Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 33

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 33
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2023 
    $2,306,796  
    $2,306,796 
  
    Change in fair value 
     (1,740,847) 
     (1,740,847)
  
    Derivative liabilities - March 31, 2024 
    $565,949  
    $565,949 

Changes in the fair value of derivative liabilities
are included in other income in the accompanying consolidated condensed statements of operations and comprehensive (loss) income. During
the three months ended March 31, 2025 and 2024, the Company recorded a net change in the fair of derivative liabilities of ($5,105) and
($1,740,847), respectively.

9. INCOME TAXES

The Company did not record a federal income tax
provision or benefit for the three months ended March 31, 2025 and 2024 due to taxable losses. The Company recorded a provision for income
taxes for DC of $63 for the three months ended March 31, 2025, thereby reflecting the minimum statutory tax due ($63 for the three months
ended March 31, 2024).

10. SHARE-BASED COMPENSATION

The following is a summary of share-based compensation
expenses reported in the Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income for the three months ended March
31, 2025 and 2024:

    For the Three Months Ended March 31, 

    2025  
    2024 
  
    General and Administrative Expenses 
    $186,763  
    $125,368 
  
    Total Share-Based Compensation Expense Included in Operating Expenses 
    $186,763  
    $125,368 

Share-Based Compensation under 2022 Equity Incentive Plan

On November 22, 2022, the Company adopted the
2022 Equity Incentive Plan (the “2022 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted
stock, restricted stock units and performance awards to eligible employees, directors and consultants, to be granted from time to time
by the Board of Directors of the Company. To date, the Company has granted shares of common stock, restricted stock units, stock options
to employees, non-employees, and directors under the 2022 Plan. As of March 31, 2025, the number of remaining shares available for issuance
under the