4 – WARRANTS For the three-month period ended March 31, 2022, no warrants were granted, and none expired. For the three-month period of ended March 31, 2022, warrants to purchase 14,584 shares of common stock were exercised, resulting in proceeds of $ 875 . The Company delivered 14,584 shares of common stock. The Company uses the Black-Scholes pricing model to estimate the fair value of stock-based awards on the date of the grant. There was no The Company’s outstanding and exercisable warrants as of March 31, 2022, are presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Weighted Number Average Exercise Contractual Life Intrinsic Warrants Outstanding Price in Years Value Warrants Outstanding as of December 31, 2021 44,535 $ 0.32 0.95 $ 208,078 Warrants granted - - - - Warrants forfeited, expired, cancelled - - - - Warrants exercised (14,584 ) 0.06 - - Warrants Outstanding as of March 31, 2022 29,951 $ 0.45 1.14 $ 72,964 Warrants Exercisable as of March 31, 2022 29,951 $ 0.45 1.14 $ 72,964 |
OPTIONS
OPTIONS | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
OPTIONS | NOTE 5 – OPTIONS The Company maintains stock option plans under which certain employees are awarded option grants based on a combination of performance and tenure. The stock option plans provide for the grant of up to 2,333,333 2,000,000 st beginning in 2021 and ending in 2029 (each a “Date of Determination”), in each case subject to the approval and determination of the administrator of the plan (the Board of Directors or Compensation Committee) on or prior to the applicable Date of Determination, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the administrator. The administrator did not approve an increase in the number of shares covered under the plan as of April 1, 2021. For the three-month period ended March 31, 2022, no none none no Total compensation cost related to stock options granted was $ 32,783 75,738 The following table represents stock option activity for the three-month period ended March 31, 2022: SCHEDULE OF STOCK OPTION ACTIVITY Number Outstanding Weighted Average Exercise Price Contractual Life in Years Intrinsic Value Options Outstanding as of December 31, 2021 410,964 $ 4.78 4.67 $ 368,417 Options Exercisable as of December 31, 2021 302,191 $ 4.88 4.38 $ 257,186 Options granted - $ - - - Options forfeited - $ - - - Options expired - $ - - - Options exercised - $ - - - Options Outstanding as of March 31, 2022 410,964 $ 4.78 4.42 $ 14,427 Options Exercisable as of March 31, 2022 302,191 $ 4.88 4.14 $ 8,061 |
OTHER RECEIVABLES
OTHER RECEIVABLES | 3 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
OTHER RECEIVABLES | OTHER RECEIVABLES In July 2020, the Company’s wholly-owned subsidiary, Integra Pharma Solutions, LLC (“Integra”), entered into an agreement with Studebaker Defense Group, LLC (“Studebaker”) wherein Integra would pay Studebaker a down payment of $ 500,000 180,000 500,000 500,000 In August 2020, Integra, entered into an agreement with Sandwave Group Dsn Bhd (“Sandwave”), wherein Integra would pay Sandwave a down payment of $ 581,250 150,000 581,250 581,250 581,250 On November 19, 2021, Integra filed a complaint against GSG PPE, LLC (“GSG”) and Gary Waxman (“Waxman”), the owner, alleging three counts of breach of contract for a purchase agreement, a promissory note, and a personal guaranty. Collectively, the company alleges that GSG and Waxman have materially breached all three contracts. In late 2020, GSG and Integra executed a valid initial contract setting the terms of a business transaction. GSG failed to pay Integra approximately 75% of the amount owed to Integra. GSG acknowledged it owed the money and executed a promissory note in favor of Integra in the amount of $ 630,000 630,000 630,000 630,000 |
CONTINGENCIES
CONTINGENCIES | 3 Months Ended |
Mar. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
CONTINGENCIES | CONTINGENCIES Jain, et al., v. Memantine, et al. In January 2020, we became aware of a complaint filed by Jitendra Jain, Manish Arora, Scariy Kumaramangalam, Harsh Datta and Balvant Arora (collectively, plaintiffs), against our wholly-owned subsidiary, Trxade, Inc. and our Chief Executive Officer, Suren Ajjarapu as well as certain unrelated persons, Annapurna Gundlapalli, Gajan Mahendiran and Nexgen Memantine (collectively, defendants), in the Circuit Court of Madison County, Alabama (Case:47-CV-2019-902216.00). The complaint alleged causes of actions against the defendants including fraud in the inducement, relating to certain investments alleged to have been made by plaintiffs in Nexgen Memantine, breach of fiduciary duty, conversion and voidable transactions. The complaint related to certain investments alleged made by the plaintiffs in Nexgen Memantine and certain alleged fraudulent transfers of assets and funds alleged to have been taken by the defendants which are unrelated to the Company. On May 14, 2021, Plaintiffs filed a second amended complaint against the defendants. The second amended complaint alleges causes of action against the defendants including securities fraud, breach of fiduciary duty, violation of the Florida RICO Act, and breach of contract. The operative complaint relates to certain investments alleged to have been made by the plaintiffs in Nexgen Memantine and certain alleged transfers of assets and funds alleged to have been taken by the defendants which are unrelated to the Company. The amended complaint seeks injunctive relief, $ 425,000 In February 2022, a settlement as to Suren Ajjarapu, Annapurna Gundlapalli and Trxade Group has been reached and signed. This settlement involves no admission of liability and a full and complete release of all actions after a lump-sum payment of $ 225,000 |
LEASES
LEASES | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
LEASES | NOTE 8 – LEASES The Company elected the practical expedient under Accounting Standards Update (ASU) 2018-11 “Leases: Targeted Improvements” which allows the Company to apply the transition provision for Topic 842 at the Company’s adoption date instead of at the earliest comparative period presented in the financial statements. Therefore, the Company recognized and measured leases existing at January 1, 2019, but without retrospective application. In addition, the Company elected the optional practical expedient permitted under the transition guidance which allows the Company to carry forward the historical accounting treatment for existing leases upon adoption. No impact was recorded to the beginning retained earnings for Topic 842. The Company has two operating leases for corporate offices. The following table outlines the details: SCHEDULE OF OPERATING LEASES Lease 1 Lease 2 Initial Lease Term December 2017 to December 2021 November 2018 to November 2023 Renewal Term January 2021 to December 2024 November 2023 to November 2028 Initial Recognition of right-of-use assets at January 1, 2019 $ 534,140 $ 313,301 Incremental Borrowing Rate 10 % 10 % The Company entered into a new corporate office lease (Lease 1) on January 1, 2022. The Company determined that entering into a new lease required remeasurement of the lease liability resulting in the increase of the right-of-use asset and the associated lease liability by $ 977,220 The table below reconciles the fixed component of the undiscounted cash flows for each of the first five years and the total remaining years to the operating lease liabilities recorded in the Consolidated Balance Sheet as of March 31, 2022. SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES Amounts due within twelve months of March 31, 2022 2022 $ 287,253 2023 295,884 2024 304,761 2025 313,903 2026 254,914 Thereafter 91,372 Total minimum lease payments 1,548,088 Less: effect of discounting (349,884 ) Present value of future minimum lease payments 1,198,204 Less: current obligations under leases 175,237 Long-term lease obligations $ 1,022,967 For the three months ended March 31, 2022, and 2021, amortization of Right of Use Assets was $ 54,328 31,678 For the three months ended March 31, 2022, and 2021, amortization of Lease Liability was $ 50,322 31,517 |
SEGMENT REPORTING
SEGMENT REPORTING | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | NOTE 9 – SEGMENT REPORTING The Company classifies its business interests into reportable segments which are Trxade, Inc., Community Specialty Pharmacy, LLC, Integra Pharma, LLC and Other. Operating segments are defined as the components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision makers in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision makers direct the allocation of resources to operating segments based on the profitability, cash flows, and growth opportunities of each respective segment. SCHEDULE OF BUSINESS INTERESTS INTO REPORTABLE SEGMENTS Three Months Ended March 31, 2022 Trxade, Inc. CSP Integra Unallocated Total Revenue $ 1,381,963 $ 268,407 $ 1,567,530 $ 22,372 $ 3,240,272 Gross Profit $ 1,381,963 $ (82,311 ) $ 13,679 $ 22,373 $ 1,335,703 Segment Assets $ 1,751,758 $ (482,577 ) $ 1,053,179 $ 3,517,851 $ 5,840,211 Segment Profit/Loss $ 484,500 $ (148,510 ) $ (155,028 ) $ (1,146,796 ) $ (965,836 ) Cost of Sales $ - $ (350,718 ) $ (1,553,851 ) $ 1 $ (1,904,569 ) Three Months Ended March 31, 2021 Trxade, Inc. CSP Integra Unallocated Total Revenue $ 1,236,650 $ 397,896 $ 1,402,586 $ 16,103 $ 3,053,235 Gross Profit $ 1,236,650 $ 36,089 $ 94,563 $ 16,009 $ 1,383,311 Segment Assets $ 2,053,494 $ (405,348 ) $ 3,111,536 $ 4,933,534 $ 9,693,216 Segment Profit/Loss $ 512,293 $ (31,251 ) $ (32,446 ) $ (1,100,115 ) $ (651,519 ) Cost of Sales $ - $ (361,807 ) $ (1,308,023 ) $ (94 ) $ (1,669,924 ) |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 10 – SUBSEQUENT EVENTS The Company evaluated subsequent events and transactions that occurred after the balance sheet date through May 9, 2022 the date that the financial statements were issued. On April 18, 2022 the Company formed Bonum Health, Inc., a Delaware corporation. This subsidiary will serve as the parent company for Bonum Health, LLC. |
ORGANIZATION AND BASIS OF PRE_2
ORGANIZATION AND BASIS OF PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SCHEDULE OF BASIC AND DILUTIVE INCOME (LOSS) PER SHARE | The following table sets forth the computation of basic and diluted Income (Loss) per Share: SCHEDULE OF BASIC AND DILUTIVE INCOME (LOSS) PER SHARE 2022 2021 For the three months ended March 31, 2022 2021 Numerator: Net Loss $ (965,836 ) $ (651,519 ) Numerator for basic and diluted EPS - income (loss) available to common Shareholders $ (960,147 ) $ (651,519 ) Denominator: Denominator for basic and diluted EPS – Weighted average shares 8,178,124 8,093,199 Basic and diluted loss per common share $ (0.12 ) $ (0.08 ) |
WARRANTS (Tables)
WARRANTS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Warrants | |
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS | The Company’s outstanding and exercisable warrants as of March 31, 2022, are presented below: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Weighted Number Average Exercise Contractual Life Intrinsic Warrants Outstanding Price in Years Value Warrants Outstanding as of December 31, 2021 44,535 $ 0.32 0.95 $ 208,078 Warrants granted - - - - Warrants forfeited, expired, cancelled - - - - Warrants exercised (14,584 ) 0.06 - - Warrants Outstanding as of March 31, 2022 29,951 $ 0.45 1.14 $ 72,964 Warrants Exercisable as of March 31, 2022 29,951 $ 0.45 1.14 $ 72,964 |
OPTIONS (Tables)
OPTIONS (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SCHEDULE OF STOCK OPTION ACTIVITY | The following table represents stock option activity for the three-month period ended March 31, 2022: SCHEDULE OF STOCK OPTION ACTIVITY Number Outstanding Weighted Average Exercise Price Contractual Life in Years Intrinsic Value Options Outstanding as of December 31, 2021 410,964 $ 4.78 4.67 $ 368,417 Options Exercisable as of December 31, 2021 302,191 $ 4.88 4.38 $ 257,186 Options granted - $ - - - Options forfeited - $ - - - Options expired - $ - - - Options exercised - $ - - - Options Outstanding as of March 31, 2022 410,964 $ 4.78 4.42 $ 14,427 Options Exercisable as of March 31, 2022 302,191 $ 4.88 4.14 $ 8,061 |
LEASES (Tables)
LEASES (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Leases | |
SCHEDULE OF OPERATING LEASES | SCHEDULE OF OPERATING LEASES Lease 1 Lease 2 Initial Lease Term December 2017 to December 2021 November 2018 to November 2023 Renewal Term January 2021 to December 2024 November 2023 to November 2028 Initial Recognition of right-of-use assets at January 1, 2019 $ 534,140 $ 313,301 Incremental Borrowing Rate 10 % 10 % |
SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES | SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES Amounts due within twelve months of March 31, 2022 2022 $ 287,253 2023 295,884 2024 304,761 2025 313,903 2026 254,914 Thereafter 91,372 Total minimum lease payments 1,548,088 Less: effect of discounting (349,884 ) Present value of future minimum lease payments 1,198,204 Less: current obligations under leases 175,237 Long-term lease obligations $ 1,022,967 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
SCHEDULE OF BUSINESS INTERESTS INTO REPORTABLE SEGMENTS | SCHEDULE OF BUSINESS INTERESTS INTO REPORTABLE SEGMENTS Three Months Ended March 31, 2022 Trxade, Inc. CSP Integra Unallocated Total Revenue $ 1,381,963 $ 268,407 $ 1,567,530 $ 22,372 $ 3,240,272 Gross Profit $ 1,381,963 $ (82,311 ) $ 13,679 $ 22,373 $ 1,335,703 Segment Assets $ 1,751,758 $ (482,577 ) $ 1,053,179 $ 3,517,851 $ 5,840,211 Segment Profit/Loss $ 484,500 $ (148,510 ) $ (155,028 ) $ (1,146,796 ) $ (965,836 ) Cost of Sales $ - $ (350,718 ) $ (1,553,851 ) $ 1 $ (1,904,569 ) Three Months Ended March 31, 2021 Trxade, Inc. CSP Integra Unallocated Total Revenue $ 1,236,650 $ 397,896 $ 1,402,586 $ 16,103 $ 3,053,235 Gross Profit $ 1,236,650 $ 36,089 $ 94,563 $ 16,009 $ 1,383,311 Segment Assets $ 2,053,494 $ (405,348 ) $ 3,111,536 $ 4,933,534 $ 9,693,216 Segment Profit/Loss $ 512,293 $ (31,251 ) $ (32,446 ) $ (1,100,115 ) $ (651,519 ) Cost of Sales $ - $ (361,807 ) $ (1,308,023 ) $ (94 ) $ (1,669,924 ) |
SCHEDULE OF BASIC AND DILUTIVE
SCHEDULE OF BASIC AND DILUTIVE INCOME (LOSS) PER SHARE (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Accounting Policies [Abstract] | ||
Net Loss | $ (965,836) | $ (651,519) |
Numerator for basic and diluted EPS - income (loss) available to common Shareholders | $ (960,147) | $ (651,519) |
Denominator for basic and diluted EPS – Weighted average shares | 8,178,124 | 8,093,199 |
Basic and diluted loss per common share | $ (0.12) | $ (0.08) |
ORGANIZATION AND BASIS OF PRE_3
ORGANIZATION AND BASIS OF PRESENTATION (Details Narrative) - USD ($) | 3 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Feb. 15, 2022 | Dec. 31, 2021 | |
Equity Method Investment, Ownership Percentage | 100.00% | |||
Bad debt expense | $ 1,317 | $ 0 | ||
Accounts receivable, after allowance for credit loss, current | 1,040,893 | $ 978,973 | ||
Outstanding warrants to purchase common stock | $ 29,951 | |||
Number of options to purchase common stock | 410,964 | |||
Single Customer [Member] | ||||
Accounts receivable, after allowance for credit loss, current | $ 630,000 | |||
SOSRx LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 51.00% | |||
Exchang Health LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 49.00% | |||
MedChecks, LLC [Member] | ||||
Equity Method Investment, Ownership Percentage | 100.00% | |||
Bonum Health Hub [Member] | ||||
Loss on inventory investments | $ 143,891 |
SHORT TERM DEBT _ RELATED PAR_2
SHORT TERM DEBT – RELATED PARTIES (Details Narrative) - USD ($) | Feb. 15, 2022 | Oct. 31, 2019 | Oct. 31, 2018 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Sep. 30, 2021 |
Equity method investment ownership percentage | 100.00% | ||||||
Promissory notes issued | $ 500,000 | ||||||
Related party debt | $ 500,000 | $ 225,000 | $ 0 | ||||
Debt instrument principal amount | $ 630,000 | ||||||
Principal payment | $ 225,000 | ||||||
Loss recognized on conversion | 76,500 | ||||||
Common Stock [Member] | |||||||
Debt instrument conversion amount | $ 75,000 | ||||||
Debt instrument conversion shares | 25,000 | ||||||
Debt instrument conversion price | $ 3 | ||||||
Community Specialty Pharmacy, LLC [Member] | |||||||
Promissory notes issued | $ 300,000 | ||||||
Debt instrument interest rate | 10.00% | ||||||
Debt instrument maturity date | Oct. 15, 2021 | ||||||
SOSRx LLC [Member] | |||||||
Agreed cash payment | $ 325,000 | ||||||
Promissory notes issued | 500,000 | ||||||
Earn out payment | $ 400,000 | ||||||
SOSRx LLC [Member] | |||||||
Equity method investment ownership percentage | 51.00% | ||||||
Exchang Health LLC [Member] | |||||||
Equity method investment ownership percentage | 49.00% | ||||||
Exchange Health L L C [Member] | |||||||
Interest basis spread | 2.00% | ||||||
Debt instrument interest rate | 5.25% | ||||||
Debt instrument principal amount | $ 166,666.67 | ||||||
Principal payment | $ 41,666.67 |
STOCKHOLDERS_ EQUITY (Details N
STOCKHOLDERS’ EQUITY (Details Narrative) - USD ($) | Dec. 10, 2021 | May 27, 2021 | Apr. 15, 2021 | Apr. 14, 2020 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares repurchased | 0 | ||||||
Board of Directors [Member] | Stock Repurchase Program [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock repurchase program description | There is no time frame for the repurchase program, and such program will remain in place until a maximum of 100,000 shares of the Company’s common stock have been repurchased or until such program is discontinued by the Board of Directors. | There was no time frame or expiration date for the repurchase program, and such program was to remain in place until a maximum of $1.0 million of the Company’s common stock had been repurchased or until such program was suspended or discontinued by the Board of Directors. | |||||
Board of Directors [Member] | Stock Repurchase Program [Member] | Maximum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares repurchase value approved | $ 1,000,000 | ||||||
Shares repurchased | 100,000 | ||||||
Suren Ajjarapu [Member] | Employment Agreement [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares of restricted stock | 49,020 | ||||||
Shares of restricted stock, value | $ 300,000 | ||||||
Shares of common stock vested | 0 | 49,020 | |||||
Incremental value | $ 72,062 | ||||||
2021 Equity Compensation Awards [Member] | Board of Directors [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Options to purchase shares of common stock | 17,500 | ||||||
Options term | 5 years | ||||||
Exercise price per share | $ 4.76 | ||||||
2021 Equity Compensation Awards [Member] | Mr. Donald G. Fell, Dr. Pamela Tenaerts, and Mr. Michael L. Peterson [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares of restricted stock | 10,721 | ||||||
Shares of restricted stock, value | $ 55,000 | $ 165,000 | |||||
Shares Issued, Price Per Share | $ 5.13 | ||||||
Stock based compensation expense | 13,750 | ||||||
2021 Equity Compensation Awards [Member] | Mr. Peterson and Ms. Tenaerts [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Stock Redeemed or Called During Period, Shares | 16,082 | ||||||
2021 Equity Compensation Awards [Member] | Michael L. Peterson and Dr. Pamela Tenaert [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares of common stock vested | 2,680 | ||||||
2021 Equity Compensation Awards [Member] | Charles L. Pope, and Christine L. Jennings [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||||||
Shares of restricted stock | 10,912 | ||||||
Shares of restricted stock, value | $ 41,250 | ||||||
Shares Issued, Price Per Share | $ 3.78 | ||||||
Stock based compensation expense | $ 18,333 |
SCHEDULE OF OUTSTANDING AND EXE
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Warrants | |
Number of Outstanding Shares, Warrants Outstanding Beginning | shares | 44,535 |
Weighted Average Exercise Price, Outstanding Beginning | $ / shares | $ 0.32 |
Contractual Life in Years Warrants Outstanding, Beginning | 11 months 12 days |
Aggregate Intrinsic Value Outstanding Beginning | $ | $ 208,078 |
Number of Outstanding Shares, Warrants Granted | shares | |
Weighted Average Exercise Price, Warrants Granted | $ / shares | |
Number of Outstanding Shares, Warrants Forfeited | shares | |
Weighted Average Exercise Price, Warrants Forfeited | $ / shares | |
Number of Outstanding Shares, Warrants Exercised | shares | (14,584) |
Weighted Average Exercise Price, Warrants Exercised | $ / shares | $ 0.06 |
Number of Outstanding Shares, Warrants Outstanding Ending | shares | 29,951 |
Weighted Average Exercise Price, Outstanding Ending | $ / shares | $ 0.45 |
Contractual Life in Years Warrants Outstanding Ending | 1 year 1 month 20 days |
Aggregate Intrinsic Value Outstanding Ending | $ | $ 72,964 |
Number of Outstanding Shares, Warrants Exercisable Ending | shares | 29,951 |
Weighted Average Exercise Price, Warrants Exercisable Ending | $ / shares | $ 0.45 |
Contractual Life in Years Warrants, Warrants Exercisable Ending | 1 year 1 month 20 days |
Aggregate Intrinsic Value Warrants Exercisable Ending | $ | $ 72,964 |
WARRANTS (Details Narrative)
WARRANTS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | 14,584 | |
Proceeds from Warrant Exercises | $ 875 | |
Warrant [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted | 0 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Exercised | 0 | |
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 14,584 | |
Proceeds from Warrant Exercises | $ 875 | |
Share-based payment arrangement, noncash expense | $ 0 | $ 0 |
SCHEDULE OF STOCK OPTION ACTIVI
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2022USD ($)$ / sharesshares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options Outstanding, Beginning Balance | shares | 410,964 |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ / shares | $ 4.78 |
Contractual Life in Years Outstanding, Beginning Balance | 4 years 8 months 1 day |
Intrinsic Value Outstanding, Beginning Balance | $ | $ 368,417 |
Number of Options Exercisable, Beginning Balance | shares | 302,191 |
Weighted Average Exercise Price Exercisable, Beginning Balance | $ / shares | $ 4.88 |
Contractual Life in Years Exercisable, Beginning Balance | 4 years 4 months 17 days |
Intrinsic Value Exercisable, Beginning Balance | $ | $ 257,186 |
Number of Options Outstanding, Ending Balance | shares | 410,964 |
Weighted Average Exercise Price Outstanding, Ending Balance | $ / shares | $ 4.78 |
Contractual Life in Years Outstanding, Ending Balance | 4 years 5 months 1 day |
Intrinsic Value Outstanding, Ending Balance | $ | $ 14,427 |
Number of Options Exercisable, Ending Balance | shares | 302,191 |
Weighted Average Exercise Price Exercisable, Ending Balance | $ / shares | $ 4.88 |
Intrinsic Value Exercisable, Ending Balance | 4 years 1 month 20 days |
Intrinsic Value Exercisable, Ending Balance | $ | $ 8,061 |
OPTIONS (Details Narrative)
OPTIONS (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options expense | $ 32,783 | $ 75,738 |
Share-Based Payment Arrangement [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options to purchase common stock granted | 0 | |
Options to purchase common stock forfeited | 0 | |
Options to purchase common stock expired | 0 | |
Number of options, exercised | 0 | |
Stock Option Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options to purchase common stock granted | 2,333,333 | |
Second Amended and Restated 2019 Equity Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Stock issued during period, shares | 2,000,000 | |
Share-based payment award, description | beginning in 2021 and ending in 2029 (each a “Date of Determination”), in each case subject to the approval and determination of the administrator of the plan (the Board of Directors or Compensation Committee) on or prior to the applicable Date of Determination, equal to the lesser of (A) ten percent (10%) of the total shares of common stock of the Company outstanding on the last day of the immediately preceding fiscal year and (B) such smaller number of shares as determined by the administrator. The administrator did not approve an increase in the number of shares covered under the plan as of April 1, 2021. |
OTHER RECEIVABLES (Details Narr
OTHER RECEIVABLES (Details Narrative) | Aug. 14, 2020Integer | Aug. 31, 2020USD ($)Integer | Jul. 31, 2020USD ($) | Mar. 31, 2022USD ($) | Jun. 30, 2021USD ($) | Jul. 31, 2020USD ($) | Sep. 30, 2021USD ($) |
Debt Instrument, Face Amount | $ 630,000 | ||||||
Attorney fees | $ 630,000 | ||||||
Bad debt expenses | $ 630,000 | ||||||
Waxman [Member] | |||||||
Debt Instrument, Face Amount | $ 630,000 | ||||||
Integra [Member] | Studebaker Defense Group, LLC [Member] | |||||||
Down payment | $ 500,000 | ||||||
Number of nitrile gloves delivered | Integer | 180,000 | ||||||
Loss contingency, damages sought, value | $ 500,000 | ||||||
Loss on Inventory Investment | $ 500,000 | ||||||
Integra [Member] | Sandwave Group Dsn Bhd [Member] | |||||||
Down payment | $ 581,250 | ||||||
Number of nitrile gloves delivered | Integer | 150,000 | ||||||
Loss contingency, damages sought, value | $ 581,250 | ||||||
Loss on Inventory Investment | $ 581,250 | ||||||
Integra [Member] | Crecom Burj Group SDN BHD [Member] | |||||||
Loss contingency, damages sought, value | $ 581,250 |
CONTINGENCIES (Details Narrativ
CONTINGENCIES (Details Narrative) - USD ($) | May 14, 2021 | Feb. 28, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Compensatory amount value | $ 425,000 | |
Settlement payment amount | $ 225,000 |
SCHEDULE OF OPERATING LEASES (D
SCHEDULE OF OPERATING LEASES (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Dec. 31, 2021 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Recognition of Right to use assets | $ 1,178,705 | $ 1,233,033 | |
Lease 1 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Initial Lease Term | December 2017 to December 2021 | ||
Renewal Lease Term | January 2021 to December 2024 | ||
Recognition of Right to use assets | $ 534,140 | ||
Incremental Borrowing Rate | 10.00% | ||
Lease 2 [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Initial Lease Term | November 2018 to November 2023 | ||
Renewal Lease Term | November 2023 to November 2028 | ||
Recognition of Right to use assets | $ 313,301 | ||
Incremental Borrowing Rate | 10.00% |
SCHEDULE OF FUTURE MINIMUM PAYM
SCHEDULE OF FUTURE MINIMUM PAYMENTS FOR OPERATING LEASE LIABILITIES (Details) - USD ($) | Mar. 31, 2022 | Dec. 31, 2021 |
Leases | ||
2022 | $ 287,253 | |
2023 | 295,884 | |
2024 | 304,761 | |
2025 | 313,903 | |
2026 | 254,914 | |
Thereafter | 91,372 | |
Total minimum lease payments | 1,548,088 | |
Less: effect of discounting | (349,884) | |
Present value of future minimum lease payments | 1,198,204 | |
Less: current obligations under leases | 175,237 | $ 178,561 |
Long-term lease obligations | $ 1,022,967 | $ 1,069,965 |
LEASES (Details Narrative)
LEASES (Details Narrative) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Leases | ||
Increase in lease liability | $ 977,220 | |
Increase in right-of-use asset | 977,220 | |
Operating lease amortization expense | 54,328 | $ 31,678 |
Payment for operating lease liabilities | $ 50,322 | $ 31,517 |
SCHEDULE OF BUSINESS INTERESTS
SCHEDULE OF BUSINESS INTERESTS INTO REPORTABLE SEGMENTS (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Revenue | $ 3,240,272 | $ 3,053,235 | |
Gross Profit | 1,335,703 | 1,383,311 | |
Segment Assets | 5,840,211 | 9,693,216 | $ 5,766,164 |
Segment Profit/Loss | (965,836) | (651,519) | |
Cost of Sales | (1,904,569) | (1,669,924) | |
Trxade, Inc.[Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,381,963 | 1,236,650 | |
Gross Profit | 1,381,963 | 1,236,650 | |
Segment Assets | 1,751,758 | 2,053,494 | |
Segment Profit/Loss | 484,500 | 512,293 | |
Cost of Sales | |||
Community Specialty Pharmacy, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 268,407 | 397,896 | |
Gross Profit | (82,311) | 36,089 | |
Segment Assets | (482,577) | ||
Segment Profit/Loss | (148,510) | (31,251) | |
Cost of Sales | (350,718) | (361,807) | |
Integra Pharma, LLC [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 1,567,530 | 1,402,586 | |
Gross Profit | 13,679 | 94,563 | |
Segment Assets | 1,053,179 | 3,111,536 | |
Segment Profit/Loss | (155,028) | (32,446) | |
Cost of Sales | (1,553,851) | (1,308,023) | |
Other Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Revenue | 22,372 | 16,103 | |
Gross Profit | 22,373 | 16,009 | |
Segment Assets | 3,517,851 | 4,933,534 | |
Segment Profit/Loss | (1,146,796) | (1,100,115) | |
Cost of Sales | $ 1 | $ (94) |