Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1592

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 1592
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 conversion, relieve all
related debt, derivative liabilities, and unamortized debt discounts, and recognize a net gain or loss on debt extinguishment, if any.

Equity or liability instruments that become subject
to reclassification under ASC Topic 815 are reclassified at the fair value of the instrument on the reclassification date.

Off-Balance Sheet Arrangements

During 2024 and 2023, we did not have any relationships
with unconsolidated organizations or financial partnerships, such as structured finance or special purpose entities that would have been
established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.

57

JOBS Act Accounting Election

In April 2012, the JOBS Act was enacted. Section
107(b) of the JOBS Act provides that an “emerging growth company” can take advantage of the extended transition period provided
in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. Thus, an emerging growth company
can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected
to avail ourselves of this exemption and, therefore, we will not be subject to the same new or revised accounting standards as other
public companies that are not emerging growth companies.

Recent Accounting Pronouncements

From time to time, the FASB issues Accounting
Standards Update (“ASUs”) to amend the authoritative literature in the ASC. We regularly evaluate new ASUs to determine the
impact that these pronouncements may have on our consolidated financial statements. Other than the pronouncements listed below, management
believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, or (iii) are not applicable
to our consolidated financial statements or related disclosures. 

In November 2023, the FASB issued ASU 2023-07,
Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”) which expands annual
and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses
and segment profit or loss. ASU 2023-07 also requires entities with a single reportable segment to provide all segment disclosures under
ASC 280, including the new required disclosures under the ASU. We adopted ASU 2023-07 on a retrospective basis for the 2024 annual period,
and for interim periods beginning