60 DEGREES PHARMACEUTICALS INC
For the period ended Sep 30, 2024. Filed Nov 14, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 14, 2024
SXTP$0.52-4.7%Stored close · as of Nov 10, 2026
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Consolidated Condensed Statements of Cash Flows
CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED)
| For the Nine Months Ended September 30, · 2024 · 2023 | |||
|---|---|---|---|
| CASH FLOWS FROM OPERATING ACTIVITIES | |||
| Net Loss | $(5,906,739) | $(1,767,583) | |
| Adjustments to Reconcile Net Loss to Net Cash Used in Operating Activities: | |||
| Depreciation | 6,277 | 19,287 | |
| Amortization | 28,004 | 20,606 | |
| Amortization of Debt Discount | - | 669,148 | |
| Amortization of ROU Asset | 13,517 | 37,035 | |
| Amortization of Note Issuance Costs | - | 67,728 | |
| Amortization of Capitalized Share-Based Payments | 3,531,763 | 690,173 | |
| Share-Based Compensation to Vendors for Services | - | 212,605 | |
| Share-Based Compensation under Equity Incentive Plan | 15,246 | 458,266 | |
| Loss on Debt Extinguishment | - | 1,231,480 | |
| Change in Fair Value of Derivative Liabilities | (1,683,034) | (95,324) | |
| Derivative Expense | - | 399,725 | |
| Change in Fair Value of Promissory Note | - | (5,379,269) | |
| Write-offs of Capitalized Patents | 11,300 | - | |
| Inventory Reserve | - | (139,946) | |
| Changes in Operating Assets and Liabilities: | |||
| Accounts Receivable | (92,490) | (92,044) | |
| Prepaid and Other Assets | (99,756) | (1,512,578) | |
| Inventory | 14,133 | 60,205 | |
| Accounts Payable and Accrued Liabilities | 171,411 | (489,337) | |
| Accrued Interest, net | (5,853) | 1,267,703 | |
| Reduction of Lease Liability | (13,650) | (37,122) | |
| Deferred Compensation | - | (100,000) | |
| Net Cash Used in Operating Activities | (4,009,871) | (4,479,242) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||
| Capitalization of Patents | (49,869) | (29,220) | |
| Purchases of Fixed Assets | (103,773) | (1,823) | |
| Acquisition of Intangibles | (25,374) | (18,283) | |
| Purchase of Short-Term Investments | (1,708,000) | - | |
| Net Cash Used in Investing Activities | (1,887,016) | (49,326) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||
| Net Proceeds from January 2024 Offering | 1,914,513 | - | |
| Payment of Deferred Offering Costs | (102,077) | (150,420) | |
| Proceeds from IPO and Over-Allotment, net of underwriting discounts and commissions paid at closing of $1,047,692 | - | 6,454,325 | |
| Proceeds from ATM Offering, net of offering costs paid at closing of $203,914 | 1,790,670 | - | |
| Proceeds from Private Placement, net of offering costs paid at closing of $557,600 | 3,439,502 | - | |
| Proceeds from Exercise of Warrants | - | 1,131,771 | |
| Proceeds from Exercise of Pre-Funded Warrants | 9,990 | - | |
| Proceeds from Notes Payable | - | 650,000 | |
| Repayment of Notes Payable | - | (1,611,111) | |
| Proceeds from Advances - Related Party | - | 250,000 | |
| Repayment of Related Party Advances | - | (250,000) | |
| Net Cash Provided by Financing Activities | 7,052,598 | 6,474,565 | |
| Effect of Exchange Rate Changes on Cash | 2,492 | 7,678 | |
| Change in Cash and Cash Equivalents | 1,158,203 | 1,953,675 | |
| Cash and Cash Equivalents—Beginning of Period | 2,142,485 | 264,865 | |
| Cash and Cash Equivalents—End of Period | $3,300,688 | $2,218,540 | |
| NONCASH INVESTING/FINANCING ACTIVITIES | |||
| Conversion of Debt into Common Stock | $ | - | $7,989,598 |
| Conversion of Debt into Series A Preferred Stock | $ | - | $10,128,500 |
| Conversion of Series A Preferred Stock into Common Stock | $290,601 | $270,460 | |
| Capitalized Share-Based Payments to Vendors | $ | - | $4,916,556 |
| Fair Value of Warrants Issued to Underwriters | $71,364 | $301,416 | |
| Reclassification of Liability-classified Warrants to Equity-classified | $ | - | $838,748 |
| Additions to ROU Assets for Lease Renewal | $ | - | $50,922 |
| Additions to Lease Liabilities for Lease Renewal | $ | - | $50,570 |
| Debt Discount Recorded in Connection with Derivative Liabilities | $ | - | $650,000 |
| Stock Issued for Payment of Deferred Compensation | $ | - | $480,000 |
| Stock Issued for Acquisition of Intangibles | $ | - | $33,895 |
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