Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1332

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 1332
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:

    As of December 31, 

    2024  
    2023 
  
    Deferred tax assets: 

    Net operating loss carry-forward 
    $4,191,575  
    $3,498,043 
  
    Tax credits 
     437,296  
     - 
  
    Non-deductible reserves 
     44,733  
     1,058 
  
    Capitalized R&D costs 
     1,268,685  
     189,892 
  
    Lease liability 
     -  
     3,756 
  
    Share-based compensation 
     41,830  
     94,034 
  
    Gross deferred tax assets 
     5,984,119  
     3,786,783 
  
    Less valuation allowance 
     (5,915,350) 
     (3,088,051)
  
    Total deferred tax assets, net of valuation allowance 
     68,769  
     698,732 
  
    Deferred tax liabilities: 

    Fixed asset depreciation 
     (2,783) 
     - 
  
    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