Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 30

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 been converted by the Company to Common Stock as described below.

Conversion Rights - The Company has the
right, in its sole discretion, to convert all or any portion of the outstanding shares of Series A Preferred Stock (including any fraction
of a share), plus the aggregate accrued or accumulated and unpaid dividends thereon into a number of shares of Common Stock determined
by (i) multiplying the number of shares to be converted by $100 per share, as adjusted for any stock splits, stock dividends, recapitalizations
or similar transactions with respect to the Series A Preferred Stock (but unchanged as a result of the Reverse Stock Splits impacting
the common stock on August 12, 2024 and February 24, 2025) (the “Liquidation Value”), (ii) plus all accrued and accumulated
and unpaid dividends on such shares to be converted, and then (ii) dividing the result by the then-effective Conversion Price in effect,
provided that such conversion would not result in the holders of shares of Series A Preferred Stock owning more than 19.9% of the outstanding
shares of common stock on an as-converted basis. The “Conversion Price” is equal to the lesser of (a) the Liquidation Value,
(b) the offering price per share of Common Stock in the Company’s IPO, as adjusted for the 1:12 Reverse Stock Split after August
12, 2024 and the 1:5 Reverse Stock Split after February 24, 2025, or $300 per share, or (c) the 10-day volume weighted average price per
share of Common Stock, as reasonably determined by the Company.

7. DEBT

On May 14, 2020, the Company received COVID-19
EIDL lending from the Small Business Administration (SBA) in the amount of $150,000. The loan bears interest at an annual rate of 3.75%
calculated on a monthly basis. Monthly payments of $731 were required beginning in November 2022, with a final balloon payment equal to
the remaining principal due at the maturity date of October 12, 2050. The balance as of March 31, 2025 and December 31, 2024 was $155,274
and $155,891, respectively. The current maturity at March 31, 2025 is $8,772 and the long-term liability is $146,502 ($8,772 and $147,119
at December 31,