Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 669

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1C
Chunk 669
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 future. These ownership
changes may limit the amount of NOL and interest limitation carryforwards that can be utilized annually to offset future taxable income
and tax, respectively. There could be additional ownership changes in the future, which may result in additional limitations on the utilization
of the NOL and tax credit carryforwards.

The Company conducts business globally and, as
a result, it files income tax returns in U.S. federal and state jurisdictions and in Australia. In the normal course of business, the
Company may be subject to examination by taxing authorities throughout the world. The tax years that remain subject to examination by
major tax jurisdictions include the years ended December 31, 2021, 2022, 2023 and 2024. As of December 31, 2024, the Company is not under
income tax examination in any jurisdiction.

During the ordinary course of business, there
are many transactions and calculations for which the ultimate tax determination is uncertain. The Company establishes reserves for tax-related
uncertainties based on estimates of whether, and the extent to which, additional taxes will be due. These reserves are established when
the Company believes that certain positions might be challenged despite its belief that its tax return positions are fully supportable.
The Company adjusts these reserves in light of changing facts and circumstances, such as the outcome of tax examinations. As of December
31, 2024 and December 31, 2023, no reserves for uncertain tax positions have been established.

F-30

The Company recognizes interest and penalties
accrued related to unrecognized tax benefits as income tax expense. During the years ended December 31, 2024 and 2023 the Company did
not recognize interest and penalties related to unrecognized tax benefits.

10. SHARE-BASED COMPENSATION

The following is a summary of share-based compensation
expenses reported in the Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2024 and 2023:

    For the Year Ended December 31, 

    2024  
    2023 
  
    Research and Development 
    $3,227,300  
    $192,371 
  
    General and Administrative Expenses 
     381,348  
     1,543,803 
  
    Total Share-Based Compensation Expense Included in Operating
    Expenses 
    $3,608,648  
    $1,736,174 

Share-Based Compensation under 2022