Company: SXTPW
Filing Date: 2025-03-27
Form Type: S-1/A
Source: 0001013762-25-003353
Chunk: 254

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: S-1/A
Chunk 254
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 during the year ended December 31, 2023 had the officers not agreed to non-payment. F-34 11. COMMITMENTS AND CONTINGENCIES Operating Lease On February 3, 2016, and subsequently amended, the Company entered into the lease agreement with CXI Corp to rent business premises. In January 2023, the lease was extended for an additional twelve-month term, which expired on March 31, 2024. In December 2023, the Company executed an additional amendment with CXI Corp, pursuant to which the Company agreed to relocate to a new office space as of April 1, 2024 for a one yearterm that expires on March 31, 2025. The Company accounted for the December 2023 amendment as a separate contract. In December 2024, the Company executed an additional amendment to renew the lease for an additional one-year term that expires March 31, 2026. As the term of the office lease is 12 months, the lease is not recorded on the balance sheet. The Company recognizes lease expense on this lease as short-term lease costs. Operating lease costs, including short-term leases, were in the amount of $ 28,867and $ 55,084for the years ended December 31, 2024 and 2023, respectively. Board of Directors In November and December 2022, the Company signed agreements with four director nominees (Cheryl Xu, Paul Field, Charles Allen and Stephen Toovey) which came into effect on July 11, 2023, the date the Company’s Registration Statement was declared effective. Each director is entitled to receive cash compensation of $ 11,250quarterly. In addition, the twonon-audit committee chairs (Toovey, Field) will receive $ 1,250per quarter and the audit committee chair (Allen) will receive an additional $ 2,000per quarter. In addition, each director is entitled to receive annual equity-based compensation awards, with the amounts and terms to be determined by the Compensation Committee. In November 2024, the Company paid each non-executive director an additional $ 20,000of cash compensation in lieu of granting equity-based compensation awards for the year ended December 31, 2024. Contingencies The Company’s operations are subject to a variety of local and state regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on its operations, or losses of permits that could result