Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 2605

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 2605
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 equal
to the remaining principal due at the maturity date of October 12, 2050. The balance as of December 31, 2024 and 2023 is $155,891 and
$159,023, respectively. The current maturity at December 31, 2024 is $8,772 and the long-term liability is $147,119 ($8,772 and $150,251
at December 31, 2023, respectively). The loan is collateralized by all tangible and intangible personal property of the Company. The
Company is prohibited from accepting future advances under any superior liens on the collateral without the prior consent of SBA.

The current future payment obligations of the principal are as follows:

    Period 
    Principal
    Payments 
  
    2025 
    $- 
  
    2026 
     404 
  
    2027 
     3,217 
  
    2028 
     3,332 
  
    2029 
     3,467 
  
    Thereafter 
     139,580 
  
    Total 
    $150,000 

F-27

Related Party Advances

In March 2023, the Company received a $200,000
short term advance from the Geoffrey S. Dow Revocable Trust. In April 2023, the Company received $50,000 as a short-term advance from
management. The Geoffrey S. Dow Revocable Trust contributed $23,000 and Tyrone Miller contributed $27,000. On May 11, 2023, these short
term advances were refunded in full for an aggregate amount of $250,000.

8. DERIVATIVE LIABILITIES

In accordance with the provisions of ASC 815,
derivative liabilities are initially measured at fair value at the commitment date and subsequently remeasured at each reporting period,
with any increase or decrease in the fair value recorded in the results of operations within other income/expense as the change in fair
value of derivative liabilities. 

As discussed in Notes 6 and 7 above, certain
of the Company’s bridge shares, warrants and convertible notes (containing an embedded conversion feature) were previously accounted
for as derivative liabilities. The bridge shares and related conversion features were derecognized upon conversion of the related debt
obligations on the date of the IPO. In addition, certain of the Company’s common stock warrants were previously accounted for as
derivative liabilities