Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 500

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1B
Chunk 500
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     - 
  
    Right of use asset 
     -  
     (3,719)
  
    Prepaid expenses 
     (65,986) 
     (695,013)
  
    Total deferred tax liabilities 
     (68,769) 
     (698,732)
  
    Net deferred tax liabilities 
    $-  
    $- 

The valuation allowance increased by $2,872,215
during 2024. In determining the need for a valuation allowance, the Company has given consideration to its worldwide cumulative loss
position when assessing the weight of the sources of taxable income that can be used to support the realization of deferred tax assets.
The Company has assessed, on a jurisdictional basis, the available means of recovering deferred tax assets, including the ability to
carry-back net operating losses, the existence of reversing temporary differences, the availability of tax planning strategies and available
sources of future taxable income. The Company has determined that it is more likely than not that the Company will not recognize the
benefits of the U.S. Federal, state and net deferred tax assets, and, as a result, a full valuation allowance has been set against its
net deferred tax assets as of December 31, 2024 and December 31, 2023. 

At December 31, 2024, the Company had U.S. federal
and state net operating loss carryforwards of approximately $9,235,194 and $9,234,194 respectively, and U.S. federal tax credits of $437,296.
At December 31, 2023, the Company had U.S. federal and state net operating loss carryforwards of approximately $6,339,101 and $6,338,851
respectively, and U.S. federal tax credits of $0. The U.S. federal and state net operating losses carryforward indefinitely but may only
be used to offset 80% of annual taxable income due to the Tax Cuts and Jobs Act. The U.S. federal tax credits begin to expire in 2042.
The Company had $6,601,381 and $6,835,123 of foreign net operating loss carryforwards at December 31, 2024 and December 31, 2023, respectively,
which carryforward indefinitely. Utilization of the NOL carryforwards may be subject to limitation under Section 382 of the Internal
Revenue Code of 1986 due to