Company: SXTPW
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001213900-25-043779
Chunk: 56

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 56
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 for the three months ended
March 31, 2025 ($9,088 capitalized for the three months ended March 31, 2024 associated with enhancements to the functionality of our
corporate website).

Cash Provided by Financing Activities

Net cash provided by financing activities was
$1,696,899 for the three months ended March 31, 2025, as compared to $1,903,291 for the three months ended March 31, 2024. The decrease
in net cash provided by financing activities is mainly attributable to net proceeds of $1,898,296 received in connection with our common
stock and warrant offering in January 2024, which exceeded the aggregate net proceeds of $1,712,973 received in connection with our common
stock and warrant offerings completed in January 2025 and February 2025. We also received lower proceeds from the exercise of warrants
at $1,926 for the three months ended March 31, 2025, compared to $4,995 for the three months ended March 31, 2024. Additionally, for the
three months ended March 31, 2025, we withheld shares valued at $18,000 to cover tax withholdings for net share settlement of certain
2024 performance bonuses awarded to our executives ($0 for the three months ended March 31, 2024).

Effect of Foreign Currency Translation on Cash

Our foreign operations were small relative to
U.S. operations for the three months ended March 31, 2025 and March 31, 2024, thus effects of foreign currency translation have been minor.

Critical Accounting Policies, Significant Judgments,
and Use of Estimates

The preparation of financial statements in conformity
with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures
of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during
the reporting period. Actual results could differ from those estimates.

Revenue Recognition 

We recognize revenue in accordance with FASB ASC
Topic No. 606, Revenue from Contracts with Customers (“ASC 606”). Revenues are recognized when control is transferred
to customers in amounts that reflect the consideration we expect to be entitled to receive in exchange for those goods. Revenue recognition
is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification
of the performance obligations in the contract;