Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 85

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 85
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 statements of 60P and its subsidiary
are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The
Company has prepared the accompanying consolidated condensed financial statements pursuant to the instructions to Form 10-Q and Article
8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). These financial statements are unaudited and, in the
opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results
of operations, and cash flows have been included and are of a normal and recurring nature. Operating results for the periods presented
are not necessarily indicative of the results that may be expected for the year ending December 31, 2025 due to various factors. These
consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and related
notes thereto as of and for the years ended December 31, 2024 and 2023, included in the Company’s annual report on Form 10-K, as
filed with the SEC on March 27, 2025 (the “Annual Report”). Certain information, footnote disclosures, and significant accounting
policies that would substantially duplicate the disclosures contained in the Annual Report have been omitted.

Use of Estimates

The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates, and those estimates may be material. Significant estimates include
the reserve for inventory, the fair value of derivative liabilities, and stock-based compensation.

7

Reverse Stock Splits

Following stockholder approval in July 2024, the
Company effected a reverse stock split at a ratio of 1:12, which was effective as of August 12, 2024 (the “1:12 Reverse Stock Split”).
On November 6, 2024, a majority of the Company’s stockholders approved an additional reverse stock split at a split ratio ranging
between 1:3 and 1:5, as determined by the Board of Directors in its sole discretion. On February 10, 2025, the Board of Directors approved
a 1:5 reverse split ratio. On February 24, 2025, the Company effected the 1:5 reverse stock split