Company: SXTPW
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001013762-25-003343
Chunk: 1303

Company: 60 DEGREES PHARMACEUTICALS, INC.
Filing Date: 2025-03-27
Form: 10-K
Item: Item 5
Chunk 1303
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 a nonrecurring
basis. The Company’s non-financial assets, including Intangible Assets and Property and Equipment, are measured at fair value when
there is an indication of impairment and the carrying amount exceeds the asset’s projected undiscounted cash flows. These assets
are recorded at fair value only when an impairment charge is recognized. 

As of December 31, 2024 and 2023, the carrying
value of the Company’s financial instruments included in current assets and current liabilities (such as cash, accounts receivable,
accounts payable, and accrued expenses) approximate their fair value due to the short-term nature of such instruments. Certificates of
deposit, classified as cash equivalents or short-term investments depending on the instrument’s original time to maturity, are
measured at amortized cost, which approximates fair value as of December 31, 2024. The Company did not have any investments in certificates
of deposit as of December 31, 2023. 

Foreign Currency Transactions and Translation

The individual financial statements of each group
entity are measured and presented in the currency of the primary economic environment in which the entity operates (its functional currency).
The consolidated financial statements of the Company are presented in US dollars, which is the functional currency of the Company and
the presentation currency for the consolidated financial statements.

For the purpose of presenting consolidated financial
statements, the assets and liabilities of the Company’s foreign operations are mostly translated at exchange rates prevailing on
the reporting date. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuate
significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising,
if any, are recognized as a component of other comprehensive income (loss) as Unrealized Foreign Currency Translation Gain or Loss.

Exchange rates along with historical rates used
in these financial statements are as follows:

     Average
                                            Exchange Rate

     Year
                                            Ended December 31,   
    As of
  
    Currency 
     2024  
     2023  
    December 31,
    2024 
    December 31,
    2023
  
    1 AUD = 
     0.66 USD  
     0.66 USD  
    0.62 USD 
    0.68 USD

Reclassifications

Certain prior period amounts have been reclassified
for consistency with the current period presentation. These reclassifications had no