Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 93

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 93
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     (399,725) 
     399,725  
     (100.00)
  
    Change in Fair Value of Derivative Liabilities 
     1,665,966  
     (37,278) 
     1,703,244  
     (4,569.03)
  
    Loss on Debt Extinguishment 
     -  
     (1,231,480) 
     1,231,480  
     (100.00)
  
    Change in Fair Value of Promissory Note 
     -  
     5,379,269  
     (5,379,269) 
     (100.00)
  
    Other Income (Expense), net 
     101,464  
     (83,116) 
     184,580  
     (222.08)
  
    Total Interest and Other Income (Expense), net 
    $1,759,518  
    $1,341,033  
    $418,485  
     31.21%

Interest Expense

For the year ended December 31, 2024, we recognized
$7,912 of interest expense ($2,286,637 for the year ended December 31, 2023). The decrease in interest expense is the result of the settlement
or conversion of a majority of our outstanding debt obligations upon the closing of our IPO on July 14, 2023. Cash paid for interest
was $8,772 and $179,117 for the years ended December 31, 2024 and December 31, 2023, respectively.

51

Derivative Expense

For the year ended December 31, 2023, we recognized
$399,725 of derivative expense in connection with the raising of $555,000 in net proceeds from our bridge funding in May 2023. We record
derivative expense when the initial fair value of the related derivative liabilities exceeds the cash proceeds received. We did not record
derivative expense for the year ended December 31, 2024 as we did not complete any debt financing transactions during the period.

Change in Fair Value of Derivative Liabilities

For the year ended December 31, 2024, we recognized a net gain on the
change in fair value of derivative liabilities of $1,665,966 compared to a net loss of $37,278 for the