Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 330

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1A
Chunk 330
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 the Monte Carlo Simulation Model to re-measure the liability-classified
bridge shares, warrants and embedded conversion features in convertible promissory notes to their respective fair values at each subsequent
reporting date prior to the IPO.

9. INCOME TAXES

Loss before provision (benefit) for income taxes
for the years ended December 31, 2024 and 2023 consisted of the following:

    For the Year Ended December 31, 

    2024  
    2023 
  
    United States 
    $(7,372,032) 
    $(3,006,861)
  
    Foreign 
     (583,381) 
     (806,689)
  
    Total Loss before Income Taxes 
    $(7,955,413) 
    $(3,813,550)

The components of the provision (benefit) for
income taxes consisted of the following:

    For the Year Ended December 31, 

    2024  
    2023 
  
    Current: 

    Federal 
    $
    -  
    $
    - 
  
    State 
     250  
     250 
  
    Foreign 
     -  
     - 
  
    Total current provision (benefit) 
     250  
     250 
  
    Deferred: 

    Federal 
     -  
     - 
  
    State 
     -  
     - 
  
    Foreign 
     -  
     - 
  
    Total deferred provision (benefit) 
     -  
     - 
  
    Total Benefit 
    $250  
    $250 

The reconciliation between 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