Business Context and Reporting Period
This Form 8-K Current Report was filed by TRxADE HEALTH, Inc. (Ticker: MEDS) on September 14, 2023. The report discloses a material change in the company's independent registered public accounting firm. The registrant is incorporated in Delaware and maintains its principal executive offices in Lutz, Florida.
Key Financial Metrics
This filing is a current report regarding corporate governance and does not contain financial performance data. Consequently, there are no reported values for revenue, profit, cash flow, margins, debt, or liquidity in this document.
Material Changes
- Dismissal of Prior Accountant: On September 14, 2023, the Company dismissed MaloneBailey, LLP as its independent registered public accounting firm, effective immediately. This action was approved by the Audit Committee.
- Engagement of New Accountant: On the same date, the Company engaged CM3 Advisory as its new independent registered public accounting firm, also approved by the Audit Committee.
- Audit History: MaloneBailey's audit reports for fiscal years ended December 31, 2022, and 2021, did not contain adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: The Company reported no disagreements with MaloneBailey on accounting principles, practices, or auditing scope during the two most recent fiscal years and the interim period through June 30, 2023.
Guidance, Outlook, and Risks
The filing contains no management commentary regarding financial guidance, future outlook, or specific business risks. The primary disclosure relates to the transition of audit services. The Company confirmed that no "reportable events" occurred during the relevant period with the former accountant. MaloneBailey has provided a letter to the SEC confirming their agreement with the disclosure regarding the dismissal.
Investor Verification Checklist
- Verify the reasons for the change in auditors, as this filing does not explicitly state the strategic or operational rationale beyond the effective date.
- Review the attached Exhibit 16.1 (Letter from MaloneBailey, LLP) for any additional context regarding the dismissal.
- Monitor upcoming filings (10-Q or 10-K) to confirm the new auditor's initial assessment of the company's financial statements.
- Check for any subsequent press releases or 8-K filings that may elaborate on the circumstances surrounding the accounting firm change.