Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1924

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 1924
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 income taxes computed
at the U.S. statutory income tax rate to the Company’s provision (benefit) for income taxes for the years ended December 31, 2024
and 2023 are as follows:

    For the Year Ended December 31, 

    2024  
    2023 
  
    Benefit for income taxes at 21% rate 
    $(1,670,637) 
     21.0% 
    $(800,846) 
     21.0%
  
    State income taxes, net of federal benefit 
     (587,971) 
     7.4  
     (364,618) 
     9.6 
  
    Tax credits 
     (437,296) 
     5.5  
     -  
     - 
  
    Impact of non-U.S. earnings 
     (22,103) 
     0.3  
     (33,994) 
     0.9 
  
    Permanent differences 
     (347,008) 
     4.4  
     280,654  
     (7.4)
  
    Change in fair value of promissory note 
     -  
     -  
     (1,129,646) 
     29.6 
  
    Non-deductible interest expense 
     -  
     -  
     304,962  
     (8.0)
  
    Other reconciling items, net 
     30,411  
     (0.4) 
     2,042,657  
     (53.6)
  
    Change in valuation allowance 
     3,034,854  
     (38.1) 
     (298,919) 
     7.8 
  
    Benefit for Income Taxes 
    $250  
     0.0% 
    $250  
     (0.1)%

F-29

Significant components of the Company’s
deferred tax assets (liabilities) as of December 31, 2024 and 2023 are as follows:

    As of December 31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net operating loss carry-forward 
    $4,191,575