Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1339

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 1339
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 exchange for research and development services
to be rendered to the Company in the future. The Company recognizes prepaid research and development costs on the grant date, as defined
in ASC 718. Florida State University Research Fund, Inc. agreed to render research and development services related to the development
of celgosivir over a period of up to five years using the proceeds from the sale of the Company’s common shares to fund the services.
Prepaid research and development costs recognized associated with the Florida State University Research Fund, Inc. are expected to be
rendered within one year. Kentucky Technology Inc. agreed to furnish a written report on the potential development of SJ733 + tafenoquine
in exchange for fully vested shares of the Company’s common stock. On May 3, 2024, the Company indicated to Kentucky Technology,
Inc. that the report (delivered in April 2024) was acceptable to the Company. Upon acceptance, the Company recognized $2,625,000 of share-based
compensation expense, which is reflected in Research and Development expense in the results of operations for the year ended December
31, 2024. As of December 31, 2024, the unamortized balance of prepaid assets related to these share-based payments for research and development
costs for which the grant date criteria has been met and the services are expected to be rendered within one year is $129,710 ($2,730,685
at December 31, 2023), which is presented as a component of Prepaid and Other Assets on the accompanying Consolidated Balance Sheets.

In addition to share-based payments for research
and development services, during the years ended December 31, 2024 and 2023, 0 and 9,217 common stock shares, respectively, were issued
as fully vested, nonforfeitable equity instruments to nonemployees. As of December 31, 2024, the unamortized balance of current prepaid
assets related to these share-based payments for which the services are expected to be rendered within one year is $176,471 ($948,581
at December 31, 2023), which is reported in Prepaid and Other Assets on the Consolidated Balance Sheets. The unamortized balance of noncurrent
prepaid assets related to these share-based payments for which the services are expected to be rendered beyond one year is $66,176 ($242,647
at December 31, 2023), reported in