Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 60

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 60
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 certain accounting standards until those standards would otherwise apply to private companies. We have elected to
avail ourselves of this exemption and, therefore, we will not be subject to the same new or revised accounting standards as other public
companies that are not emerging growth companies.

Recent Accounting Pronouncements

From time to time, the FASB issues Accounting
Standards Updates (“ASU”) to amend the authoritative literature in the ASC. The Company regularly evaluates new ASUs to determine
the impact that these pronouncements may have on the consolidated condensed financial statements. Other than the pronouncements listed
below, management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, or (iii)
are not applicable to the Company’s consolidated condensed financial statements or related disclosures.

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which expands annual
and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses
and segment profit or loss. ASU 2023-07 also requires entities with a single reportable segment to provide all segment disclosures under
ASC 280, including the new required disclosures under the ASU. We adopted ASU 2023-07 on a retrospective basis for the 2024 annual period,
and for interim periods beginning in 2025. The impact is limited to our financial statement disclosures, which are presented in Note 2
to the accompanying consolidated condensed financial statements.

34

In December 2023, the FASB issued ASU 2023-09,
Income Taxes (ASC 740): Improvements to Income Tax Disclosures (“ASU 2023-09”) which requires disaggregated information
about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective
for annual periods beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact that ASU 2023-09
will have on our financial statement disclosures.

In November 2024, the FASB issued ASU 2024-03,
Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income
Statement Expenses (“ASU 2024-03”), which applies to all public business entities that file financial statements