Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1000

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 3
Chunk 1000
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2023 
  
    Current: 

    Federal 
    $
    -  
    $
    - 
  
    State 
     250  
     250 
  
    Foreign 
     -  
     - 
  
    Total current provision (benefit) 
     250  
     250 
  
    Deferred: 

    Federal 
     -  
     - 
  
    State 
     -  
     - 
  
    Foreign 
     -  
     - 
  
    Total deferred provision (benefit) 
     -  
     - 
  
    Total Benefit 
    $250  
    $250 

The reconciliation between income taxes computed
at the U.S. statutory income tax rate to the Company’s provision (benefit) for income taxes for the years ended December 31, 2024
and 2023 are as follows:

    For the Year Ended December 31, 

    2024  
    2023 
  
    Benefit for income taxes at 21% rate 
    $(1,670,637) 
     21.0% 
    $(800,846) 
     21.0%
  
    State income taxes, net of federal benefit 
     (587,971) 
     7.4  
     (364,618) 
     9.6 
  
    Tax credits 
     (437,296) 
     5.5  
     -  
     - 
  
    Impact of non-U.S. earnings 
     (22,103) 
     0.3  
     (33,994) 
     0.9 
  
    Permanent differences 
     (347,008) 
     4.4  
     280,654  
     (7.4)
  
    Change in fair value of promissory note 
     -  
     -  
     (1,129,646) 
     29.6 
  
    Non-deductible interest expense 
     -  
     -  
     304,962  
     (8.0)
  
    Other reconciling items, net 
     30,411  
     (0.4) 
     2,042,657  
     (53.6)