Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 438

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 438
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 as compared to $6,474,565 for the year ended December 31, 2023. The increase in net
cash provided by financing activities is primarily attributable to (i) net proceeds of $1,914,513 received for the sale of common stock
and warrants in January 2024, (ii) net proceeds of $1,790,670 from the sale of common stock pursuant to the At-the-Market Sales Agreement
in July and August 2024, and (iii) $3,439,502 received from the sale of warrants in our Private Placement offering that closed in September
2024, in each case partially offset by payment of deferred offering costs. Cash provided by financing activities for the year ended December
31, 2023 related to net proceeds of $6,454,325 generated from our IPO, which closed on July 14, 2023, as well as $1,131,771 received
from the exercise of warrants, but partially offset by repayments of certain of our outstanding debt obligations in July 2023.

Effect of Foreign Currency Translation on
Cash Flow

Our foreign operations were small relative to
U.S. operations for the years ended December 31, 2024 and December 31, 2023, thus effects of foreign currency translation have been minor.

6. Critical Accounting Policies, Significant
Judgments, and 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.

Revenue Recognition 

We recognize revenue in accordance with FASB
ASC Topic No. 606, Revenue from Contracts with Customers (“ASC 606”). Revenues are recognized when control is transferred
to customers in amounts that reflect the consideration we expect to be entitled to receive in exchange for those goods. Revenue recognition
is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification
of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price
to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. As part
of the accounting for these arrangements, we may be required to make significant