UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Item 8.01 Other Events.
On May 20, 2022, effective as of May 18, 2022, Community Specialty Pharmacy, LLC (“CSP”), an accredited independent retail pharmacy, which is wholly-owned by TRxADE HEALTH, INC., (“TRxADE” or the “Company”), entered into an agreement to acquire COVID-19 testing kits from a third party for an aggregate of $1,200,000, of which $875,000 was paid on May 23, 2022 and $325,000 is due within 60 days of delivery. CSP also entered into a Master Services Agreement with a third party on the same date to sell certain of the testing kits to the third party on net 60-day pricing terms. If CSP continues to purchase and resell testing kits, CSP or the Company may need to seek to obtain a line of credit or otherwise raise additional funding to purchase testing kits in advance of sales. There are also ongoing risks associated with the transaction above, regarding the purchaser’s payment of sales proceeds for the test kits and the timing thereof.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TRxADE HEALTH, INC. | ||
| Date: May 27, 2022 | By: | /s/ Suren Ajjarapu |
| Name: | Suren Ajjarapu | |
| Title: | Chief Executive Officer | |