0001213900-24-098195 | 10-Q | XBRL Viewer | 60 Degrees Pharmaceuticals INC

Debt

9 Months Ended

Sep. 30, 2024

7. DEBT

(a) Knight Therapeutics, Inc.

On December 27, 2019 the Company restructured its cumulative borrowing with its senior secured lender, Knight Therapeutics, Inc. (“Knight”), into a note for the principal amount of $6,309,823 and accrued interest of $4,160,918 and a debenture of $3,483,851 (collectively, the “Knight Loan”). The Knight Loan had a maturity date of December 31, 2023. The principal and accrued interest portion of the Knight Loan bore an annual interest rate of 15%, compounded quarterly, whereas the debenture had a 9% interest rate until April 23, 2023 at which point interest ceased accruing. In January 2023, the Company and Knight executed the Knight Debt Conversion Agreement, pursuant to which the parties agreed to add a conversion feature to the cumulative outstanding Knight Loans, which was accounted for as a debt extinguishment, described further below.

(b) Note, including Amendment

The Company executed a promissory note (the “Note”) with an individual investor on October 11, 2017, later amended on December 11, 2022 (the “Amendment”). The Note, including the Amendment was set to mature 60 days after the Knight Loans were repaid, and contained a provision to automatically convert the outstanding principal and accumulated interest through March 31, 2022 into common shares in the event the Company consummated an IPO. Amortization of the discount on the Note, including the Amendment for the three months ended September 30, 2024 and 2023 was $0 and $3,869, respectively ($0 and $52,628 for the nine months ended September 30, 2024 and 2023, respectively). Interest expense related to the Note, including the Amendment, for the three months ended September 30, 2024 and 2023 was $0 and $4,944, respectively ($0 and $66,558 for the nine months ended September 30, 2024 and 2023, respectively).

As a result of the completion of the IPO and as required under the terms of the Note, including the Amendment, the outstanding principal and accrued interest through March 31, 2022 converted to 17,912 shares of our common stock at a conversion rate equal to the IPO price, in full satisfaction of the outstanding debt obligation. The Company recognized a debt extinguishment gain of $223,077 upon conversion, representing the difference between (i) the reacquisition price, consisting of the fair value of the common shares issued, and (ii) the net carrying value of the debt, inclusive of unamortized discounts and issuance costs, on the date of conversion. As a result, as of September 30, 2024 and December 31, 2023 there were no amounts outstanding under the Note.

(c) Convertible Promissory Notes and Warrants

During May 2022 and May 2023 (the “2022 Bridge Notes” and “2023 Bridge Notes,” respectively), the Company executed promissory notes with various investors. The notes were due at the earlier of one year from the issuance date or the closing of an IPO. In connection with the issuance of the 2022 and 2023 Bridge Notes, the Company agreed to issue common stock to each noteholder equivalent to 100% of the face amount of the note divided by the IPO price per share. Additionally, each of these note holders received five-year (5) fully vested warrants upon the closing of the IPO, with an exercise price of 110% of the IPO price.

The Company performed an evaluation of the conversion features embedded in the 2022 and 2023 Bridge Notes and the warrants and concluded that such instruments qualified for treatment as derivative liabilities under ASC 815 and required bifurcation from the host contract. Derivative liabilities are carried at fair value at each balance sheet date, and any changes in fair value are recognized in the accompanying Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income. See Note 8 for further details.

As a result of the completion of the IPO and as required under the terms of the 2022 and 2023 Bridge Notes, the Company issued the holders 25,335 shares of common stock, determined by the outstanding principal balance of each note divided by the IPO price. In addition, the Company made cash payments to the holders of the 2022 and 2023 Bridge Notes totaling $1,749,488, in full settlement of the outstanding debt obligations. The embedded derivative liability (conversion feature) was marked to market on the settlement date, and the Company recognized a debt extinguishment loss of $614,670 upon settlement, representing the difference between (i) the reacquisition price, consisting of cash and shares, and (ii) the net carrying value of the debt including associated derivative liabilities on the date of conversion. As such, as of September 30, 2024 and December 31, 2023 there were no amounts outstanding under the 2022 and 2023 Bridge Notes.

(d) Related Party Notes

During May 2022, the Company executed convertible promissory notes with the Company’s Chief Executive Officer and a family member related to the Chief Executive Officer. The notes were due at the earlier of one-year (1) from the issuance date or the closing of an IPO, later extended an additional two months to July 2023 (the “Related Party Notes”). Upon the closing of the IPO, these notes were mandatorily convertible at a conversion rate determined at a 20% discount to the IPO price, discussed further below. Additionally, each of these note holders received five-year (5) fully vested warrants upon the closing of the IPO, with an exercise price of 90% of the IPO price.

The Company performed an evaluation of the conversion features embedded in the Related Party Notes and the warrants and concluded that such instruments qualified for treatment as derivative liabilities under ASC 815 and required bifurcation from the host contract. See Note 8 for further details.

As a result of the completion of the IPO and as required under the terms of the Related Party Notes, the entirety of the outstanding principal balance converted to 6,661 shares of common stock at a conversion rate equal to 80% of the IPO price, fully satisfying the Company’s obligations with respect to the principal amount. In addition, the Company made cash payments to the related party holders totaling $31,968 in full settlement of the outstanding debt obligation. As such, as of September 30, 2024 and December 31, 2023 there were no amounts outstanding under the Related Party Notes.

Significant terms of the Bridge Notes and Related Party Notes are summarized as follows:

	2022 Bridge Notes		Related Party Notes		2023 Bridge Notes
Issuance date of promissory notes		May 2022		May 2022		May 2023
Maturity date of promissory notes		1		1		2
Interest rate		10%		6%		10%
Default interest rate		15%		15%		15%
Collateral		Unsecured		Unsecured		Unsecured
Conversion rate		3		3		3

1 -	earlier of 1 year from date of issuance or closing of IPO, later extended to July 2023
2 -	earlier of 1 year from date of issuance or closing of IPO
3 -	see discussion above in (c) and (d) for Bridge Notes and Related Party Notes, respectively

For the nine months ended September 30, 2024 and 2023, the Company recorded amortization of debt discounts, including issuance costs, of $0 and $670,550, respectively.

(e) Knight Debt Conversion

On January 9, 2023, and in two subsequent amendments, the Company and Knight Therapeutics agreed to extinguish Knight’s debt in the event of an IPO. Key points of this agreement are as follows:

●

The Parties agreed to fix Knight’s cumulative debt to the value as it stood on March 31, 2022, which consisted of $10,770,037 in principal and $8,096,486 in accumulated interest should the Company execute an IPO that results in gross proceeds of at least $7,000,000 prior to December 31, 2023. Should an IPO not occur by January 1, 2024 then all terms of the original debt would resume including any interest earned after March 31, 2022.

●

The Parties agreed to convert the fixed principal amount into (i) that number of shares of common stock equal to dividing the principal amount by an amount equal to the offering price of the common stock in the IPO discounted by 15%, rounding up for fractional shares, in a number of common shares up to 19.9% of the Company’s outstanding common stock after giving effect of the IPO; (ii) the Company will make a milestone payment of $10 million to Knight if, after the date of a Qualifying IPO, the Company sells Arakoda™ or if a Change of Control (as per the definition included in the original loan agreement dated on December 10, 2015) occurs, provided that the purchaser of Arakoda™ or individual or entity gaining control of the Borrower is not the Lender or an affiliate of the Lender; (iii) following the License and Supply agreement dated on December 10, 2015 and subsequently amended on January 21, 2019, an expansion of existing distribution rights to tafenoquine/Arakoda™ to include COVID-19 indications as well as malaria prevention across the Territory as defined in said documents, subject to US Army approval; and (iv) Company will retain Lender or an affiliate to provide financial consulting services, management, strategic and/or regulatory advice of value $30,000 per month for five years (the parties will negotiate the terms of that consulting agreement separately in good faith).

●

The parties agreed to convert the accrued interest into that number of shares of a new class of preferred stock (the “Preferred Stock”) by dividing the fixed accumulated interest by $100.00, then rounding up. The Preferred Stock shall have the following rights, preferences, and designations: (i) have a 6% cumulative dividend accumulated annually on March 31; (ii) shall be non-voting stock; (iii) are not redeemable, (iv) be convertible to shares of common stock at a price equal to the lower of (1) the price paid for the shares of common stock in the initial public offering, as adjusted after the effective date of the Reverse Stock Split and (2) the 10 day volume weighted average share price immediately prior to conversion; and (v) conversion of the preferred stock to common shares will be at the Company’s sole discretion. Notwithstanding the foregoing, the Preferred Stock shall not be converted into shares of common stock if as a result of such conversion Knight will own 19.9% or more of our outstanding common stock.

●

In addition to the conversion of the debt, for a period commencing on January 1, 2022 and ending upon the earlier of 10 years after the Closing or the conversion or redemption in full of the Preferred Stock, Company shall pay Lender a royalty equal to 3.5% of the Company’s net sales (the “Royalty”), where “Net Sales” has the same meaning as in the Company’s license agreement with the U.S. Army for tafenoquine. Upon success of the Qualified IPO, the Company shall calculate the royalty payable to Knight at the end of each calendar quarter. The Company shall pay to Knight the royalty amounts due with respect to a given calendar quarter within fifteen (15) business days after the end of such calendar quarter. Each payment of royalties due to Knight shall be accompanied by a statement specifying the total gross sales, the net sales and the deductions taken to arrive to net sales. For clarification purposes, the first royalty payment will be performed following the above instructions, on the first calendar quarter in which the Qualified IPO takes place and will cover the sales for the period from January 1, 2022 until the end of said calendar quarter.

The Company evaluated the January 9, 2023 exchange agreement in accordance with ASC 470-50 and concluded that the debt qualified for debt extinguishment because a substantial conversion feature was added to the debt terms. In January 2023, the Company recorded a loss upon extinguishment in the amount of $839,887 and elected to recognize the new debt under the ASC 825 fair value option until it was settled, which occurred in the third quarter of 2023 (see below). Therefore, there were no amounts outstanding as of September 30, 2024 or December 31, 2023.

A reconciliation of the beginning and ending balances for the Convertible Knight Note, which is measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the three and nine months ended September 30, 2023:

	Convertible Knight Note, at fair value
Promissory Notes, at fair value at December 31, 2022	$	-
Fair value at modification date - January 9, 2023		21,520,650
Fair value - mark to market adjustment		(339,052	)
Accrued interest recognized		634,243
Promissory Notes, at fair value at March 31, 2023		21,815,841

Fair value - mark to market adjustment		1,064,849
Accrued interest recognized		659,306
Promissory Notes, at fair value at June 30, 2023		23,539,996
Fair value - mark to market adjustment		(6,105,066	)
Extinguishment of Promissory Notes		(17,434,930	)
Promissory Notes, at fair value at September 30, 2023	$	-

As a result of the completion of the IPO and as required under the terms of the Knight Debt Conversion Agreement, the cumulative outstanding principal as of March 31, 2022 converted to 92,362 shares of common stock (representing 19.9% ownership of the Company’s common stock after giving effect to the IPO). In addition, the entirety of the accumulated interest as of March 31, 2022 converted into 80,965 shares of Series A Preferred Stock at the conversion rate detailed above, in full satisfaction of the Company’s obligations with respect to the accumulated interest. Upon consummation of the IPO and under the terms of the Knight Debt Conversion Agreement, the Company became obligated to the contingent milestone payments and the accumulated Royalty discussed above, which value was included in the reacquisition price of the debt upon extinguishment. The Company recognized a final mark-to-market adjustment of $6,105,066 to adjust the Convertible Knight Loan to its fair value on the date of settlement, and as a result, no gain or loss was recognized on the debt extinguishment.

The Company performed an evaluation of the contingent payment features and concluded that the contingent milestone payment is a freestanding financial instrument that meets the definition of a derivative under ASC 815, and accordingly, the fair value of the derivative liability is marked to market each reporting period until settled. The future Royalty payment due to Knight was determined to be an embedded component of the Series A Preferred Stock, however is exempt from derivative accounting under the ASC 815 scope exception for specified volumes of sales or service revenues. Therefore, the Company accrues a royalty expense within cost of sales as sales are made.

(f) Debenture

On April 24, 2019, 60P entered into the Knight debenture of $3,000,000 with an original issue discount of $2,100,000, which was being amortized using the effective interest method. The Company subsequently restructured the Knight Loans, including the debenture, pursuant to the Knight Debt Conversion Agreement (see above). $13,696 of the original issue discount was amortized to interest expense during the nine months ended September 30, 2023 prior to the amendment. The Knight Debt Conversion Agreement in January 2023 was accounted for as an extinguishment of the Debenture, as discussed above. Therefore, there were no amounts outstanding as of September 30, 2024 or December 31, 2023.

(g) SBA COVID-19 EIDL

On May 14, 2020, the Company received COVID-19 EIDL lending from the Small Business Administration (SBA) in the amount of $150,000. The loan bears interest at an annual rate of 3.75% calculated on a monthly basis. The balance as of September 30, 2024 and December 31, 2023 was $156,667 and $159,023, respectively. The current maturity at September 30, 2024 is $8,772 and the long-term liability is $147,895 ($8,772 and $150,251 at December 31, 2023, respectively). The loan is collateralized by all tangible and intangible personal property of the Company. The Company is prohibited from accepting future advances under any superior liens on the collateral without the prior consent of SBA.

The current future payment obligations of the principal are as follows:

Period	Principal Payments
2024 (remaining three months)	$	-
2025		-
2026		683
2027		3,228
2028		3,342
Thereafter		142,747
Total	$	150,000

Due to the deferral, the Company is expected to make a balloon payment of approximately $28,154 to be due on October 12, 2050.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Summary of Significant Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Schedule of Liabilities Measured at Fair Value

Liabilities measured at fair value at September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	623,762	$	623,762
Total	$	-	$	-	$	623,762	$	623,762

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	2,306,796	$	2,306,796
Total	$	-	$	-	$	2,306,796	$	2,306,796

Schedule of Exchange Rates Along with Historical Rates Used in these Financial Statements

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

Average Exchange Rate

As of

Three Months Ended
September 30,

Nine Months Ended
September 30,

September 30,

December 31,

Currency

2024

2023

2024

2023

2024

2023

1 AUD =

0.67 USD

0.65 USD

0.66 USD

0.67 USD

0.69 USD

0.68 USD

Share-Based Compensation (Details) - Schedule of Share-Based Compensation Expenses - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Share-Based Compensation Expenses [Line Items]
Total Share-Based Compensation Expense Included in Operating Expenses	$ 668,974	$ 549,031	$ 3,547,009	$ 1,361,044
Research and Development [Member]
Schedule of Share-Based Compensation Expenses [Line Items]
Total Share-Based Compensation Expense Included in Operating Expenses	600,000		3,227,300	188,908
General and Administrative Expenses [Member]
Schedule of Share-Based Compensation Expenses [Line Items]
Total Share-Based Compensation Expense Included in Operating Expenses	$ 68,974	$ 549,031	$ 319,709	$ 1,172,136

Consolidated Condensed Statements of Shareholders’ Equity (Deficit) (Unaudited) (Parentheticals) - USD ($)	3 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Stockholders' Equity [Abstract]
Issuance of common stock net of offering costs paid	$ 264,774
Issuance of warrants in Private Placement, net of offering costs paid	$ 582,600
Issuance of common stock pursuant to IPO, net of underwriting discounts		$ 1,266,740

Pay vs Performance Disclosure - USD ($)	3 Months Ended		9 Months Ended
Pay vs Performance Disclosure - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (2,159,785)	$ 4,183,198	$ (5,902,070)	$ (1,753,418)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Share-Based Compensation (Details) - Schedule of Fair Value of Options Granted - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted-average grant date fair value (in Dollars per share)	$ 1.76	$ 41.04
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	3.62%	4.25%
Expected volatility	86.00%	105.00%
Expected term (years)	6 years 4 months 28 days	3 years 2 months 4 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Risk-free interest rate	4.17%	4.33%
Expected volatility	87.00%	110.00%
Expected term (years)	10 years	3 years 9 months 3 days

Summary of Significant Accounting Policies (Details) - Schedule of Liabilities Measured at Fair Value - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities	$ 623,762	$ 2,306,796
Level 1 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities
Level 2 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities
Level 3 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities	623,762	2,306,796
Derivative Liabilities [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities	623,762	2,306,796
Derivative Liabilities [Member] \| Level 1 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities
Derivative Liabilities [Member] \| Level 2 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities
Derivative Liabilities [Member] \| Level 3 [Member]
Schedule of Liabilities Measured at Fair Value [Line Items]
Total derivative liabilities	$ 623,762	$ 2,306,796

Share-Based Compensation

9 Months Ended

Sep. 30, 2024

Share-Based Compensation [Abstract]

SHARE-BASED COMPENSATION

10. SHARE-BASED COMPENSATION

The following is a summary of share-based compensation expenses reported in the Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income for the three and nine months ended September 30, 2024 and 2023:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and Development	$	600,000	$	-	$	3,227,300	$	188,908
General and Administrative Expenses		68,974		549,031		319,709		1,172,136
Total Share-Based Compensation Expense Included in Operating Expenses	$	668,974	$	549,031	$	3,547,009	$	1,361,044

(a) Share-Based Compensation under 2022 Equity Incentive Plan

On November 22, 2022, the Company adopted the 2022 Equity Incentive Plan (the “2022 Plan”), which provides for the grant of stock options, stock appreciation rights, restricted stock, restricted stock units and performance awards to eligible employees, directors and consultants, to be granted from time to time by the Board of Directors of the Company. The 2022 Plan provides for an automatic increase in the number of shares available for issuance beginning on January 1, 2023 and each January 1 thereafter, by 4% of the number of outstanding shares of common stock on the immediately preceding December 31, or such number of shares as determined by the Board of Directors. On July 16, 2024, at the Company’s 2024 Annual Stockholders’ Meeting, the Company’s stockholders approved the proposal to amend the 2022 Plan to increase the number of shares available for issuance by 416,667 shares. As of September 30, 2024, the number of remaining shares available for issuance under the 2022 Plan is equal to 351,034.

Stock Grants

On July 11, 2023, the Company recognized $187,200 of share-based compensation expense upon the issuance of 3,336 shares of common stock to the Company’s Board of Directors, by virtue of the terms of the agreements described in Note 12, which is reflected in general and administrative expenses in the Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income.

Stock Options

The Company grants stock options to employees, non-employees, and Directors with exercise prices equal to the closing price of the underlying shares of the Company’s common stock on the Nasdaq Capital Market on the date that the options are granted. Options granted generally have a term of five or ten years from the grant date and are subject to vesting as determined in the individual award agreement. The Company estimates the fair value of stock options on the grant date by applying the Black-Scholes option pricing valuation model.

The following table summarizes the significant assumptions used in determining the fair value of options granted for the three and nine months ended September 30, 2024:

	2024
Weighted-average grant date fair value		1.76
Risk-free interest rate		3.62% - 4.17	%
Expected volatility		86.0% - 87.0	%
Expected term (years)		6.41 - 10.00
Expected dividend yield		0.00	%

The following table summarizes the significant assumptions used in determining the fair value of options granted for the three and nine months ended September 30, 2023:

	2023
Weighted-average grant date fair value		41.04
Risk-free interest rate		4.25% - 4.33	%
Expected volatility		105.0% - 110.0	%
Expected term (years)		3.18 - 3.76
Expected dividend yield		0.00	%

Upon the Closing of the IPO on July 12, 2023, the Company granted an aggregate of 50,664 stock options to directors and executives, with a weighted average exercise price of $57.00. There were no stock options granted, issued, or outstanding prior to the IPO. Upon receiving shareholder approval to increase the number of shares available under the 2022 Plan on July 16, 2024, the Company determined that the grant date criteria (as defined in ASC 718) was met, and therefore granted 64,183 stock options to certain directors, executives, and non-employees, in accordance with the terms of the individuals’ employment agreements. On September 26, 2024, the Board of Directors approved the grant of an additional 20,834 stock options to an executive. For the three and nine months ended September 30, 2024, the weighted average grant date fair value of options granted was $10.92.

For the three and nine months ended September 30, 2024, the Company recognized $15,246 of compensation expense related to stock option awards ($233,728 for the three and nine months ended September 30, 2023).

Restricted Stock Units

Compensation cost for service-based RSUs is based on the grant date fair value of the award, which is the closing market price of the Company’s common stock on the grant date multiplied by the number of shares awarded.

Upon the Closing of the IPO on July 12, 2023, the Company granted an aggregate of 2,672 RSUs to directors of the Company. No RSUs were granted, vested, or outstanding prior to the IPO. For the three and nine months ended September 30, 2024 the Company recognized $0 of compensation expense related to the vesting of RSUs ($37,338 and 668 RSUs, for the three and nine months ended September 30, 2023).

There were no RSUs granted during the three or nine months ended September 30, 2024. During the three and nine months ended September 30, 2024, the Company issued 0 and 21,338 shares of common stock, respectively, pursuant to RSUs granted to executives and directors in November 2023, which were fully vested as of December 31, 2023 (none during the three or nine months ended September 30, 2023).

(b) Share-Based Payments to Vendors for Services

During the nine months ended September 30, 2024 and 2023, the Company issued 0 and 77,500 fully vested, nonforfeitable common stock shares, respectively, as share-based payments to two nonemployees, Florida State University Research Fund, Inc. and Kentucky Technology Inc, in exchange for research and development services to be rendered to the Company in the future. The Company recognizes prepaid research and development costs on the grant date, as defined in ASC 718. Florida State University Research Fund, Inc. agreed to render research and development services related to development of celgosivir over a period of up to five years using the proceeds from the sale of the Company’s common shares to fund the services. Prepaid research and development costs recognized associated with the Florida State University Research Fund, Inc. are expected to be rendered within one year. Kentucky Technology Inc. agreed to furnish a written report on the potential development of SJ733 + tafenoquine in exchange for fully vested shares of the Company’s common stock. On May 3, 2024, the Company indicated to Kentucky Technology, Inc. that the report (delivered in April 2024) was acceptable to the Company. Upon acceptance, the Company recognized $2,625,000 of share-based compensation expense, which is reflected in Research and Development expense in the results of operations for the nine months ended September 30, 2024. As of September 30, 2024, the unamortized balance of prepaid assets related to these share-based payments for research and development costs for which the grant date criteria has been met and the services are expected to be rendered within one year is $103,385 ($2,730,685 at December 31, 2023), which is presented as a component of Prepaid and Other Assets on the accompanying Consolidated Condensed Balance Sheets.

In addition to share-based payments for research and development services, during the nine months ended September 30, 2024 and 2023, 0 and 45,191 common stock shares, respectively, were issued as fully vested, nonforfeitable equity instruments to nonemployees (0 and 2,438 during the three months ended September 30, 2024 and 2023, respectively). As of September 30, 2024, the unamortized balance of current prepaid assets related to these share-based payments for which the services are expected to be rendered within one year is $176,471 ($948,581 at December 31, 2023), which is reported in Prepaid and Other Assets on the Consolidated Condensed Balance Sheets. The unamortized balance of noncurrent prepaid assets related to these share-based payments for which the services are expected to be rendered beyond one year is $110,294 ($242,647 at December 31, 2023), reported in Long-Term Prepaid Expense on the Consolidated Condensed Balance Sheets.

The agreements with the nonemployees do not include any provisions to claw back the share-based payments in the event of nonperformance by the nonemployees. Subject to applicable federal and state securities laws, the nonemployees can sell the received equity instruments.

Intangible Assets (Details) - Schedule of Estimated Future Amortization Expense for Our Patents and Website Development Costs	Sep. 30, 2024 USD ($)
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
2024 (remaining six months)	$ 1,753
2025	7,010
2026	7,010
2027	7,010
2028	7,010
Thereafter	51,106
Total	80,899
Website Development Costs [Member]
Finite-Lived Intangible Assets [Line Items]
2024 (remaining six months)	8,718
2025	31,761
2026	12,432
2027	3,094
2028
Thereafter
Total	$ 56,005

Stockholders' Equity

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

STOCKHOLDERS’ EQUITY

6. STOCKHOLDERS’ EQUITY

Pursuant to the Certificate of Incorporation of 60 Degrees Pharmaceuticals, Inc., the Company’s authorized shares consist of (a) 150,000,000 shares of common stock, par value $0.0001 per share and (b) 1,000,000 shares of preferred stock, par value $0.0001 per share, of which 80,965 have been designated as Series A Non-Voting Convertible Preferred Stock (“Series A Preferred Stock”). As of September 30, 2024, 1,861,914 shares of common stock and 76,480 shares of Series A Preferred Stock are issued and outstanding.

Following stockholder approval in July 2024, on July 30, 2024, the Company filed an Amendment to the Certificate of Incorporation with the Secretary of State of Delaware to effect the 1:12 Reverse Stock Split of the issued and outstanding shares of the Company’s common stock, which was effective as of August 12, 2024. As of the effective time of the Reverse Stock Split, every twelve (12) issued and outstanding shares of the Company’s common stock were automatically combined and converted into one (1) issued and outstanding share of the Company’s common stock, reducing the number of shares of common stock outstanding from 21,219,937 shares to 1,768,337 shares. No fractional shares of common stock were issued in connection with the Reverse Stock Split and all fractional shares were rounded up to the nearest whole share with respect to outstanding shares of common stock. The Company issued an additional 93,563 shares of common stock on August 19, 2024 for rounding due to fractional shares. The Reverse Stock Split did not change the authorized number of shares of common stock or preferred stock, or the number of issued and outstanding shares of Series A Preferred Stock. All references to numbers of shares of the Company’s common stock and per share information have been retroactively adjusted, as appropriate, to reflect the Reverse Stock Split.

(a) Common Stock

In January and March 2023, the Board of Directors, with the consent of Tyrone Miller and Geoffrey S. Dow, respectively, approved resolutions to cancel an aggregate of 16,009 shares of common stock issued to Tyrone Miller and 104,910 shares of common stock issued to the Geoffrey S. Dow Revocable Trust to allow the Company to issue new shares to vendors in exchange for valuable services to be provided for use in the Company’s operations. The cancelled shares represented approximately 61% of the issued and outstanding shares as of December 31, 2022.

In January and March 2023, the Company issued a total of 120,253 shares of common stock to certain vendors as payment for services rendered or to be provided to the Company.

In connection with the closing of the Company’s IPO as discussed in Note 1, the Company issued common stock as follows:

●

As a result of the effectiveness of the Registration Statement on July 11, 2023, the Company issued a total of 3,336 restricted shares of common stock to the following directors and in the amounts listed: (i) Stephen Toovey (834 restricted shares of common stock), (ii) Charles Allen (834 restricted shares of common stock), (iii) Paul Field (834 restricted shares of common stock) and (iv) Cheryl Xu (834 restricted shares of common stock), by virtue of the directors’ agreements discussed in Note 11.

●

On July 14, 2023, the IPO closed, and the Company issued 117,925 shares of common stock from the sale of units at a price of $63.60 per unit, generating $6,454,325 in net proceeds, after deducting the underwriting discount and commission and other estimated IPO expenses. As a result of the completion of the IPO and as required under the terms of the respective agreements, on July 14, 2023:

The Company issued an aggregate of 142,270 shares of common stock upon conversion of the Company’s outstanding debt obligations as follows: (i) 31,996 shares issued to the holders of the 2022 and 2023 Bridge Notes and the Related Party Notes, (ii) 17,912 shares issued pursuant to the Xu Yu Note, including the Amendment, and (iii) 92,362 shares issued to Knight upon conversion of the principal amount of the Convertible Knight Loan, in each case at the conversion prices detailed in Note 8.

The Company issued 2,438 shares of common stock to BioIntelect as deferred equity compensation valued in the amount of $155,000.

In July 2023, the Company issued an aggregate of 15,371 shares of common stock upon the exercise of (i) 2,621 Bridge Warrants (as defined below), (ii) 5,000 Non-tradeable Warrants, and (iii) 7,750 Tradeable Warrants.

On July 25, 2023, the Company converted 2,162 shares of Series A Preferred Stock held by Knight into 3,797 shares of common stock.

On January 29, 2024, the Company, entered into an Underwriting Agreement with WallachBeth Capital LLC (the “Underwriting Agreement”), relating to the Company’s public offering (the “January 2024 Offering”) of 438,409 units (the “Units”) at an offering price of $4.62 per Unit and 83,259 pre-funded units (the “Pre-Funded Units”) at an offering price of $4.50 per Pre-Funded Unit. Each Unit consisted of one share of common stock and one warrant exercisable for one share of common stock (the “January 2024 Warrants”). Each January 2024 Warrant has an exercise price of $5.082 per share (110% of the offering price per Unit), was exercisable immediately upon issuance and expires five years from the date of issuance. Each Pre-Funded Unit consists of one pre-funded warrant exercisable for one share of common stock (the “January 2024 Pre-Funded Warrants”) and one warrant identical to the January 2024 Warrants included in the Units. The purchase price of each Pre-Funded Unit was equal to the price per Unit sold to the public in the offering, minus $0.12, and the exercise price of each January 2024 Pre-Funded Warrant is $0.12 per share. The January 2024 Pre-Funded Warrants were immediately exercisable and may be exercised at any time until exercised in full.

The Company granted WallachBeth Capital LLC an option, exercisable within 45 days after the closing of the offering, to purchase up to 65,762 shares of the Company’s common stock at a price of $4.62 per share and/or 78,250 January 2024 Warrants at a price of $0.12 per warrant and/or 12,489 January 2024 Pre-Funded Warrants at a price of $4.50 per pre-funded warrant, or any combination of additional shares of common stock, January 2024 Warrants and/or January 2024 Pre-Funded Warrants, representing, in the aggregate, up to 15% of the number of Units sold in the offering, 15% of the January 2024 Warrants underlying the Units and Pre-Funded Units sold in the offering and 15% of the January 2024 Pre-Funded Warrants underlying the Pre-Funded Units sold in the offering, in all cases less the underwriting discount to cover over-allotments, if any. WallachBeth Capital LLC partially exercised its over-allotment option with respect to 68,182 January 2024 Warrants on January 31, 2024, and purchased an additional 5 shares of common stock at a purchase price of $4.50 per share and 5 January 2024 Warrants at a purchase price of $0.12 per warrant on February 14, 2024.

The Company also issued to WallachBeth Capital LLC warrants (the “January 2024 Representative Warrants”) to purchase 31,300 shares of the Company’s common stock, which is equal to 6% of the common stock sold that were part of the Units and the January 2024 Pre-Funded Warrants sold in the Offering, at an exercise price of $5.082 per share (110% of the offering price per Unit). The January 2024 Representative Warrants are exercisable beginning on January 31, 2024 until January 31, 2029.

The Units and Pre-Funded Units were offered and sold pursuant to the Company’s Registration Statement on Form S-1 (File No. 333-276641), originally filed with the SEC on January 22, 2024 (the “January 2024 Registration Statement”) and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The January 2024 Registration Statement was declared effective by the SEC on January 29, 2024. The closing of the January 2024 Offering occurred on January 31, 2024. The net proceeds to the Company from the January 2024 Offering were approximately $1.9 million, after deducting underwriting discounts and commissions and the payment of other offering expenses payable by the Company.

On February 1, 2024 and April 9, 2024, the Company issued 41,630 shares and 41,629 shares of common stock, respectively upon the exercise of 41,630 and 41,629 January 2024 Pre-Funded Warrants, respectively, resulting in aggregate proceeds to the Company of $9,990.

On April 1, 2024, the Company entered into an Amendment to the Debt Exchange Agreement with Trevally, LLC (“Trevally”), which amends the original agreement with Trevally (executed in January 2023). Pursuant to the Amendment, Trevally agreed to return 10,000 shares of the Company’s common stock, initially issued to Trevally in January 2023 as advance consideration for agreeing to complete the synthesis of research materials for the Company. Trevally returned the previously issued shares for no consideration on April 3, 2024. Trevally delivered the completed research materials to the Company on July 1, 2024.

On July 12, 2024, the Company entered into an At-the-Market Issuance Sales Agreement (the “ATM Agreement”) with WallachBeth Capital LLC as sales agent, to sell shares of common stock having an aggregate offering price of up to $1,253,603 from time to time, through an “at the market offering” program (the “ATM Offering”). The offer and sale of shares of common stock from the ATM Offering was made pursuant to the Company’s shelf registration statement on Form S-3 and accompanying base prospectus (Registration Statement No. 333-280796) contained therein which became effective on July 18, 2024. The prospectus supplement was subsequently amended on July 22, 2024, July 24, 2024, July 26, 2024, and August 2, 2024, to increase the maximum aggregate offering price under the ATM Agreement to $1,774,640, $1,890,705, $2,190,416, and $2,295,192, respectively. From July 19, 2024 to August 1, 2024, the Company sold a total of 677,819 shares in the ATM Offering, for gross proceeds of $1,994,583.

On July 22, 2024 and July 26, 2024, the Company converted 1,291 and 1,032 shares of Series A Preferred Stock, respectively, held by Knight Therapeutics Inc. into 40,000 shares and 33,334 shares of common stock, respectively.

(b) Common Stock Warrants

As of September 30, 2024, the Company accounts for all issued and outstanding warrants to purchase common stock as equity-classified instruments based on the guidance in ASC 480 and ASC 815.

In May 2022 and May 2023, in connection with the issuance of the Related Party Notes and the 2022 and 2023 Bridge Notes as described in Note 8, the Company issued five-year warrants to each of the noteholders with an exercise price dependent on the IPO price (collectively, the “Bridge Warrants”). The number of shares issuable upon exercise of the warrants was contingent on the number of shares issued upon conversion of the notes following the Company’s IPO. As of the closing of the Company’s IPO, the Bridge Warrants became exercisable into an aggregate of 19,330 shares of the Company’s common stock, 6,661 of which have an exercise price of $57.24 (90% of the IPO price), and 12,669 with an exercise price of $69.96 (110% of the IPO Price). Prior to the IPO, the Bridge Warrants were classified as derivative liabilities in accordance with the provisions of ASC 815 and were carried at their respective fair values. (See Note 8). In connection with the IPO, the terms of the Bridge Warrants became fixed. The Company determined the event resulted in equity classification for the Bridge Warrants and, accordingly, the Company remeasured the warrant liabilities to fair value, and reclassified the warrants to additional paid-in capital.

As of the respective issuance dates, the Company accounts for the Tradeable Warrants, the Non-tradeable Warrants, and the IPO Representative Warrants (each as defined in Note 1), the January 2024 Pre-Funded Warrants, the January 2024 Warrants, and the January 2024 Representative Warrants (each as defined above) as equity-classified financial instruments.

On September 4, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with an institutional investor, agreeing to issue and sell in a private placement offering (the “Private Placement”) (i) pre-funded warrants to purchase 2,898,551 shares of common stock (the “September 2024 Pre-Funded Warrants”), (ii) series A warrants to purchase 2,898,551 shares of common stock (the “Series A Warrants”), and (iii) series B warrants to purchase 2,898,551 shares of common stock (the “Series B Warrants) at a price of $1.379 per Pre-Funded Warrant and accompanying Series A and Series B Warrants. The Private Placement closed on September 5, 2024, generating net proceeds to the Company of $3,414,502, after deducting placement agent fees and offering expenses.

The September 2024 Pre-Funded Warrants have an exercise price of $0.001 per share and are immediately exercisable, subject to certain ownership restrictions, and will remain exercisable until exercised in full. The Series A and Series B Warrants have an exercise price of $1.38 per share and will be exercisable beginning on the effective date of stockholder approval to approve the exercise of the Series A and Series B Warrants and the September 2024 Agent Warrants, defined below, to comply with applicable listing rules and regulations of the Nasdaq Stock Market (“Stockholder Approval”, and such date that approval is obtained, the “Stockholder Approval Date”). The Series A Warrants expire five years after the Stockholder Approval Date and the Series B Warrants will expire 18 months after the Stockholder Approval Date.

As compensation for acting as the placement agent for the Private Placement, the Company issued to H.C. Wainwright & Co., LLC warrants to purchase up to 217,391 shares of stock (the “September 2024 Agent Warrants”). The September 2024 Agent Warrants have substantially the same terms as the Series A Warrants, except that the September 2024 Agent Warrants have an exercise price equal to $1.725 per share.

The following table presents a summary of the activity for the Company’s equity-classified warrants during the three and nine months ended September 30, 2023:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2022		-		$	-		-
Total outstanding, March 31, 2023		-		$	-		-
Total outstanding, June 30, 2023		-		$	-		-
Reclassified from derivative liabilities		19,330			65.58		4.15
Granted		259,700			74.60		5.00
Exercised		(15,371	)		73.63		5.00
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, September 30, 2023		263,659		$	73.99		4.73
Total exercisable, September 30, 2023		263,659		$	73.99		4.73

The following table presents a summary of the activity for the Company’s equity-classified warrants during the three and nine months ended September 30, 2024:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2023		263,659		$	74.00		4.47
Granted		704,414			4.50		5.00
Exercised		(41,630	)		0.12		Indefinite
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, March 31, 2024		926,443		$	24.47		4.67
Granted		-			-		-
Exercised		(41,629	)		0.12		Indefinite
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, June 30, 2024		884,814		$	25.62		4.41
Granted⁽¹⁾		8,913,044			0.94		-
Exercised		-			-		-
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, September 30, 2024⁽¹⁾		9,797,858		$	3.17		4.16
Total exercisable, September 30, 2024⁽²⁾		3,783,365		$	5.99		4.16

⁽¹⁾

Weighted average remaining contractual life calculations exclude (i) 2,898,551 Pre-Funded Warrants issued September 2024 that do not have a contractual expiration date, (ii) 217,391 September 2024 Agent Warrants and 2,898,551 Series A Warrants issued September 2024 that will expire five years from the Stockholder Approval Date, defined above, and (iii) 2,898,551 Series B Warrants issued September 2024 that will expire eighteen months from the Stockholder Approval Date.

⁽²⁾

Weighted average remaining contractual life calculation excludes 2,898,551 exercisable Pre-Funded Warrants issued September 2024 that do not have a contractual expiration date

During the three and nine months ended September 30, 2023, the Company received aggregate cash proceeds of $1,131,771 upon the exercise of 2,621 Bridge Warrants with an exercise price of $69.96, 5,000 Non-tradeable Warrants with an exercise price of $76.32, and 7,750 Tradeable Warrants with an exercise price of $73.14. There were no warrants exercised during the three months ended September 30, 2024. During the nine months ended September 30, 2024, the Company received aggregate cash proceeds of $9,990 upon the exercise of 83,259 January 2024 Pre-Funded Warrants with an exercise price of $0.12.

The following table summarizes the significant assumptions used in determining the fair value of equity-classified warrants granted during the nine months ended September 30, 2024:

	2024
Stock price	$	3.36
Exercise price	$	5.08
Risk-free interest rate		3.91	%
Expected volatility		95.00	%
Expected term (years)		5.00
Expected dividend yield		0.00	%

(c) Series A Preferred Stock

The holders of shares of Series A Preferred Stock have the rights, preferences, powers, restrictions and limitations as set forth below.

Voting Rights - The holders of shares of Series A Preferred Stock are not entitled to any voting rights.

Dividends - From and after the date of issuance of any share of Series A Preferred Stock, cumulative dividends shall accrue, whether or not declared by the Board and whether or not there are funds legally available for the payment of dividends, on a daily basis in arrears at the rate of 6.0% per annum on the sum of the Liquidation Value (as defined below). Accrued dividends shall be paid in cash only when, as and if declared by the Board out of funds legally available therefor or upon a liquidation or redemption of the Series A Preferred Stock. On March 31 of each calendar year, any accrued and unpaid dividends shall accumulate and compound on such date, and are cumulative until paid or converted. Holders of shares of Series A Preferred Stock are entitled to receive accrued and accumulated dividends prior to and in preference to any dividend, distribution, or redemption on shares of Common Stock or any other class of securities that is designated as junior to the Series A Preferred Stock. During the three months ended September 30, 2024 and 2023, dividends in the amount of $116,571 and $101,538, accrued on outstanding shares of Series A Preferred Stock, respectively ($352,332 and $101,538 for the nine months ended September 30, 2024 and 2023, respectively). As of September 30, 2024, cumulative dividends on outstanding shares of Series A Preferred Stock amount to $573,046. To date, the Company has not declared or paid any dividends.

Liquidation Rights - In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company, the holders of shares of Series A Preferred Stock then outstanding will share ratably in any distribution of the remaining assets and funds of the Company with all other stockholders as if each share of Series A Preferred Stock had been converted by the Company to Common Stock as described below.

Conversion Rights - The Company has the right, in its sole discretion, to convert all or any portion of the outstanding shares of Series A Preferred Stock (including any fraction of a share), plus the aggregate accrued or accumulated and unpaid dividends thereon into a number of shares of Common Stock determined by (i) multiplying the number of shares to be converted by $100 per share, as adjusted for any stock splits, stock dividends, recapitalizations or similar transactions with respect to the Series A Preferred Stock (but unchanged as a result of the Reverse Stock Split impacting the Common Stock on August 12, 2024) (the “Liquidation Value”), (ii) plus all accrued and accumulated and unpaid dividends on such shares to be converted, and then (ii) dividing the result by the then-effective Conversion Price in effect, provided that such conversion would not result in the holders of shares of Series A Preferred Stock owning more than 19.9% of the outstanding shares of common stock on an as-converted basis. The “Conversion Price” is equal to the lesser of (a) the Liquidation Value, (b) the offering price per share of Common Stock in the Company’s IPO, as adjusted for the 1:12 Reverse Stock Split after August 12, 2024, or $60 per share or (c) the 10-day volume weighted average price per share of Common Stock, as reasonably determined by the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 505
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478448/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-14

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 16
-Subparagraph (b)
-Publisher FASB
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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-Paragraph 18
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

Reference 19: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
-Section 50
-Paragraph 18
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-18

+ Details

Share-Based Compensation (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 26, 2024

Jul. 16, 2024

Jul. 12, 2023

Jul. 11, 2023

Jan. 01, 2023

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Apr. 09, 2024

Feb. 01, 2024

Jul. 25, 2023

Jul. 14, 2023

Share-Based Compensation [Line Items]

Percentage of outstanding shares of common stock

4.00%

Remaining shares available for issuance (in Shares)

416,667

Compensation expense

$ 668,974

$ 549,031

$ 3,547,009

$ 1,361,044

Common stock, shares issued (in Shares)

^[1]

1,861,914

484,187

Granted stock option (in Shares)

20,834

64,183

Weighted average exercise price (in Dollars per share)

$ 57

Weighted average fair value options granted (in Dollars per share)

$ 1.76

$ 41.04

Vested shares (in Shares)

2,438

Prepaid and other assets

$ 176,471

$ 948,581

Long-Term Prepaid Expense

$ 110,294

242,647

Common Stock [Member]

Share-Based Compensation [Line Items]

Common stock, shares issued (in Shares)

41,629

41,630

3,797

Two Thousand Twenty Two Equity Incentive Plan [Member]

Share-Based Compensation [Line Items]

Remaining shares available for issuance (in Shares)

351,034

Compensation expense

$ 187,200

Florida State University Research Fund, Inc. [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 2,625,000

$ 2,730,685

Share Based Compensation [Member]

Share-Based Compensation [Line Items]

Weighted average fair value options granted (in Dollars per share)

$ 10.92

Equity Option [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 15,246

$ 233,728

RSU [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 0

37,338

668

Granted of aggregate shares (in Shares)

2,672

Shares of common stock (in Shares)

21,338

Research and Development Expense [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 600,000

$ 3,227,300

$ 188,908

Research and Development Expense [Member] | Florida State University Research Fund, Inc. [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 103,385

Vendors [Member]

Share-Based Compensation [Line Items]

Compensation expense

$ 0

Vested shares (in Shares)

77,500

Common Stock [Member]

Share-Based Compensation [Line Items]

Common stock, shares issued (in Shares)

3,336

Common Stock [Member] | Common Stock [Member]

Share-Based Compensation [Line Items]

Vested shares (in Shares)

45,191

IPO [Member]

Share-Based Compensation [Line Items]

Common stock, shares issued (in Shares)

25,335

117,925

Granted stock option (in Shares)

50,664

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Derivative Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Derivative Liabilities [Abstract]

Schedule of Derivative Expense

Derivative expense recorded during the three and nine months ended September 30, 2023 is summarized as follows:

Commitment Date	May 8, 2023
Fair value of derivative liabilities	$	954,725
Less: face amount of debt		(555,000	)
Derivative expense	$	399,725

Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis

A reconciliation of the beginning and ending balances for the derivative liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows for the three and nine months ended September 30, 2024:

	Contingent Milestone Payment			Total
Derivative liabilities - December 31, 2023	$	2,306,796		$	2,306,796
Fair value - mark to market adjustment		(1,740,847	)		(1,740,847	)
Derivative liabilities - March 31, 2024		565,949			565,949
Fair value - mark to market adjustment		1,101			1,101
Derivative liabilities - June 30, 2024		567,050			567,050
Fair value - mark to market adjustment		56,712			56,712
Derivative liabilities - September 30, 2024	$	623,762		$	623,762

	Bridge Shares			Warrants			Convertible Notes Payable			Contingent Milestone Payment		Total
Derivative liabilities - December 31, 2022	$	834,352		$	578,164		$	81,684		$	-	$	1,494,200
Fair value - mark to market adjustment		4,902			1,689			(1,457	)		-		5,134
Derivative liabilities - March 31, 2023		839,254			579,853			80,227			-		1,499,334
Fair value - commitment date		680,276			274,449			-			-		954,725
Fair value - mark to market adjustment		8,896			(17,009	)		145			-		(7,968	)
Derivative liabilities - June 30, 2023		1,528,426			837,293			80,372			-		2,446,091
Fair value - mark to market adjustment prior to conversion or reclassification		(105,790	)		1,455			(45,207	)		-		(149,542	)
Conversion of convertible promissory notes		(1,422,636	)		-			(35,165	)		-		(1,457,801	)
Reclassification of warrants to equity		-			(838,748	)		-			-		(838,748	)
Recognition of contingent milestone liability		-			-			-			2,117,142		2,117,142
Fair value - mark to market adjustment		-			-			-			57,052		57,052
Derivative liabilities - September 30, 2023	$	-		$	-		$	-		$	2,174,194	$	2,174,194

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2024

Intangible Assets [Abstract]

Schedule of Intangible Assets

As of September 30, 2024 and December 31, 2023, Intangible Assets, net consists of:

	September 30, 2024			December 31, 2023
Patents	$	225,485		$	185,595
Website Development Costs		104,622			79,248
Intangible Assets, at cost		330,107			264,843
Accumulated Amortization		(65,756	)		(37,585	)
Intangible Assets, net	$	264,351		$	227,258

Schedule of Estimated Future Amortization Expense for Our Patents and Website Development Costs

The following table summarizes the estimated future amortization expense for our patents and website development costs as of September 30, 2024:

Period	Patents		Website Development Costs
2024 (remaining three months)	$	1,753	$	8,718
2025		7,010		31,761
2026		7,010		12,432
2027		7,010		3,094
2028		7,010		-
Thereafter		51,106		-
Total	$	80,899	$	56,005

Nature of Operations

9 Months Ended

Sep. 30, 2024

Nature of Operations [Abstract]

NATURE OF OPERATIONS

1. NATURE OF OPERATIONS

60 Degrees Pharmaceuticals, Inc. was incorporated in Delaware on June 1, 2022 and merged on the same day with 60 Degrees Pharmaceuticals, LLC, a District of Columbia limited liability company organized on September 9, 2010. 60 Degrees Pharmaceuticals, Inc. and its subsidiary (referred to collectively as the “Company”, “60P”, or “60 Degrees Pharmaceuticals”) is a specialty pharmaceutical company that specializes in the development and marketing of new medicines for the treatment and prevention of infectious diseases. 60P achieved FDA approval of its lead product, ARAKODA^® (tafenoquine), for malaria prevention, in 2018. Currently, 60P’s pipeline under development covers development programs for tick-borne fungal and other viral diseases utilizing three of the Company’s future products: (i) new products that contain the Arakoda regimen of tafenoquine; (ii) new products that contain tafenoquine; and (iii) celgosivir. The Company’s headquarters are located in Washington, D.C., with a majority-owned subsidiary in Australia.

(a) Initial Public Offering

On July 14, 2023, the Company closed its initial public offering consisting of 117,925 units at a price of $63.60 per unit for $6,454,325 in net proceeds, after deducting the underwriting discount and commission and other estimated offering expenses paid by the Company at closing (the “IPO”). Each unit consisted of one share of common stock, one tradeable warrant to purchase one share of common stock at an exercise price of $73.14 per share (a “Tradeable Warrant”), and one non-tradeable warrant to purchase one share of the Company’s common stock at an exercise price of $76.32 per share (a “Non-tradeable Warrant”). The Tradeable Warrants and Non-Tradeable Warrants were immediately exercisable on the date of issuance and will expire five years from the date of issuance (July 12, 2023 to July 12, 2028).

The Company granted the underwriters a 45-day over-allotment option to purchase up to 17,689 shares of the Company’s common stock at a price of $63.36 per share and/or 17,689 Tradeable Warrants at a price of $0.12 per Tradeable Warrant and/or 17,689 Non-tradeable Warrants at $0.12 per Non-tradeable Warrant, or any combination thereof (the “IPO Over-Allotment”). On July 13, 2023, the underwriters partially exercised the Over-Allotment and purchased an additional 8,387 Tradeable Warrants and 8,387 Non-tradeable Warrants. The Company also issued to the underwriters warrants to purchase 7,076 shares of the Company’s common stock, at an exercise price of $69.96 per share, equal to 110% of the offering price per unit (the “IPO Representative Warrants”). The IPO Representative Warrants are exercisable for a period of five years from the date of issuance (July 14, 2023 to July 14, 2028).

The units were offered and sold pursuant to the Company’s Registration Statement on Form S-1, as amended (File No. 333-269483), originally filed with the Securities and Exchange Commission (the “SEC”) on January 31, 2023 (the “IPO Registration Statement”) and the final prospectus filed with the SEC pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended. The Registration Statement was declared effective by the SEC on July 11, 2023. The common stock and tradeable warrants began trading on The Nasdaq Capital Market on July 12, 2023 under the symbols “SXTP” and “SXTPW,” respectively. The closing of the IPO occurred on July 14, 2023.

(b) Going Concern

The Company’s financial statements are prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of obligations in the normal course of business. However, the Company has not demonstrated the ability to generate enough revenues to date to cover operating expenses and has accumulated losses to date. This condition, among others, raises substantial doubt about the ability of the Company to continue as a going concern for one year from the date these consolidated condensed financial statements are issued.

In view of these matters, continuation as a going concern is dependent upon the Company’s ability to meet its financial requirements, raise additional capital, and achieve gross profitability from their single marketed product. The financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.

Management plans to fund operations of the Company through third party and related party debt/advances, private placement of restricted securities and the issuance of stock in a subsequent offering until such a time as the business achieves profitability or a business combination may be achieved.

On September 30, 2024, the Company had cash and cash equivalents totaling $3,300,688, as compared to cash and cash equivalents totaling $2,142,485 at December 31, 2023. During the nine months ended September 30, 2024, the Company used $4,009,871 of cash in its operating activities.

The Company’s future results are subject to substantial risks and uncertainties. The Company has operated at a loss for its entire history and there can be no assurance that it will ever achieve or maintain profitability. The Company has historically funded its operations primarily with proceeds from sales of common stock and warrants for the purchase of common stock, proceeds from the issuance of convertible debt, and borrowings under loan and security agreements.

The Company expects to need to raise additional capital under structures available to the Company, including debt and/or equity offerings, which may not be on favorable terms. The Company would not have sufficient funds to meet its obligations within twelve months from the issuance date of these consolidated condensed financial statements. As such, there is uncertainty regarding the Company’s ability to maintain liquidity sufficient to operate its business effectively, which raises substantial doubt about the Company’s ability to continue as a going concern. Debt financing and equity financing, if available, may involve agreements that include covenants limiting or restricting the Company’s ability to take specific actions, such as incurring additional debt, making capital expenditures or declaring dividends. If the Company raises funds through collaborations, or other similar arrangements with third parties, it may have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company and/or may reduce the value of its common stock. If the Company is unable to raise additional funds through equity or debt financings when needed, it may be required to delay, limit, reduce or terminate its product development or future commercialization efforts or grant rights to develop and market its product candidates even if the Company would otherwise prefer to develop and market such product candidates itself.

The Company also expects to use cash and cash equivalents to fund activities relating to commercial support for its existing product and any future clinical research trials and operating activities. The Company’s future liquidity and capital requirements will depend on numerous factors, including the initiation and progress of clinical trials and research and product development programs; obtaining regulatory approvals and complying with applicable laws and regulations; the timing and effectiveness of product commercialization activities, including marketing arrangements; the timing and costs involved in preparing, filing, prosecuting, defending and enforcing intellectual property rights; and the effect of competing technological and market developments.

The Company’s capital commitments over the next twelve months include interest obligations on the Company’s debt arrangements of $8,772 and $677,617 to satisfy current accounts payable and accrued expenses.

Stockholders' Equity (Details) - Schedule of Assumptions Used In Determining the Fair Value of Equity-Classified Warrants Granted - Warrant [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares
Stockholders' Equity (Details) - Schedule of Assumptions Used In Determining the Fair Value of Equity-Classified Warrants Granted [Line Items]
Stock price (in Dollars per share)	$ 3.36
Exercise price (in Dollars per share)	$ 5.08
Risk-free interest rate	3.91%
Expected volatility	95.00%
Expected term (years)	5 years
Expected dividend yield	0.00%

Summary of Significant Accounting Policies (Details) - Schedule of Average Exchange Rates - USD [Member]	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Schedule of Average Exchange Rates [Line Items]
Average Exchange Rate	0.67	0.65	0.66	0.67
Exchange rates	0.69	0.68	0.69	0.68

Stockholders' Equity (Details) - USD ($)

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 05, 2024

Aug. 19, 2024

Aug. 01, 2024

Jul. 30, 2024

Jul. 26, 2024

Jul. 22, 2024

Jul. 12, 2024

Apr. 01, 2024

Feb. 14, 2024

Jan. 31, 2024

Jan. 29, 2024

Jul. 14, 2023

Jul. 13, 2023

Jul. 11, 2023

Mar. 31, 2022

Sep. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2022

Sep. 04, 2024

Aug. 02, 2024

Jul. 24, 2024

Apr. 09, 2024

Feb. 01, 2024

Dec. 31, 2023

Jul. 31, 2023

Jul. 25, 2023

Mar. 31, 2023

Jan. 31, 2023

Stockholders’ Equity [Line Items]

Common stock shares authorized

^[1]

150,000,000

Common stock par value (in Dollars per share)

^[1]

$ 0.0001

Common stock, shares issued

^[1]

1,861,914

484,187

Common stock outstanding

^[1]

1,861,914

484,187

Reverse stock split

1:12

Issued an additional shares

93,563

Restricted shares of common stock

3,336

Sale of stock price per share (in Dollars per share)

$ 4.5

Common stock upon conversion

142,270

Exercise price of warrants (in Dollars per share)

$ 0.12

$ 5.082

$ 0.12

$ 1.379

Offering price per unit

110.00%

Issuance and expires

5 years

Price per share (in Dollars per share)

$ 0.12

Pre funded warrant (in Dollars per share)

$ 0.12

Exercise of warrants

83,259

Pre-funded warrants

12,489

Percentage of warrant units sold

15.00%

Percentage of warrant underlying the pre funded units sold

15.00%

Percentage of Pre funded warrant underlying the pre funded unit sold

15.00%

Additional common share

Net proceeds (in Dollars)

$ 1,900,000

Pre funded warrants

9,990

2,898,551

Agreed to return shares

10,000

Common stock aggregate offering price (in Dollars)

$ 1,253,603

Deferred Offering Costs (in Dollars)

$ 2,190,416

$ 1,774,640

$ 2,295,192

$ 1,890,705

ATM Offering

677,819

Gross proceeds (in Dollars)

$ 1,994,583

Shares converted

92,362

6,661

IPO price percentage

110.00%

IPO new shares

12,669

Exercise price (in Dollars per share)

$ 69.96

Deducting placement agent fees (in Dollars)

$ 3,414,502

$ 3,439,502

Exercise price (in Dollars per share)

$ 0.001

$ 73.14

Warrants to purchase

217,391

Cash proceeds (in Dollars)

$ 1,131,771

Non-tradeable warrants

7,750

Aggregate cash proceeds (in Dollars)

$ 9,990

Dividends percentage

6.00%

Dividends preferred stock (in Dollars)

$ 573,046

Warrant [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

15,371

Number of shares

Number of warrant exercisable

Exercise price of warrants (in Dollars per share)

$ 0.12

Pre funded warrant (in Dollars per share)

$ 4.5

Exercise of warrants

78,250

Pre funded warrants

2,898,551

Pre-Funded Warrant [Member]

Stockholders’ Equity [Line Items]

Pre funded warrant units

83,259

Warrant offering price (in Dollars per share)

$ 4.5

Number of shares

Number of warrant exercisable

Cash proceeds (in Dollars)

$ 1,131,771

January 2024 Representative Warrants [Member]

Stockholders’ Equity [Line Items]

Prefunded warrants sold percentage

6.00%

Bridge warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrant units

2,621

Non Tradeable Warrants [Member]

Stockholders’ Equity [Line Items]

Exercise price (in Dollars per share)

$ 76.32

January 2024 Offering [Member]

Stockholders’ Equity [Line Items]

Sale of stock price per share (in Dollars per share)

$ 4.62

Units issued

438,409

Maximum [Member]

Stockholders’ Equity [Line Items]

Common stock outstanding

21,219,937

Minimum [Member]

Stockholders’ Equity [Line Items]

Common stock outstanding

1,768,337

Common Stock [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

41,629

41,630

3,797

Percentage of shares outstanding

61.00%

Percentage of shares issued

61.00%

Common stock upon conversion

^[2]

142,270

Number of shares

Exercise of warrants

41,629

41,630

Purchase of common stock

^[2]

73,334

3,797

Shares converted

33,334

40,000

Shares of common stock

^[2]

15,371

IPO new shares

^[2]

438,414

Pre funded warrants

2,898,551

Common Stock [Member] | Pre-Funded Warrant [Member]

Stockholders’ Equity [Line Items]

Number of shares

Bridge warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrant units

2,621

Shares of common stock

19,330

Non-tradeable warrants

5,000

Non-tradeable warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrant units

5,000

Tradeable warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrant units

7,750

Agent Warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrants

217,391

Vendors [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

120,253

Bridge Notes [Member]

Stockholders’ Equity [Line Items]

Shares issued to the holders

31,996

Xu Yu [Member]

Stockholders’ Equity [Line Items]

Shares issued to the holders

17,912

Knight Loan [Member]

Stockholders’ Equity [Line Items]

Shares issued to the holders

92,362

BioIntelect [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

2,438

Deferred equity compensation valued (in Dollars)

$ 155,000

WallachBeth Capital LLC [Member]

Stockholders’ Equity [Line Items]

Price per share (in Dollars per share)

$ 5.082

Purchase of granted shares

65,762

Purchased share price (in Dollars per share)

$ 4.62

WallachBeth Capital LLC [Member] | Common Stock [Member] | January 2024 Representative Warrants [Member]

Stockholders’ Equity [Line Items]

Purchase of common stock

31,300

HC Wainwright Co LLC [Member]

Stockholders’ Equity [Line Items]

Exercise price (in Dollars per share)

$ 1.725

Board of Directors [Member] | Tyrone Miller [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

16,009

Board of Directors [Member] | Geoffrey S. Dow [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

104,910

Stephen Toovey [Member]

Stockholders’ Equity [Line Items]

Restricted shares of common stock

834

Charles Allen [Member]

Stockholders’ Equity [Line Items]

Restricted shares of common stock

834

Paul Field [Member]

Stockholders’ Equity [Line Items]

Restricted shares of common stock

834

Cheryl Xu [Member]

Stockholders’ Equity [Line Items]

Restricted shares of common stock

834

Series A Preferred Stock [Member]

Stockholders’ Equity [Line Items]

Preferred stock shares authorized

1,000,000

Preferred stock shares, par value (in Dollars per share)

$ 0.0001

Preferred stock shares outstanding

76,480

78,803

Preferred stock shares issued

76,480

78,803

Converted preferred Stock

2,162

Converted shares

1,032

1,291

Shares converted

80,965

Dividends percentage

19.90%

Dividends preferred stock (in Dollars)

$ 352,332

$ 101,538

Common stock conversion price per share (in Dollars per share)

$ 100

Description of conversion term

The “Conversion Price” is equal to the lesser of (a) the Liquidation Value, (b) the offering price per share of Common Stock in the Company’s IPO, as adjusted for the 1:12 Reverse Stock Split after August 12, 2024, or $60 per share or (c) the 10-day volume weighted average price per share of Common Stock, as reasonably determined by the Company.

Series A Non-Voting Convertible Preferred Stock [Member]

Stockholders’ Equity [Line Items]

Designated shares

80,965

Bridge warrants [Member]

Stockholders’ Equity [Line Items]

Exercise price (in Dollars per share)

$ 69.96

Series A warrants [Member]

Stockholders’ Equity [Line Items]

Pre funded warrants

2,898,551

Pre funded warrants

2,898,551

Series B Warrants [Member]

Stockholders’ Equity [Line Items]

Issuance and expires

18 months

Pre funded warrants

2,898,551

Pre funded warrants

2,898,551

Series A and Series B Warrants [Member]

Stockholders’ Equity [Line Items]

Exercise price (in Dollars per share)

$ 1.38

Preferred Class A [Member]

Stockholders’ Equity [Line Items]

Dividends preferred stock (in Dollars)

$ 116,571

$ 101,538

IPO [Member]

Stockholders’ Equity [Line Items]

Common stock, shares issued

117,925

25,335

Sale of stock price per share (in Dollars per share)

$ 63.6

Net proceeds (in Dollars)

$ 6,454,325

Price per share (in Dollars per share)

$ 63.6

IPO new shares

117,925

IPO [Member] | Bridge warrants [Member]

Stockholders’ Equity [Line Items]

Share issued

6,661

Exercise price (in Dollars per share)

$ 57.24

IPO [Member] | Bridge warrants [Member] | Common Stock Warrant [Member]

Stockholders’ Equity [Line Items]

IPO price percentage

90.00%

Over-Allotment Option [Member]

Stockholders’ Equity [Line Items]

Price per share (in Dollars per share)

$ 63.36

Shares warrants

68,182

IPO new shares

17,689

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.
[2]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Stockholders' Equity (Tables)

9 Months Ended

Sep. 30, 2024

Stockholders' Equity Note [Abstract]

Schedule of Equity-Classified Warrants

The following table presents a summary of the activity for the Company’s equity-classified warrants during the three and nine months ended September 30, 2023:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2022		-		$	-		-
Total outstanding, March 31, 2023		-		$	-		-
Total outstanding, June 30, 2023		-		$	-		-
Reclassified from derivative liabilities		19,330			65.58		4.15
Granted		259,700			74.60		5.00
Exercised		(15,371	)		73.63		5.00
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, September 30, 2023		263,659		$	73.99		4.73
Total exercisable, September 30, 2023		263,659		$	73.99		4.73

The following table presents a summary of the activity for the Company’s equity-classified warrants during the three and nine months ended September 30, 2024:

	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (Years)
Total outstanding, December 31, 2023		263,659		$	74.00		4.47
Granted		704,414			4.50		5.00
Exercised		(41,630	)		0.12		Indefinite
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, March 31, 2024		926,443		$	24.47		4.67
Granted		-			-		-
Exercised		(41,629	)		0.12		Indefinite
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, June 30, 2024		884,814		$	25.62		4.41
Granted⁽¹⁾		8,913,044			0.94		-
Exercised		-			-		-
Forfeited		-			-		-
Expired		-			-		-
Total outstanding, September 30, 2024⁽¹⁾		9,797,858		$	3.17		4.16
Total exercisable, September 30, 2024⁽²⁾		3,783,365		$	5.99		4.16

⁽¹⁾

⁽²⁾

Weighted average remaining contractual life calculation excludes 2,898,551 exercisable Pre-Funded Warrants issued September 2024 that do not have a contractual expiration date

Schedule of Assumptions Used In Determining the Fair Value of Equity-Classified Warrants Granted

The following table summarizes the significant assumptions used in determining the fair value of equity-classified warrants granted during the nine months ended September 30, 2024:

	2024
Stock price	$	3.36
Exercise price	$	5.08
Risk-free interest rate		3.91	%
Expected volatility		95.00	%
Expected term (years)		5.00
Expected dividend yield		0.00	%

Property and Equipment

9 Months Ended

Sep. 30, 2024

Property and Equipment [Abstract]

PROPERTY AND EQUIPMENT

4. PROPERTY AND EQUIPMENT

As of September 30, 2024 and December 31, 2023, Property and Equipment, net consists of:

	September 30, 2024			December 31, 2023
Lab Equipment	$	233,411		$	132,911
Machinery		55,800			55,800
Computer Equipment		7,000			14,084
Furniture		3,030			3,030
Property and Equipment, at cost		299,241			205,825
Accumulated Depreciation		(143,984	)		(148,064	)
Property and Equipment, Net	$	155,257		$	57,761

Machinery of $55,800 has not yet been placed into service and therefore depreciation has not commenced as of September 30, 2024. Depreciation expense for the three months ended September 30, 2024 and 2023 was in the amount of $4,334 and $5,485, respectively ($6,277 and $19,287 for the nine months ended September 30, 2024 and 2023, respectively).

Share-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2024

Share-Based Compensation [Abstract]

Schedule of Share-Based Compensation Expenses

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2024		2023		2024		2023
Research and Development	$	600,000	$	-	$	3,227,300	$	188,908
General and Administrative Expenses		68,974		549,031		319,709		1,172,136
Total Share-Based Compensation Expense Included in Operating Expenses	$	668,974	$	549,031	$	3,547,009	$	1,361,044

Schedule of Fair Value of Options Granted

The following table summarizes the significant assumptions used in determining the fair value of options granted for the three and nine months ended September 30, 2024:

	2024
Weighted-average grant date fair value		1.76
Risk-free interest rate		3.62% - 4.17	%
Expected volatility		86.0% - 87.0	%
Expected term (years)		6.41 - 10.00
Expected dividend yield		0.00	%

The following table summarizes the significant assumptions used in determining the fair value of options granted for the three and nine months ended September 30, 2023:

	2023
Weighted-average grant date fair value		41.04
Risk-free interest rate		4.25% - 4.33	%
Expected volatility		105.0% - 110.0	%
Expected term (years)		3.18 - 3.76
Expected dividend yield		0.00	%

Debt (Details) - Schedule of the Current Future Payment Obligations	Sep. 30, 2024 USD ($)
Schedule of the Current Future Payment Obligations [Abstract]
2024 (remaining three months)
2025
2026	683
2027	3,228
2028	3,342
Thereafter	142,747
Total	$ 150,000

- Definition

Amount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

+ References + Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Consolidated Condensed Balance Sheets (Parentheticals) - $ / shares

Sep. 30, 2024

Dec. 31, 2023

Common stock, par value (in Dollars per share)

^[1]

$ 0.0001

Common stock, shares authorized

^[1]

150,000,000

Common stock, shares issued

^[1]

1,861,914

484,187

Common stock, shares outstanding

^[1]

1,861,914

484,187

Series A Preferred Stock

Preferred stock, par value (in Dollars per share)

$ 0.0001

Preferred stock, shares authorized

1,000,000

Preferred stock, shares issued

76,480

78,803

Preferred stock, shares outstanding

76,480

78,803

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Derivative Liabilities (Details) - Schedule of Derivative Liabilities Measured at Fair Value on a Recurring Basis - Fair Value, Recurring [Member] - Fair Value, Inputs, Level 3 [Member] - USD ($)	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	$ 567,050	$ 565,949	$ 2,306,796	$ 2,446,091	$ 1,499,334	$ 1,494,200	$ 2,306,796	$ 1,494,200
Fair value - mark to market adjustment	56,712	1,101	(1,740,847)	57,052	(7,968)	5,134
Ending balance	623,762	567,050	565,949	2,174,194	2,446,091	1,499,334	623,762	2,174,194
Fair value - mark to market adjustment prior to conversion or reclassification				(149,542)
Conversion of convertible promissory notes				(1,457,801)
Reclassification of warrants to equity				(838,748)
Recognition of contingent milestone liability				2,117,142
Fair value - commitment date					954,725
Contingent Milestone Payment [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance	567,050	565,949	2,306,796				2,306,796
Fair value - mark to market adjustment	56,712	1,101	(1,740,847)	57,052
Ending balance	$ 623,762	$ 567,050	$ 565,949	2,174,194			$ 623,762	2,174,194
Fair value - mark to market adjustment prior to conversion or reclassification
Conversion of convertible promissory notes
Reclassification of warrants to equity
Recognition of contingent milestone liability				2,117,142
Fair value - commitment date
Bridge Shares [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance				1,528,426	839,254	834,352		834,352
Fair value - mark to market adjustment					8,896	4,902
Ending balance					1,528,426	839,254
Fair value - mark to market adjustment prior to conversion or reclassification				(105,790)
Conversion of convertible promissory notes				(1,422,636)
Reclassification of warrants to equity
Recognition of contingent milestone liability
Fair value - commitment date					680,276
Warrant [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance				837,293	579,853	578,164		578,164
Fair value - mark to market adjustment					(17,009)	1,689
Ending balance					837,293	579,853
Fair value - mark to market adjustment prior to conversion or reclassification				1,455
Conversion of convertible promissory notes
Reclassification of warrants to equity				(838,748)
Recognition of contingent milestone liability
Fair value - commitment date					274,449
Convertible Notes Payable [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning balance				80,372	80,227	81,684		81,684
Fair value - mark to market adjustment					145	(1,457)
Ending balance					80,372	$ 80,227
Fair value - mark to market adjustment prior to conversion or reclassification				(45,207)
Conversion of convertible promissory notes				(35,165)
Reclassification of warrants to equity
Recognition of contingent milestone liability
Fair value - commitment date

Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income (Unaudited) - USD ($)

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Product and Service Revenues, net

$ 135,293

$ 51,188

$ 376,728

$ 127,892

Cost of Revenues

111,687

71,196

266,688

328,293

Gross Profit (Loss)

23,606

(20,008)

110,040

(200,401)

Research Revenues

12,818

75,566

43,177

82,974

Net Revenue (Loss)

36,424

55,558

153,217

(117,427)

Operating Expenses:

Research and Development

940,063

263,703

4,372,571

591,569

General and Administrative Expenses

1,215,053

1,313,617

3,419,747

2,551,426

Total Operating Expenses

2,155,116

1,577,320

7,792,318

3,142,995

Loss from Operations

(2,118,692)

(1,521,762)

(7,639,101)

(3,260,422)

Interest Expense

(1,467)

(40,106)

(6,490)

(2,281,191)

Derivative Expense

(399,725)

Change in Fair Value of Derivative Liabilities

(56,712)

92,490

1,683,034

95,324

Loss on Debt Extinguishment

(391,593)

(1,231,480)

Change in Fair Value of Promissory Note

6,105,066

5,379,269

Other Income (Expense), net

16,623

(70,490)

56,569

(69,169)

Total Interest and Other Income (Expense), net

(41,556)

5,695,367

1,733,113

1,493,028

(Loss) Income from Operations before Provision for Income Taxes

(2,160,248)

4,173,605

(5,905,988)

(1,767,394)

Provision for Income Taxes (Note 9)

250

751

189

Net (Loss) Income including Noncontrolling Interest

(2,160,498)

4,173,542

(5,906,739)

(1,767,583)

Net (Loss) Income – Noncontrolling Interest

(713)

(9,656)

(4,669)

(14,165)

Net (Loss) Income – attributed to 60 Degrees Pharmaceuticals, Inc.

(2,159,785)

4,183,198

(5,902,070)

(1,753,418)

Comprehensive (Loss) Income:

Net (Loss) Income

(2,160,498)

4,173,542

(5,906,739)

(1,767,583)

Unrealized Foreign Currency Translation Gain

4,403

9,342

3,646

7,678

Total Comprehensive (Loss) Income

(2,156,095)

4,182,884

(5,903,093)

(1,759,905)

Net Loss – Noncontrolling Interest

(713)

(9,656)

(4,669)

(14,165)

Comprehensive (Loss) Income – attributed to 60 Degrees Pharmaceuticals, Inc.

(2,155,382)

4,192,540

(5,898,424)

(1,745,740)

Cumulative Dividends on Series A Preferred Stock

(116,571)

(101,538)

(352,333)

(101,538)

Net (Loss) Income - attributed to Common Shareholders

$ (2,271,953)

$ 4,091,002

$ (6,250,757)

$ (1,847,278)

Net (Loss) Income per Common Share:

Basic (in Dollars per share)

^[1]

$ (0.93)

$ 9.13

$ (4.35)

$ (6.59)

Diluted (in Dollars per share)

^[1]

$ (0.93)

$ 9.13

$ (4.35)

$ (6.59)

Weighted average number of common shares outstanding

Basic (in Shares)

^[1]

2,443,198

448,174

1,437,584

280,391

Diluted (in Shares)

^[1]

2,443,198

448,174

1,437,584

280,391

Product Revenues – net of Discounts and Rebates

Product and Service Revenues, net

$ 135,293

$ 51,188

$ 365,939

$ 127,892

Service Revenues

Product and Service Revenues, net

$ 10,789

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Debt (Details) - Schedule of Reconciliation of the Beginning and Ending Balances for the Convertible Knight Note - USD ($)	3 Months Ended			9 Months Ended
	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Schedule of Reconciliation of the Beginning and Ending Balances for the Convertible Knight Note [Abstract]
Beginning balance		$ 21,520,650
Fair value at modification date - January 9, 2023			21,520,650
Fair value - mark to market adjustment	$ (6,105,066)	1,064,849	(339,052)	$ 6,105,066
Extinguishment of Promissory Notes	(17,434,930)
Accrued interest recognized		659,306	634,243
Ending balance		$ 23,539,996	$ 21,815,841

Nature of Operations (Details) - USD ($)				9 Months Ended		12 Months Ended
Nature of Operations (Details) - USD ($)	Jan. 29, 2024	Jul. 14, 2023	Jul. 13, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Sep. 04, 2024	Feb. 14, 2024
Nature of Operations [Line Items]
Number of shares issued				12,669
Price per unit	$ 0.12
Net proceeds					$ 6,454,325
Exercise price per share	$ 5.082			$ 0.12			$ 1.379	$ 0.12
Percentage of offering price per unit	110.00%		110.00%	110.00%
Representative warrants exercisable term	5 years			5 years
Cash and cash equivalents				$ 3,300,688		$ 2,142,485
Net cash used in operating activities				(4,009,871)	$ (4,479,242)
Company’s debt				8,772		8,772
Accounts payable and accrued expenses current				$ 677,617		506,206
Initial Public Offering [Member]
Nature of Operations [Line Items]
Number of shares issued		117,925
Price per unit		$ 63.6
Net proceeds		$ 6,454,325				$ 7,000,000
Tradeable Warrants [Member]
Nature of Operations [Line Items]
Number of shares issued				17,689
Price per unit				$ 0.12
Exercise price per share		$ 73.14
Additional purchase of shares			8,387
Non-Tradeable Warrants [Member]
Nature of Operations [Line Items]
Number of shares issued				17,689
Price per unit				$ 0.12
Exercise price per share		$ 76.32
Warrants expire term		5 years
Additional purchase of shares			8,387
Over-Allotment Option [Member]
Nature of Operations [Line Items]
Number of shares issued				17,689
Price per unit				$ 63.36
Representative Warrants [Member]
Nature of Operations [Line Items]
Price per unit			$ 69.96
Additional purchase of shares			7,076
Representative warrants exercisable term			5 years

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property and Equipment [Abstract]
Machinery	$ 55,800		$ 55,800
Depreciation expenses	$ 4,334	$ 5,485	$ 6,277	$ 19,287

Derivative Liabilities (Details) - Schedule of Derivative Expense - Derivative Expense [Member] - USD ($)	3 Months Ended
	Sep. 30, 2024	May 08, 2023
Schedule Of Derivative Expense [Abstract]
Fair value of derivative liabilities		$ 954,725
Less: face amount of debt		$ (555,000)
Derivative expense	$ 399,725

Cover - shares	9 Months Ended
Cover - shares	Sep. 30, 2024	Nov. 14, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Amendment Flag	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Information [Line Items]
Entity Registrant Name	60 DEGREES PHARMACEUTICALS, INC.
Entity Central Index Key	0001946563
Entity File Number	001-41719
Entity Tax Identification Number	45-2406880
Entity Incorporation, State or Country Code	DE
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Contact Personnel [Line Items]
Entity Address, Address Line One	1025 Connecticut Avenue
Entity Address, Address Line Two	NW Suite 1000
Entity Address, City or Town	Washington, D.C.
Entity Address, State or Province	WA
Entity Address, Postal Zip Code	20036
Entity Phone Fax Numbers [Line Items]
City Area Code	(202)
Local Phone Number	327-5422
Entity Listings [Line Items]
Entity Common Stock, Shares Outstanding		2,297,465
Common Stock, par value $0.0001 per share
Entity Listings [Line Items]
Title of 12(b) Security	Common Stock, par value $0.0001 per share
Trading Symbol	SXTP
Security Exchange Name	NASDAQ
Warrants, each warrant to purchase one share of Common Stock
Entity Listings [Line Items]
Title of 12(b) Security	Warrants, each warrant to purchase one share of Common Stock
Trading Symbol	SXTPW
Security Exchange Name	NASDAQ

Subsequent Events

9 Months Ended

Sep. 30, 2024

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

12. SUBSEQUENT EVENTS

The Company has evaluated subsequent events through November 14, 2024, which is the date the consolidated condensed financial statements were issued.

On October 1, 2024, the Company issued 206,551 shares of common stock upon the exercise of 206,551 September 2024 Pre-Funded Warrants, for aggregate cash proceeds to the Company of $207.

On October 31, 2024, the Company issued an additional 229,000 shares of common stock upon the exercise of 229,000 September 2024 Pre-Funded Warrants, for aggregate cash proceeds to the Company of $229.

On November 6, 2024, the Company conducted a Special Meeting of Stockholders (the “Meeting”). The Company’s stockholders of record at the close of business on September 20, 2024, the record date for the determination of stockholders entitled to vote at the Meeting, approved the proposals to (1) approve the exercise of the Series A Warrants, the Series B Warrants, and the September 2024 Agent Warrants (each as defined in Note 6) to purchase up to an aggregate of 6,014,493 shares of the Company’s common stock under applicable rules and regulations of the Nasdaq Stock Market LLC, (2) approve an amendment to the 2022 Plan to increase the number of shares of common stock available for issuance by 500,000 shares, and (3) approve an amendment to the Company’s Certificate of Incorporation, to effect a reverse stock split of our common stock at a reverse stock split ratio ranging from 1:3 to 1:5 inclusive, as may be determined at the appropriate time by the Board of Directors in its sole discretion.

On November 12, 2024, the Board of Directors approved a one-off cash payment of $20,000 to each of the non-executive Directors in lieu of forfeiting the grant of restricted stock units that would have otherwise been granted for the second half of 2024.

There have been no other events or transactions during this time which would have a material effect on these consolidated condensed financial statements.

Derivative Liabilities

9 Months Ended

Sep. 30, 2024

Derivative Liabilities [Abstract]

DERIVATIVE LIABILITIES

8. DERIVATIVE LIABILITIES

In accordance with the provisions of ASC 815, derivative liabilities are initially measured at fair value at the commitment date and subsequently remeasured at each reporting period, with any increase or decrease in the fair value recorded in the results of operations within other income/expense as the change in fair value of derivative liabilities.

As discussed in Notes 6 and 7 above, certain of the Company’s bridge shares, warrants and convertible notes (containing an embedded conversion feature) were previously accounted for as derivative liabilities. The bridge shares and related conversion features were derecognized upon conversion of the related debt obligations on the date of the IPO. In addition, certain of the Company’s common stock warrants were previously accounted for as derivative liabilities as there was an unknown exercise price and number of shares associated with each instrument. In connection with the IPO, the terms of these warrants became fixed, at which point the Company determined the warrants met all of the criteria for equity classification and reclassified the warrants to additional paid-in capital at their fair value on the IPO date.

As of September 30, 2024, derivative liabilities consist of the contingent milestone payment due to Knight upon a future sale of Arakoda™ or a Change of Control (See Note 7). The valuation of the contingent milestone payment includes significant inputs such as the timing and probability of discrete potential exit scenarios, forward interest rate curves, and discount rates based on implied and market yields.

In connection with the valuation of the Company’s derivative liabilities related to the 2023 Bridge Notes and warrants, the Company determined a fair value on the commitment date (May 8, 2023) of $954,725. As the fair value of the derivative liabilities exceeded the net proceeds received of $555,000, the Company recorded a debt discount at the maximum amount allowed (the face amount of the debt less the original issue discount and issuance costs) and recorded the excess as derivative expense.

Derivative expense recorded during the three and nine months ended September 30, 2023 is summarized as follows:

Commitment Date	May 8, 2023
Fair value of derivative liabilities	$	954,725
Less: face amount of debt		(555,000	)
Derivative expense	$	399,725

	Contingent Milestone Payment			Total
Derivative liabilities - December 31, 2023	$	2,306,796		$	2,306,796
Fair value - mark to market adjustment		(1,740,847	)		(1,740,847	)
Derivative liabilities - March 31, 2024		565,949			565,949
Fair value - mark to market adjustment		1,101			1,101
Derivative liabilities - June 30, 2024		567,050			567,050
Fair value - mark to market adjustment		56,712			56,712
Derivative liabilities - September 30, 2024	$	623,762		$	623,762

	Bridge Shares			Warrants			Convertible Notes Payable			Contingent Milestone Payment		Total
Derivative liabilities - December 31, 2022	$	834,352		$	578,164		$	81,684		$	-	$	1,494,200
Fair value - mark to market adjustment		4,902			1,689			(1,457	)		-		5,134
Derivative liabilities - March 31, 2023		839,254			579,853			80,227			-		1,499,334
Fair value - commitment date		680,276			274,449			-			-		954,725
Fair value - mark to market adjustment		8,896			(17,009	)		145			-		(7,968	)
Derivative liabilities - June 30, 2023		1,528,426			837,293			80,372			-		2,446,091
Fair value - mark to market adjustment prior to conversion or reclassification		(105,790	)		1,455			(45,207	)		-		(149,542	)
Conversion of convertible promissory notes		(1,422,636	)		-			(35,165	)		-		(1,457,801	)
Reclassification of warrants to equity		-			(838,748	)		-			-		(838,748	)
Recognition of contingent milestone liability		-			-			-			2,117,142		2,117,142
Fair value - mark to market adjustment		-			-			-			57,052		57,052
Derivative liabilities - September 30, 2023	$	-		$	-		$	-		$	2,174,194	$	2,174,194

Changes in fair value of derivative liabilities (mark to market adjustment) are included in other income (expense) in the accompanying Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income. During the nine months ended September 30, 2024 and 2023, the Company recorded a net gain on the change in fair of derivative liabilities of $1,683,034 and $95,324, respectively.

Prior to the Company’s IPO, the fair value of the Company’s potential future issuances of common stock related to common stock issued with promissory notes, warrants and embedded conversion features in convertible promissory notes was established with an estimate using the Monte Carlo Simulation Model to compute fair value as of each reporting date. The Monte Carlo simulation requires the input of assumptions, including our stock price, the volatility of our stock price, remaining term in years, expected dividend yield, and risk-free rate. In addition, the valuation model considered the probability of the occurrence or nonoccurrence of an IPO within the terms of liability-classified financial instruments, as an IPO could potentially impact the settlement.

Accounting Policies, by Policy (Policies)

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

Basis of Presentation

(a) Basis of Presentation

The financial statements of 60P and its subsidiary are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The Company has prepared the accompanying consolidated condensed financial statements pursuant to the instructions to Form 10-Q and Article 8 of Regulation S-X of the Securities and Exchange Commission (“SEC”). These financial statements are unaudited and, in the opinion of management, all adjustments considered necessary for a fair presentation of the Company’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. Operating results for the periods presented are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 due to various factors. These consolidated condensed financial statements should be read in conjunction with the audited consolidated financial statements and related notes thereto as of and for the years ended December 31, 2023 and 2022, included in the Company’s annual report on Form 10-K, as filed with the SEC on April 1, 2024 (the “Annual Report”). Certain information and footnote disclosures that would substantially duplicate the disclosures contained in the Annual Report have been omitted.

Principles of Consolidation and Noncontrolling Interest

(b) Principles of Consolidation and Noncontrolling Interest

The Company’s consolidated condensed financial statements include the financial statements of its majority owned subsidiary 60P Australia Pty Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation.

On August 2, 2023, Geoffrey Dow assigned his interest in 60P Australia Pty Ltd, of 904,436 common shares to the Company for no consideration, thereby increasing the proportional ownership of 60P, Inc. in 60P Australia Pty Ltd from 87.53% to 96.61%. The purpose of this assignment was to eliminate the related party conflict associated with Geoffrey Dow’s ultimate beneficial ownership in 60P Australia Pty Ltd being greater than that of other 60P, Inc. shareholders. The increase in the Company’s proportional interest is reflected as a contribution from noncontrolling interest in the accompanying consolidated condensed statement of shareholders’ equity (deficit).

For entities that are consolidated, but not 100% owned, a portion of the income or loss and corresponding equity is allocated to owners other than the Company. The aggregate of the income or loss and corresponding equity that is not owned by us is included in Noncontrolling Interest in the consolidated condensed financial statements.

Use of Estimates

(c) Use of Estimates

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates, and those estimates may be material. Significant estimates include the reserve for inventory, and derivative liabilities.

Reverse Stock Split

(d) Reverse Stock Split

Following stockholder approval in July 2024, the Company effected a reverse stock split at a ratio of 1:12 (the “Reverse Stock Split”), which was effective as of August 12, 2024. Proportional adjustments were made to the number of shares of common stock issuable upon exercise or conversion of the Company’s equity awards, warrants, and other equity instruments convertible into common stock, as well as the respective exercise prices, if applicable in accordance with the terms of the instruments. Unless otherwise noted, all references to numbers of shares of the Company’s common stock and per share information presented in these consolidated condensed financial statements have been retroactively adjusted, as appropriate, to reflect the Reverse Stock Split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital.

Cash and Cash Equivalents

(e) Cash and Cash Equivalents

The Company’s cash consists of cash deposited in demand accounts at financial institutions, which are insured by the Federal Deposit Insurance Corporation (“FDIC”). The Company considers short-term highly liquid investments with original maturities of three months or less to be cash equivalents. The Company’s cash and cash equivalents, at times, may exceed the FDIC insurable limits (currently $250,000). The Company has not experienced any losses related to amounts in excess of FDIC Limits. The Company periodically assesses the credit risk associated with these financial institutions and believes that the risk of loss is minimal.

Short-term Investments

(f) Short-term Investments

Short-term investments consist of certificates of deposit with original maturities of greater than three months and less than twelve months, which are classified as held-to-maturity as the Company has the intent and ability to hold these investments until they mature. The classification of short-term investments is determined at the time of purchase and is reevaluated at each balance sheet date. Short-term investments are reported at amortized cost.

Accounts Receivable and Allowance for Doubtful Accounts

(g) Accounts Receivable and Allowance for Doubtful Accounts

The Company records accounts receivable at net realizable value. This value includes an appropriate allowance for estimated uncollectible accounts to reflect any loss anticipated on the trade accounts receivable balances and charged to the provision for doubtful accounts. Based on the Company’s history there has been no need to make a recording to Allowance for Doubtful Accounts. Most of the Company’s revenue has been earned via government contracts, an Australian pharmaceutical distributor, and a large American pharmaceutical distributor. There was no allowance as of September 30, 2024 or December 31, 2023. As the Company continues to engage with smaller distributors, we will continue to analyze whether an allowance should be established. As of September 30, 2024, the American pharmaceutical distributor accounted for 96% of the accounts receivable balance (79% as of December 31, 2023) and the US government accounted for none of the outstanding accounts receivable balance (13% as of December 31, 2023).

Inventory

(h) Inventory

Inventories are stated at the lower of cost or net realizable value. Cost is comprised of direct materials and, where applicable, costs that have been incurred in bringing the inventories to their present location and condition. The Company uses the Specific Identification method per lot. A box price is calculated per lot number and sales are recognized by their lot number.

The Company regularly monitors its inventory levels to identify inventory that may expire or has a cost basis in excess of its estimated realizable value, and records write-downs for inventory that has expired, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected sales requirements. Any write-downs of inventories are charged to Cost of Revenues in the Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income. During the three months ended September 30, 2024 and 2023, write-downs for expired inventory totaled $1,165 and $0, respectively ($18,490 and $94,977 for the nine months ended September 30, 2024 and 2023, respectively).

Derivative Liabilities

(i) Derivative Liabilities

The Company assesses the classification of its derivative financial instruments each reporting period, which formerly consisted of bridge shares, convertible notes payable, and certain warrants, and determined that such instruments qualified for treatment as derivative liabilities as they met the criteria for liability classification under ASC 815. As of September 30, 2024, the Company’s derivative financial instruments consist of contingent payment arrangements.

The Company analyzes all financial instruments with features of both liabilities and equity under FASB ASC Topic No. 480, (“ASC 480”), Distinguishing Liabilities from Equity and FASB ASC Topic No. 815, Derivatives and Hedging (“ASC 815”). Derivative liabilities are adjusted to reflect fair value at each reporting period, with any increase or decrease in the fair value recorded in the results of operations, as a component of other income or expense as change in fair value of derivative liabilities. The Company uses a Monte Carlo simulation model or a probability-weighted discounted cash flow model to determine the fair value of these instruments.

Upon conversion or repayment of a debt or equity instrument in exchange for equity shares, where the embedded conversion option has been bifurcated and accounted for as a derivative liability (generally convertible debt and warrants), the Company records the equity shares at fair value on the date of conversion, relieves all related debt, derivative liabilities, and unamortized debt discounts, and recognizes 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.

Equity-Classified Warrants

(j) Equity-Classified Warrants

As of September 30, 2024, the Company accounts for all outstanding warrants to purchase common stock as equity-classified instruments based on an assessment of the warrants’ specific terms and applicable authoritative guidance in ASC 480 and ASC 815. This assessment considers whether the warrants are freestanding financial instruments pursuant to ASC 480, meet the definition of a liability pursuant to ASC 480, whether the warrants meet all of the requirements for equity classification under ASC 815, including whether the warrants are indexed to the Company’s own common stock and whether the warrant holders could potentially require “net cash settlement” in a circumstance outside of the Company’s control, among other conditions for equity classification. This assessment, which requires the use of professional judgment, is conducted at the respective issuance dates and as of each subsequent reporting period while the warrants are outstanding.

Concentrations

(k) Concentrations

Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, short-term investments, accounts receivable, inventory purchases, and borrowings.

Significant customers represent any customer whose business makes up 10% of receivables or revenues. At September 30, 2024, significant customers represented 97% of receivables (consisting of two customers and one significant customer at 97%). At December 31, 2023, significant customers represented 92% of receivables (consisting of three customers and two significant customers at 79% and 13%, respectively). For the three months ended September 30, 2024, 92% of total net revenues (consisting of two customers and one significant customer) were generated from significant customers. For the three months ended September 30, 2023, 100% of total net revenues (consisting of one significant customer) were generated by significant customers. For the nine months ended September 30, 2024, 94% of total net revenues (consisting of three customers and one significant customer) were generated from significant customers. For the nine months ended September 30, 2023, 100% of the revenues were generated by the Company from significant customers, consisting of two customers at 72% and 28%.

Currently, the Company has exclusive relationships with distributors in Australia and Europe. A failure to perform by any of our current distributors would create disruption for patients in those markets.

Since the Company first started working on tafenoquine all inventory has been acquired in a collaborative relationship from a sole vendor. Should the vendor cease to supply tafenoquine, it would take significant costs and efforts to rebuild the supply chain with a new sole vendor sourcing the active pharmaceutical ingredient (“API”).

Business Segments

(l) Business Segments

The Company uses the “management approach” to identify its reportable segments. The management approach requires companies to report segment financial information consistent with information used by management for making operating decisions and assessing performance as the basis for identifying the Company’s reportable segments. A single management team that reports to the Chief Executive Officer comprehensively manages the business. Accordingly, since its inception, the Company has managed its business in one identifiable segment.

Revenue Recognition

(m) Revenue Recognition

The Company recognizes revenue in accordance with FASB ASC Topic No. 606, Revenue from Contracts with Customers (“ASC 606”). Revenues are recognized when control is transferred to customers in amounts that reflect the consideration the Company expects to be entitled to receive in exchange for those goods. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. As part of the accounting for these arrangements, the Company may be required to make significant judgments, including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each performance obligation.

Revenues from product sales are recorded at the net sales price, or “transaction price,” which may include estimates of variable consideration that result from product returns. The Company determines the amount of variable consideration by using either the expected value method or the most-likely-amount method. The Company includes the unconstrained amount of estimated variable consideration in the transaction price. The amount included in the transaction price reflects the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis in the period of adjustment. Reserves are established for the estimates of variable consideration based on the amounts the Company expects to be earned or to be claimed on the related sales.

The Company receives the majority of its revenues from sales of its Arakoda™ product to resellers in the US and abroad. The Company records US commercial revenues as a receivable when our American distributor transfers shipped product to their title model for 60P. Foreign sales to both Australia and Europe are recognized as a receivable at the point product is shipped to distributor. The shipments to Australia and Europe are further subject to profit sharing agreements for boxes sold to customers.

Research and Development Costs

(n) Research and Development Costs

The Company accounts for research and development costs in accordance with FASB ASC Subtopic No. 730-10, Research and Development (“ASC 730-10”). Under ASC 730-10, research and development costs are expensed as incurred. Accordingly, internal research and development costs are expensed as incurred. Prepayments for research and development services are deferred and amortized over the service period as the services are provided. Advance payments for specific materials, equipment, or facilities determined to have no alternative future use are initially deferred and recognized as research and development expense when the related goods are delivered.

The Company recorded $940,063 and $263,703 in research and development expense during the three months ended September 30, 2024 and 2023, respectively, ($4,372,571 and $591,569 for the nine months ended September 30, 2024 and 2023, respectively).

Fair Value of Financial Instruments and the Fair Value Option (“FVO”)

(o) Fair Value of Financial Instruments and the Fair Value Option (“FVO”)

The carrying value of the Company’s financial instruments included in current assets and current liabilities (such as cash and cash equivalents, short-term investments, accounts receivable, accounts payable, and accrued expenses) approximate their fair value due to the short-term nature of such instruments.

The inputs used to measure fair value are based on a hierarchy that prioritizes observable and unobservable inputs used in valuation techniques. These levels, in order of highest to lowest priority, are described below:

Level 1	-	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2	-	Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

Level 3	-	Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

The Company may choose to elect the FVO for certain eligible financial instruments, such as certain Promissory Notes, in order to simplify the accounting treatment. Items for which the FVO has been elected are presented at fair value in the Consolidated Condensed Balance Sheets and any change in fair value unrelated to credit risk is recorded in Other Expense, net in the Consolidated Condensed Statements of Operations and Comprehensive (Loss) Income. Changes in fair value related to credit risk are recognized as other comprehensive income or loss. As a result of the completion of the IPO in July 2023, all financial instruments for which the FVO was elected were extinguished. See Note 7 for more information on the extinguishment of the Promissory Notes.

The Company’s financial instruments recorded at fair value on a recurring basis at September 30, 2024, and December 31, 2023 include Derivative Liabilities, which are carried at fair value based on Level 3 inputs. See Note 8 for more information on Derivative Liabilities.

Liabilities measured at fair value at September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	623,762	$	623,762
Total	$	-	$	-	$	623,762	$	623,762

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	2,306,796	$	2,306,796
Total	$	-	$	-	$	2,306,796	$	2,306,796

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

A rollforward of liabilities measured at fair value using Level 3 inputs outstanding during the three and nine months ended September 30, 2024 and 2023 are presented in Note 7 (Debt) and Note 8 (Derivative Liabilities), respectively.

Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

(p) Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

In addition to assets and liabilities that are measured at fair value on a recurring basis, the Company also measures certain assets and liabilities at fair value on 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 assets’ projected undiscounted cash flows. These assets are recorded at fair value only when an impairment charge is recognized.

As of September 30, 2024, and December 31, 2023, the fair value of Cash and Cash Equivalents, Short-Term Investments, Accounts Receivable, Prepaid Expenses and Other Current Assets, and Accounts Payable and Accrued Expenses approximated their carrying values due to the short-term nature of these assets and liabilities.

Foreign Currency Transactions and Translation

(q) 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 condensed 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 condensed financial statements.

For the purpose of presenting consolidated condensed financial statements, the assets and liabilities of the group’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

As of

Three Months Ended
September 30,

Nine Months Ended
September 30,

September 30,

December 31,

Currency

2024

2023

2024

2023

2024

2023

1 AUD =

0.67 USD

0.65 USD

0.66 USD

0.67 USD

0.69 USD

0.68 USD

Reclassifications

(r) Reclassifications

Certain prior period interim amounts have been reclassified for consistency with the current period presentation. These reclassifications had no material effect on the consolidated condensed results of operations and comprehensive (loss) income, shareholders’ equity (deficit), or cash flows.

Share-Based Payments

(s) Share-Based Payments

On November 22, 2022, the Company adopted the 2022 Equity Incentive Plan also referred to as (“2022 Plan”). The 2022 Plan and related share-based awards are discussed more fully in Note 10.

The Company accounts for share-based payments in accordance with ASC Subtopic 718, Compensation - Stock Compensation (“ASC 718”). The Company measures compensation for all share-based payment awards granted to employees, directors, and nonemployees, based on the estimated fair value of the awards on the date of grant. For awards that vest based on continued service, the service-based compensation cost is recognized on a straight-line basis over the requisite service period, which is generally the vesting period of the awards. For service vesting awards with compensation expense recognized on a straight-line basis, at no point in time does the cumulative grant date value of vested awards exceed the cumulative amount of compensation expense recognized. The grant date is determined based on the date when a mutual understanding of the key terms of the share-based awards is established. The Company accounts for forfeitures as they occur.

The Company estimates the fair value of all stock option awards as of the grant date by applying the Black-Scholes option pricing model. The application of this valuation model involves assumptions, including the fair value of the common stock, expected volatility, risk-free interest rate, expected dividends and the expected term of the option. Due to the lack of a public market for the Company’s common stock prior to the IPO and lack of company-specific historical implied volatility data, the Company has based its computations of expected volatility on the historical volatility of a representative group of public companies with similar characteristics of the Company, including stage of development and industry focus. The historical volatility is calculated based on a period of time commensurate with the expected term assumption. The Company uses the simplified method as prescribed by the SEC Staff Accounting Bulletin Topic 14, Share-Based Payment, to calculate the expected term for stock options, whereby, the expected term equals the midpoint of the weighted average remaining time to vest, vesting period and the contractual term of the options due to its lack of historical exercise data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. The assumptions used in calculating the fair value of share-based awards represent management’s best estimates and involve inherent uncertainties and the application of significant judgment.

Compensation expense for restricted stock units (“RSUs”) with only service-based vesting conditions is recognized on a straight-line basis over the vesting period. Compensation cost for service-based RSUs is based on the grant date fair value of the award, which is the closing market price of the Company’s common stock on the grant date multiplied by the number of shares awarded.

For awards that vest upon a liquidity event or a change in control, the performance condition is not probable of being achieved until the event occurs. As a result, no compensation expense is recognized until the performance-based vesting condition is achieved, at which time the cumulative compensation expense is recognized. Compensation cost related to any remaining time-based service for share-based awards after the liquidity-based event is recognized on a straight-line basis over the remaining service period.

For fully vested, nonforfeitable equity instruments that are granted at the date the Company and a nonemployee enter into an agreement for goods or services, the Company recognizes the fair value of the equity instruments on the grant date. The corresponding cost is recognized as an immediate expense or a prepaid asset and expensed over the service period depending on the specific facts and circumstances of the agreement with the nonemployee. See Note 10 for further details.

Leases

(t) Leases

The Company applies ASC Topic 842, Leases (“ASC 842”) to its operating leases, which are reflected on the Consolidated Condensed Balance Sheets within Right of Use (ROU) Asset and the related current and non-current operating Lease Liability. ROU assets represent the right to use an underlying asset for the lease term, and lease liabilities represent the obligation to make lease payments arising from lease agreements. Leases with an initial term of twelve months or less are not recorded on the balance sheet. Operating lease expense is recognized on a straight-line basis over the lease term, subject to any changes in the lease or expectation regarding the terms. Variable lease costs such as common area maintenance, property taxes and insurance are expensed as incurred.

The Company determines if an arrangement is a lease at contract inception. The Company’s contracts are determined to contain a lease when all of the following criteria, based on the specific circumstances of the arrangement, are met: (1) there is an identified asset for which there are no substantive substitution rights; (2) the Company has the right to obtain substantially all of the economic benefits from the identified asset; and (3) the Company has the right to direct the use of the identified asset.

At the commencement date, operating lease liabilities and their corresponding right-of-use assets are recorded based on the present value of future lease payments over the expected lease term. The Company’s lease agreement does not provide an implicit rate. As a result, the Company utilizes an estimated incremental borrowing rate (“IBR”), to discount lease payments, which represents the rate of interest the Company would pay to borrow, on a collateralized basis over a similar term, an amount equal to the lease payments in a similar economic environment.

Net (Loss) Income per Common Share

(u) Net (Loss) Income per Common Share

Net (Loss) Income per Common Share is computed by dividing net (loss) income attributable to common shareholders by the weighted average number of common shares outstanding during each period. The Company has included the Pre-Funded Warrants issued in January 2024 and September 2024 (See Note 6) in its computation of basic and diluted net (loss) income per share due to their nominal exercise prices. The cumulative dividends accrued on the Series A Preferred Stock during the period are reflected as an addition to net loss or a reduction of net income in determining basic and diluted net (loss) income attributable to common stockholders.

As the Company reported a net loss for the nine months ended September 30, 2024 and 2023 and the three months ended September 30, 2024, the calculation of diluted net loss per common share is the same as basic net loss per common share. For the three months ended September 30, 2023, all securities that could potentially dilute basic earnings per share in the future have been excluded from the diluted calculation because the effect would be antidilutive. The potential dilutive securities for the three months ended September 30, 2023 included: common stock warrants, stock options and unvested restricted stock units granted under the 2022 Plan.

As a result of the Reverse Stock Split, which was effective as of August 12, 2024, all shares of outstanding common stock and net (loss) income per common share calculations have been retroactively adjusted for all periods presented.

Related Parties

(v) Related Parties

Parties are considered to be related to the Company if the parties, directly or indirectly through one or more intermediaries, control, are controlled by, or are under common control with the Company. Related parties also include principal owners of the Company, its management, members of the immediate families of principal owners of the Company and its management and other parties the Company may deal with if one party controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Subsequent Events

(w) Subsequent Events

The Company considers events or transactions that occur after the balance sheet date, but prior to the issuance of the financial statements to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. Subsequent events have been evaluated through November 14, 2024, which is the date the consolidated condensed financial statements were issued. See Note 12.

Recently Issued Accounting Pronouncements

(x) Recently Issued Accounting Pronouncements

From time to time, the FASB issues Accounting Standards Updates (“ASU”) to amend the authoritative literature in the ASC. Management believes that those issued to date either (i) provide supplemental guidance, (ii) are technical corrections, (iii) are not applicable to the Company or (iv) are not expected to have a significant impact on the Company’s financial statements.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses and segment profit or loss. The ASU also requires entities with a single reportable segment to provide all segment disclosures under ASC 280, including the new required disclosures under the ASU. The ASU is effective for all public entities with fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The ASU must be applied retrospectively. The Company is currently evaluating the impact that ASU 2023-07 will have on its financial statement disclosures.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (ASC 740): Improvements to Income Tax Disclosures, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as information on income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that ASU 2023-09 will have on its financial statement disclosures.

Commitments and Contingencies (Details)		3 Months Ended		9 Months Ended
Commitments and Contingencies (Details)	Jul. 15, 2015 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)
Commitments and Contingencies [Line Items]
Operating lease costs		$ 4,938	$ 13,859	$ 24,067	$ 41,225
Number of non audit committee chairs		2		2
Licensed technology term.	20 years
Annual royalty payment	5.00%
Sales-based milestone fee	$ 75,000
Cumulative net sales	6,000,000
Charles Allen [Member]
Commitments and Contingencies [Line Items]
Cash compensation		$ 2,000		$ 2,000
Paul Field [Member]
Commitments and Contingencies [Line Items]
Cash compensation		1,250		1,250
Stephen Toovey [Member]
Commitments and Contingencies [Line Items]
Cash compensation		1,250		1,250
US Government Sales [Member]
Commitments and Contingencies [Line Items]
Royalty expense	35,000,000
U.S. Army Agreement [Member]
Commitments and Contingencies [Line Items]
Royalty expense	$ 35,000,000
Board of Directors Chairman [Member]
Commitments and Contingencies [Line Items]
Annual royalty payment	3.00%
Board of Directors Chairman [Member] \| Cheryl Xu [Member]
Commitments and Contingencies [Line Items]
Cash compensation		11,250		11,250
Board of Directors Chairman [Member] \| Paul Field [Member]
Commitments and Contingencies [Line Items]
Cash compensation		11,250		11,250
Board of Directors Chairman [Member] \| Charles Allen [Member]
Commitments and Contingencies [Line Items]
Cash compensation		11,250		11,250
Board of Directors Chairman [Member] \| Stephen Toovey [Member]
Commitments and Contingencies [Line Items]
Cash compensation		11,250		11,250
IPO [Member]
Commitments and Contingencies [Line Items]
Payment		$ 10,000,000		$ 10,000,000

Consolidated Condensed Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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

Derivative Liabilities (Details) - USD ($)	9 Months Ended
Derivative Liabilities (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	May 08, 2023
Derivative Liabilities [Line Items]
Gain on change in fair of derivative liabilities	$ 1,683,034	$ 95,324
2023 Bridge Notes and Warrants [Member]
Derivative Liabilities [Line Items]
Fair value			$ 954,725
2023 Bridge Notes [Member]
Derivative Liabilities [Line Items]
Net proceeds received	$ 555,000

Subsequent Events (Details) - USD ($)

9 Months Ended

Nov. 12, 2024

Nov. 06, 2024

Oct. 31, 2024

Oct. 01, 2024

Jul. 30, 2024

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Subsequent Events [Line Items]

Share issued

^[1]

1,861,914

484,187

Aggregate cash proceeds (in Dollars)

$ 9,990

Additional shares of common stock

229,000

Common stock exercise shares

229,000

Cash proceeds (in Dollars)

$ 1,131,771

Reverse stock split ratio

1:12

Pre-Funded Warrants [Member]

Subsequent Events [Line Items]

Cash proceeds (in Dollars)

$ 229

Subsequent Event [Member]

Subsequent Events [Line Items]

Share issued

206,551

Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period

206,551

Aggregate cash proceeds (in Dollars)

$ 207

Issuance of sale (in Dollars)

$ 6,014,493

Number of common stock available for issuance

500,000

Minimum [Member] | Subsequent Event [Member]

Subsequent Events [Line Items]

Reverse stock split ratio

1:3

Maximum [Member] | Subsequent Event [Member]

Subsequent Events [Line Items]

Reverse stock split ratio

1:5

Non-Executive Directors [Member] | Subsequent Event [Member]

Subsequent Events [Line Items]

Cash payments (in Dollars)

$ 20,000

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Debt (Details) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Sep. 30, 2024

Jul. 14, 2023

Mar. 31, 2022

Dec. 27, 2019

Oct. 11, 2017

Jan. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Jun. 30, 2023

Mar. 31, 2023

Sep. 30, 2024

Sep. 30, 2023

Dec. 31, 2023

Apr. 23, 2023

May 14, 2020

Apr. 24, 2019

Debt [Line Items]

Debenture

$ 3,000,000

Amortization discount

$ 0

$ 3,869

$ 0

$ 52,628

Interest expense

$ 17,912

$ 0

4,944

66,558

Extinguishment gain loss

$ 223,077

$ 839,887

$ 614,670

Vested warrants

5 years

Common stock, shares issued (in Shares)

^[1]

1,861,914

484,187

Conversion rate, percentage

80.00%

Converted shares (in Shares)

92,362

6,661

Gross proceeds

$ 6,454,325

Initial public offering discount, percentages

15.00%

Common stock outstanding, percentages

19.90%

Milestone payment

$ 10,000,000

Regulatory advice value

$ 30,000

Cumulative dividend

6.00%

Common stock ownership percentage

19.90%

Equal royalty pay to lender, percentage

$ 3.5

Final mark-to-market adjustment

(6,105,066)

$ 1,064,849

$ (339,052)

6,105,066

Debt issuance costs

2,100,000

Current maturity

$ 8,772

8,772

$ 8,772

Long-Term Liabilities

$ 147,895

150,251

Knight Therapeutics, Inc. [Member]

Debt [Line Items]

$ 6,309,823

4,160,918

$ 3,483,851

15.00%

Debenture interest rate

9.00%

Maturity days

60 days

2022 Bridge Notes [Member]

Debt [Line Items]

Annual interest rate

15.00%

Debenture interest rate

10.00%

Face amount, percentage

100.00%

2022 and 2023 Bridge Notes [Member]

Debt [Line Items]

Settlement of outstanding debt obligations

$ 1,749,488

2023 Bridge Notes [Member]

Debt [Line Items]

Annual interest rate

15.00%

Debenture interest rate

10.00%

Amortization discount

$ 0

$ 670,550

Knight’s Cumulative Debt [Member]

Debt [Line Items]

Principal amount

$ 10,770,037

Accumulated interest

$ 8,096,486

Knight debenture [Member]

Debt [Line Items]

Amortized interest expense

$ 13,696

Small Business Administration [Member]

Debt [Line Items]

Principal amount

$ 150,000

Annual interest rate

3.75%

Principal payments

$ 156,667

156,667

$ 156,667

159,023

Balloon Payment [Member]

Debt [Line Items]

Balloon payment

$ 28,154

28,154

SBA [Member]

Debt [Line Items]

Maturity date

Oct. 12, 2050

Preferred Stock [Member]

Debt [Line Items]

Accumulated interest

$ 100

100

Knight Debt [Member]

Debt [Line Items]

Ownership percentage

19.90%

Series A Preferred Stock [Member]

Debt [Line Items]

Converted shares (in Shares)

80,965

IPO [Member]

Debt [Line Items]

Accrued interest

$ 31,968

Vested warrants

1 year

Fully vested warrants exercise price percentage

110.00%

Common stock, shares issued (in Shares)

25,335

117,925

25,335

Conversion rate, percentage

20.00%

Gross proceeds

$ 6,454,325

$ 7,000,000

IPO [Member] | Chief Executive Officer [Member]

Debt [Line Items]

Conversion rate, percentage

90.00%

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Inventory (Details) - Schedule of Inventory - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Inventory [Abstract]
Work in Process	$ 367,587	$ 278,987
Finished Goods	84,449	187,182
Inventory	$ 452,036	$ 466,169

Summary of Significant Accounting Policies (Details) - USD ($)			3 Months Ended		9 Months Ended		12 Months Ended
	Jul. 30, 2024	Aug. 02, 2023	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Summary of Significant Accounting Policies [Line Items]
Number of common shares issued (in Shares)					12,669
Reverse stock split	1:12				1:12
FDIC insurable amount (in Dollars)			$ 250,000		$ 250,000
Inventory write-downs (in Dollars)			1,165	$ 0	18,490	$ 94,977
Research and development costs (in Dollars)			$ 940,063	$ 263,703	$ 4,372,571	$ 591,569
60P Australia Pty Ltd [Member] \| Geoffrey Dow [Member]
Summary of Significant Accounting Policies [Line Items]
Number of common shares issued (in Shares)		904,436
American Pharmaceutical Distributor [Member]
Summary of Significant Accounting Policies [Line Items]
Percentage of accounts receivable			96.00%		96.00%		79.00%
US Government Accounted [Member]
Summary of Significant Accounting Policies [Line Items]
Outstanding accounts receivable percentage							13.00%
60P Australia Pty Ltd [Member] \| Minimum [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage		87.53%
60P Australia Pty Ltd [Member] \| Maximum [Member]
Summary of Significant Accounting Policies [Line Items]
Ownership percentage		96.61%
Significant Customers [Member] \| Customer Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					10.00%
Significant Customers [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage				100.00%	100.00%		92.00%
Customer One [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					97.00%
Significant Customer Two [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					97.00%
Customer Three [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage							79.00%
Customer Two [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					28.00%		13.00%
Two Customers and One Significant Customer [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage			92.00%
Three Customers and One Significant Customer [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					94.00%
Customer One [Member] \| Revenue from Rights Concentration Risk [Member] \| Revenue Benchmark [Member]
Summary of Significant Accounting Policies [Line Items]
Concentration percentage					72.00%

Consolidated Condensed Balance Sheets - USD ($)

Sep. 30, 2024

Dec. 31, 2023

Current Assets:

Cash and Cash Equivalents

$ 3,300,688

$ 2,142,485

Accounts Receivable

323,822

231,332

Prepaid and Other Assets

1,102,948

4,402,602

Short-Term Investments

1,711,497

Inventory (Note 3)

452,036

466,169

Total Current Assets

6,890,991

7,242,588

Property and Equipment, net (Note 4)

155,257

57,761

Other Assets:

Right of Use Asset (Note 11)

13,517

Long-Term Prepaid Expense

110,294

242,647

Intangible Assets, net (Note 5)

264,351

227,258

Total Other Assets

374,645

483,422

Total Assets

7,420,893

7,783,771

Current Liabilities:

Accounts Payable and Accrued Expenses

677,617

506,206

Lease Liability (Note 11)

13,650

SBA EIDL (including accrued interest) (Note 7)

8,772

Derivative Liabilities (Note 8)

623,762

2,306,796

Total Current Liabilities:

1,310,151

2,835,424

Long-Term Liabilities:

SBA EIDL (including accrued interest) (Note 7)

147,895

150,251

Total Long-Term Liabilities

147,895

150,251

Total Liabilities

1,458,046

2,985,675

Commitments and Contingencies (Note 11)

SHAREHOLDERS’ EQUITY:

Series A Preferred Stock, $0.0001 par value, 1,000,000 shares authorized; 76,480 and 78,803 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively (Note 6)

9,567,439

9,858,040

Common Stock, $0.0001 par value, 150,000,000 shares authorized; 1,861,914 and 484,187 issued and outstanding as of September 30, 2024 and December 31, 2023, respectively (Note 6)

^[1]

186

Additional Paid-in Capital(1)

^[1]

34,815,642

27,457,335

Accumulated Other Comprehensive Income

139,207

135,561

Accumulated Deficit

(38,482,920)

(32,580,850)

60P Shareholders’ Equity:

6,039,554

4,870,134

Noncontrolling Interest

(76,707)

(72,038)

Total Shareholders’ Equity

5,962,847

4,798,096

Total Liabilities and Shareholders’ Equity

$ 7,420,893

$ 7,783,771

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Stockholders' Equity (Details) - Schedule of Equity-Classified Warrants - Warrants [Member] - $ / shares

3 Months Ended

Dec. 31, 2023

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Sep. 30, 2023

Class of Warrant or Right [Line Items]

Number of Warrants, Total outstanding, Ending

263,659

884,814

926,443

Weighted Average Exercise Price, Total outstanding, Ending

$ 74

$ 25.62

$ 24.47

Weighted Average Remaining Contractual Life (Years), Total outstanding, Ending

4 years 5 months 19 days

Number of Warrants, Total outstanding, Ending

9,797,858

^[1]

884,814

926,443

263,659

Weighted Average Exercise Price, Total outstanding, Ending

$ 3.17

^[1]

$ 25.62

$ 24.47

$ 73.99

Weighted Average Remaining Contractual Life (Years), Total outstanding, Ending

4 years 1 month 28 days

^[1]

4 years 4 months 28 days

4 years 8 months 1 day

4 years 8 months 23 days

Number of Warrants,Total exercisable

3,783,365

^[2]

263,659

Weighted Average Exercise Price,Total exercisable

$ 5.99

^[2]

$ 73.99

Weighted Average Remaining Contractual Life (Years),Total exercisable

4 years 1 month 28 days

^[2]

4 years 8 months 23 days

Number of Warrants, Reclassified from derivative liabilities

19,330

Weighted Average Exercise Price, Reclassified from derivative liabilities

$ 65.58

Weighted Average Remaining Contractual Life (Years), Reclassified from derivative liabilities

4 years 1 month 24 days

Number of Warrants, Granted

8,913,044

^[1]

704,414

259,700

Weighted Average Exercise Price, Granted

$ 0.94

^[1]

$ 4.5

$ 74.6

Weighted Average Remaining Contractual Life (Years), Granted

^[1]

5 years

Number of Warrants, Exercised

(41,629)

(41,630)

(15,371)

Weighted Average Exercise Price, Exercised

$ 0.12

$ 73.63

Weighted Average Remaining Contractual Life (Years), Exercised

5 years

Number of Warrants, Forfeited

Weighted Average Exercise Price, Forfeited

Weighted Average Remaining Contractual Life (Years), Forfeited

Number of Warrants, Expired

Weighted Average Exercise Price, Expired

Weighted Average Remaining Contractual Life (Years), Expired

[1]

[2]

Weighted average remaining contractual life calculation excludes 2,898,551 exercisable Pre-Funded Warrants issued September 2024 that do not have a contractual expiration date

Property and Equipment (Details) - Schedule of Property and Equipment - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and Equipment, at cost	$ 299,241	$ 205,825
Accumulated Depreciation	(143,984)	(148,064)
Property and Equipment, Net	155,257	57,761
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, at cost	233,411	132,911
Machinery [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, at cost	55,800	55,800
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, at cost	7,000	14,084
Furniture [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, at cost	$ 3,030	$ 3,030

Debt (Details) - Schedule of Bridge Notes and Related Party Notes	9 Months Ended
	Sep. 30, 2024
2022 Bridge Notes [Member]
Schedule of Bridge Notes and Related Party Notes [Line Items]
Issuance date of promissory notes	May 2022
Maturity date of promissory notes	1
Interest rate	10.00%
Default interest rate	15.00%
Collateral	Unsecured
Conversion rate	3
Related Party Notes [Member]
Schedule of Bridge Notes and Related Party Notes [Line Items]
Issuance date of promissory notes	May 2022
Maturity date of promissory notes	1
Interest rate	6.00%
Default interest rate	15.00%
Collateral	Unsecured
Conversion rate	3
2023 Bridge Notes [Member]
Schedule of Bridge Notes and Related Party Notes [Line Items]
Issuance date of promissory notes	May 2023
Maturity date of promissory notes	2
Interest rate	10.00%
Default interest rate	15.00%
Collateral	Unsecured
Conversion rate	3

Intangible Assets

9 Months Ended

Sep. 30, 2024

Intangible Assets [Abstract]

INTANGIBLE ASSETS

5. INTANGIBLE ASSETS

As of September 30, 2024 and December 31, 2023, Intangible Assets, net consists of:

	September 30, 2024			December 31, 2023
Patents	$	225,485		$	185,595
Website Development Costs		104,622			79,248
Intangible Assets, at cost		330,107			264,843
Accumulated Amortization		(65,756	)		(37,585	)
Intangible Assets, net	$	264,351		$	227,258

During the three months ended September 30, 2024 and 2023, the Company capitalized website development-related costs of $3,299 and $12,283, respectively, in connection with the upgrade and enhancement of functionality of the corporate website at www.60degreespharma.com ($25,374 and $52,178 for the nine months ended September 30, 2024 and 2023, respectively). Amortization expenses for the three months ended September 30, 2024 and 2023 were in the amounts of $10,325 and $7,414, respectively ($28,004 and $20,606 for the nine months ended September 30, 2024 and 2023, respectively). During the three months ended September 30, 2024 and 2023, there were write-downs for expired or obsolete patents of $2,922 and $0, respectively ($11,300 and $0 for the nine months ended September 30, 2024 and 2023, respectively).

The following table summarizes the estimated future amortization expense for our patents and website development costs as of September 30, 2024:

Period	Patents		Website Development Costs
2024 (remaining three months)	$	1,753	$	8,718
2025		7,010		31,761
2026		7,010		12,432
2027		7,010		3,094
2028		7,010		-
Thereafter		51,106		-
Total	$	80,899	$	56,005

The Company has recorded $128,722 in capitalized patent expenses that will become amortizable as the patents they are associated with are awarded.

Income Taxes (Details) - USD ($)	3 Months Ended		9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Taxes [Abstract]
Provision for income taxes	$ 250	$ 63	$ 751	$ 189

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Property and Equipment (Tables)

9 Months Ended

Sep. 30, 2024

Property and Equipment [Abstract]

Schedule of Property and Equipment

As of September 30, 2024 and December 31, 2023, Property and Equipment, net consists of:

	September 30, 2024			December 31, 2023
Lab Equipment	$	233,411		$	132,911
Machinery		55,800			55,800
Computer Equipment		7,000			14,084
Furniture		3,030			3,030
Property and Equipment, at cost		299,241			205,825
Accumulated Depreciation		(143,984	)		(148,064	)
Property and Equipment, Net	$	155,257		$	57,761

Intangible Assets (Details) - USD ($)	3 Months Ended		9 Months Ended
Intangible Assets (Details) - USD ($)	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Intangible Assets [Line Items]
Capitalized website development-related costs	$ 3,299	$ 12,283	$ 25,374	$ 52,178
Amortization expense	10,325	7,414	28,004	20,606
Write-downs	$ 2,922	$ 0	11,300	$ 0
Capitalized patent expenses			$ 128,722

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Intangible Assets (Details) - Schedule of Intangible Assets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Schedule of Intangible Assets [Abstract]
Patents	$ 225,485	$ 185,595
Website Development Costs	104,622	79,248
Intangible Assets, at cost	330,107	264,843
Accumulated Amortization	(65,756)	(37,585)
Intangible Assets, net	$ 264,351	$ 227,258

Consolidated Condensed Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Net of underwriting discounts and commissions paid at closing		$ 1,047,692
ATM Offering, net of offering costs paid	$ 203,914
Private Placement, net of offering costs	$ 557,600

Inventory (Tables)

9 Months Ended

Sep. 30, 2024

Inventory [Abstract]

Schedule of Inventory

Inventory consists of the following major classes:

	September 30, 2024		December 31, 2023
Work in Process	$	367,587	$	278,987
Finished Goods		84,449		187,182
Inventory	$	452,036	$	466,169

Commitments and Contingencies

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies [Abstract]

COMMITMENTS AND CONTINGENCIES

11. COMMITMENTS AND CONTINGENCIES

(a) 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. The term covered by the new amendment expires on March 31, 2025. The Company has accounted for the amendment for the new office space as a separate contract. As the initial term for the new office space 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 $4,938 and $13,859 for the three months ended September 30, 2024 and 2023, respectively ($24,067 and $41,225 for the nine months ended September 30, 2024 and 2023, respectively).

(b) Board of Directors

In 2022, the Company signed agreements with its four Directors (Cheryl Xu, Paul Field, Charles Allen and Stephen Toovey) which came into effect on July 11, 2023, the date the Company’s IPO Registration Statement was declared effective. Each director is entitled to receive cash compensation of $11,250 quarterly. In addition, the two non-audit committee chairs (Toovey, Field) will receive $1,250 per quarter and the audit committee chair (Allen) will receive an additional $2,000 per 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.

(c) 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 in the Company ceasing operations.

(d) Contingent Compensation

Following the Company’s IPO and the conversion of the outstanding debt pursuant to the Knight Debt Conversion Agreement as discussed in Note 7, the Company is obligated to pay Knight a contingent milestone payment of $10 million if the Company sells Arakoda™ or if a Change of Control occurs. The Company accounts for the contingent milestone payment as a derivative liability (See Note 8).

On July 15, 2015, the Company entered into the Exclusive License Agreement with the U.S. Army Medical Materiel Development Activity (the “U.S. Army”), which was subsequently amended (the “U.S. Army Agreement”), in which the Company obtained a license to develop and commercialize the licensed technology with respect to all therapeutic applications and uses excluding radical cure of symptomatic vivax malaria. The term of the U.S. Army Agreement will continue until the expiration of the last to expire of the patent application or valid claim of the licensed technology, or 20 years from the start date of the U.S. Army Agreement, unless terminated earlier by the parties. The Company must make a minimum annual royalty payment of 3% of Net Sales (as defined in the U.S. Army Agreement) for Net Sales less than $35 million, and 5% of Net Sales greater than $35 million, with US government sales excluded from the definition of Net Sales. In addition, the Company must pay fees upon the achievement of certain milestones, including a sales-based milestone fee of $75,000 once cumulative Net Sales from all sources exceeds $6 million. The Company accrues the minimum annual royalty when the related sales occur. The Company achieved the sales-based milestone target during the year ended December 31, 2023, which was paid in full on June 13, 2024. The achievement of other milestones under the U.S. Army Agreement are not considered probable and thus no accruals for the related milestone payments have been made.

(e) Litigation, Claims and Assessments

From time to time, the Company may be involved in litigation relating to claims arising out of operations in the normal course of business. As of September 30, 2024, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s operations.

Debt (Tables)

9 Months Ended

Sep. 30, 2024

Debt [Abstract]

Schedule of Bridge Notes and Related Party Notes

Significant terms of the Bridge Notes and Related Party Notes are summarized as follows:

	2022 Bridge Notes		Related Party Notes		2023 Bridge Notes
Issuance date of promissory notes		May 2022		May 2022		May 2023
Maturity date of promissory notes		1		1		2
Interest rate		10%		6%		10%
Default interest rate		15%		15%		15%
Collateral		Unsecured		Unsecured		Unsecured
Conversion rate		3		3		3

Schedule of Reconciliation of the Beginning and Ending Balances for the Convertible Knight Note

	Convertible Knight Note, at fair value
Promissory Notes, at fair value at December 31, 2022	$	-
Fair value at modification date - January 9, 2023		21,520,650
Fair value - mark to market adjustment		(339,052	)
Accrued interest recognized		634,243
Promissory Notes, at fair value at March 31, 2023		21,815,841

Fair value - mark to market adjustment		1,064,849
Accrued interest recognized		659,306
Promissory Notes, at fair value at June 30, 2023		23,539,996
Fair value - mark to market adjustment		(6,105,066	)
Extinguishment of Promissory Notes		(17,434,930	)
Promissory Notes, at fair value at September 30, 2023	$	-

Schedule of the Current Future Payment Obligations

The current future payment obligations of the principal are as follows:

Period	Principal Payments
2024 (remaining three months)	$	-
2025		-
2026		683
2027		3,228
2028		3,342
Thereafter		142,747
Total	$	150,000

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

+ References + Details

Consolidated Condensed Statements of Shareholders’ Equity (Deficit) (Unaudited) - USD ($)

Preferred Stock

Series A

Common Stock

Additional Paid-In Capital

^[1]

Accumulated Deficit

Accumulated Other Comprehensive Income (Loss)

Total Shareholders’ Equity (Deficit) Attributable to 60P

Noncontrolling Interest on Shareholders

Total

Balance at Dec. 31, 2022

$ 20

^[1]

$ 5,164,680

$ (28,815,148)

$ 73,708

$ (23,576,740)

$ (572,320)

$ (24,149,060)

Balance (in Shares) at Dec. 31, 2022

198,836

^[1]

Cancellation of common stock

$ (12)

^[1]

Cancellation of common stock (in Shares)

^[1]

(120,919)

Share-based compensation to vendors for services

$ 12

^[1]

5,378,896

5,378,908

Share-based compensation to vendors for services (in Shares)

^[1]

120,253

Net foreign translation loss

^[1]

(1,290)

Net income (loss)

^[1]

(2,600,061)

2,527

(2,597,534)

Balance at Mar. 31, 2023

$ 20

^[1]

10,543,588

(31,415,209)

72,418

(20,799,183)

(569,793)

(21,368,976)

Balance (in Shares) at Mar. 31, 2023

198,170

^[1]

Balance at Dec. 31, 2022

$ 20

^[1]

5,164,680

(28,815,148)

73,708

(23,576,740)

(572,320)

(24,149,060)

Balance (in Shares) at Dec. 31, 2022

198,836

^[1]

Net income (loss)

(1,767,583)

Balance at Sep. 30, 2023

$ 9,858,040

$ 48

^[1]

27,183,447

(30,568,566)

81,386

6,554,355

(38,105)

6,516,250

Balance (in Shares) at Sep. 30, 2023

78,803

483,307

^[1]

Balance at Mar. 31, 2023

$ 20

^[1]

10,543,588

(31,415,209)

72,418

(20,799,183)

(569,793)

(21,368,976)

Balance (in Shares) at Mar. 31, 2023

198,170

^[1]

Net foreign translation loss

^[1]

(374)

Net income (loss)

^[1]

(3,336,555)

(7,036)

(3,343,591)

Balance at Jun. 30, 2023

$ 20

^[1]

10,543,588

(34,751,764)

72,044

(24,136,112)

(576,829)

(24,712,941)

Balance (in Shares) at Jun. 30, 2023

198,170

^[1]

Voluntary conversion of Series A Preferred Stock into common stock

$ (270,460)

^[1]

270,460

Voluntary conversion of Series A Preferred Stock into common stock (in Shares)

(2,162)

3,797

^[1]

Share-based compensation expense

^[1]

271,066

Net foreign translation loss

^[1]

9,342

Issuance of common stock for payment of deferred compensation

^[1]

155,000

Issuance of common stock for payment of deferred compensation (in Shares)

^[1]

2,438

Conversion of debt into common stock upon initial public offering

$ 14

^[1]

7,989,584

7,989,598

Conversion of debt into common stock upon initial public offering (in Shares)

^[1]

142,270

Conversion of debt into Series A Preferred Stock upon initial public offering

$ 10,128,500

^[1]

10,128,500

Conversion of debt into Series A Preferred Stock upon initial public offering (in Shares)

80,965

Reclassification of liability-classified warrants to equity-classified

^[1]

838,748

Issuance of common stock pursuant to IPO, net of underwriting discounts, commissions, and deferred offering costs of $1,266,740

$ 12

^[1]

6,235,264

6,235,276

Issuance of common stock pursuant to IPO, net of underwriting discounts, commissions, and deferred offering costs of $1,266,740 (in Shares)

^[1]

117,925

Issuance of common stock upon exercise of warrants

$ 2

^[1]

1,131,769

1,131,771

Issuance of common stock upon exercise of warrants (in Shares)

^[1]

15,371

Issuance of common stock pursuant to share-based compensation awards

^[1]

187,200

Issuance of common stock pursuant to share-based compensation awards (in Shares)

^[1]

3,336

Prepaid share-based compensation

^[1]

109,148

Contribution from noncontrolling interest

^[1]

(548,380)

548,380

Net income (loss)

^[1]

4,183,198

(9,656)

4,173,542

Balance at Sep. 30, 2023

$ 9,858,040

$ 48

^[1]

27,183,447

(30,568,566)

81,386

6,554,355

(38,105)

6,516,250

Balance (in Shares) at Sep. 30, 2023

78,803

483,307

^[1]

Balance at Dec. 31, 2023

$ 9,858,040

$ 48

^[1]

27,457,335

(32,580,850)

135,561

4,870,134

(72,038)

4,798,096

Balance (in Shares) at Dec. 31, 2023

78,803

484,187

^[1]

Issuance of warrants in Private Placement, net of offering costs paid at closing and deferred offering costs of $582,600

$ 44

^[1]

1,898,252

1,898,296

Issuance of warrants in Private Placement, net of offering costs paid at closing and deferred offering costs of $582,600 (in Shares)

^[1]

438,414

Issuance of common stock upon exercise of Pre-Funded Warrants

$ 4

^[1]

4,991

4,995

Issuance of common stock upon exercise of Pre-Funded Warrants (in Shares)

^[1]

41,630

Issuance of shares for RSUs

$ 2

^[1]

(2)

Issuance of shares for RSUs (in Shares)

^[1]

16,001

Net foreign translation loss

^[1]

(3,894)

Net income (loss)

^[1]

430,470

(2,485)

427,985

Balance at Mar. 31, 2024

$ 9,858,040

$ 98

^[1]

29,360,576

(32,150,380)

131,667

7,200,001

(74,523)

7,125,478

Balance (in Shares) at Mar. 31, 2024

78,803

980,232

^[1]

Balance at Dec. 31, 2023

$ 9,858,040

$ 48

^[1]

27,457,335

(32,580,850)

135,561

4,870,134

(72,038)

$ 4,798,096

Balance (in Shares) at Dec. 31, 2023

78,803

484,187

^[1]

Issuance of warrants in Private Placement, net of offering costs paid at closing and deferred offering costs of $582,600 (in Shares)

12,669

Net income (loss)

$ (5,906,739)

Balance at Sep. 30, 2024

$ 9,567,439

$ 186

^[1]

34,815,642

(38,482,920)

139,207

6,039,554

(76,707)

5,962,847

Balance (in Shares) at Sep. 30, 2024

76,480

1,861,914

^[1]

Balance at Mar. 31, 2024

$ 9,858,040

$ 98

^[1]

29,360,576

(32,150,380)

131,667

7,200,001

(74,523)

7,125,478

Balance (in Shares) at Mar. 31, 2024

78,803

980,232

^[1]

Issuance of common stock upon exercise of Pre-Funded Warrants

$ 4

^[1]

4,991

4,995

Issuance of common stock upon exercise of Pre-Funded Warrants (in Shares)

^[1]

41,629

Voluntary return of shares issued to vendor for services

$ (1)

^[1]

Voluntary return of shares issued to vendor for services (in Shares)

^[1]

(10,000)

Issuance of shares for RSUs

$ 1

^[1]

(1)

Issuance of shares for RSUs (in Shares)

^[1]

5,337

Net foreign translation loss

^[1]

3,137

Net income (loss)

^[1]

(4,172,755)

(1,471)

(4,174,226)

Balance at Jun. 30, 2024

$ 9,858,040

$ 102

^[1]

29,365,567

(36,323,135)

134,804

3,035,378

(75,994)

2,959,384

Balance (in Shares) at Jun. 30, 2024

78,803

1,017,198

^[1]

Issuance of warrants in Private Placement, net of offering costs paid at closing and deferred offering costs of $582,600

^[1]

3,414,502

Voluntary conversion of Series A Preferred Stock into common stock

$ (290,601)

$ 7

^[1]

290,594

Voluntary conversion of Series A Preferred Stock into common stock (in Shares)

(2,323)

73,334

^[1]

Issuance of common stock pursuant to ATM Offering, net of offering costs paid at closing and deferred offering costs of $264,774

$ 68

^[1]

1,729,742

1,729,810

Issuance of common stock pursuant to ATM Offering, net of offering costs paid at closing and deferred offering costs of $264,774 (in Shares)

^[1]

677,819

Issuance of common stock for fractional shares pursuant to Reverse Stock Split rounding adjustment

$ 9

^[1]

(9)

Issuance of common stock for fractional shares pursuant to Reverse Stock Split rounding adjustment (in Shares)

^[1]

93,563

Share-based compensation expense

^[1]

15,246

Net foreign translation loss

^[1]

4,403

Net income (loss)

^[1]

(2,159,785)

(713)

(2,160,498)

Balance at Sep. 30, 2024

$ 9,567,439

$ 186

^[1]

$ 34,815,642

$ (38,482,920)

$ 139,207

$ 6,039,554

$ (76,707)

$ 5,962,847

Balance (in Shares) at Sep. 30, 2024

76,480

1,861,914

^[1]

[1]	Periods presented have been adjusted to reflect the 1:12 reverse stock split on August 12, 2024.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2024

Summary of Significant Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) Basis of Presentation

(b) Principles of Consolidation and Noncontrolling Interest

(c) Use of Estimates

(d) Reverse Stock Split

(e) Cash and Cash Equivalents

(f) Short-term Investments

(g) Accounts Receivable and Allowance for Doubtful Accounts

(h) Inventory

(i) Derivative Liabilities

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.

(j) Equity-Classified Warrants

(k) Concentrations

(l) Business Segments

(m) Revenue Recognition

(n) Research and Development Costs

(o) Fair Value of Financial Instruments and the Fair Value Option (“FVO”)

Level 1	-	Quoted prices (unadjusted) in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2	-	Observable prices that are based on inputs not quoted on active markets but corroborated by market data.

Level 3	-	Unobservable inputs reflecting the Company’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment.

Liabilities measured at fair value at September 30, 2024 and December 31, 2023 are as follows:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	623,762	$	623,762
Total	$	-	$	-	$	623,762	$	623,762

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Liabilities:
Derivative Liabilities	$	-	$	-	$	2,306,796	$	2,306,796
Total	$	-	$	-	$	2,306,796	$	2,306,796

There were no transfers of financial instruments between Level 1, Level 2, and Level 3 during the periods presented.

(p) Assets and Liabilities Not Measured at Fair Value on a Recurring Basis

(q) Foreign Currency Transactions and Translation

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

Average Exchange Rate

As of

Three Months Ended
September 30,

Nine Months Ended
September 30,

September 30,

December 31,

Currency

2024

2023

2024

2023

2024

2023

1 AUD =

0.67 USD

0.65 USD

0.66 USD

0.67 USD

0.69 USD

0.68 USD

(r) Reclassifications

(s) Share-Based Payments

On November 22, 2022, the Company adopted the 2022 Equity Incentive Plan also referred to as (“2022 Plan”). The 2022 Plan and related share-based awards are discussed more fully in Note 10.

(t) Leases

(u) Net (Loss) Income per Common Share

(v) Related Parties

(w) Subsequent Events

(x) Recently Issued Accounting Pronouncements

Income Taxes

9 Months Ended

Sep. 30, 2024

Income Taxes [Abstract]

INCOME TAXES

9. INCOME TAXES

The Company did not record a federal income tax provision or benefit for each of the three and nine months ended September 30, 2024 and 2023 due to taxable losses. The Company recorded a provision for income taxes for the District of Columbia of $250 and $63 for the three months ended September 30, 2024 and 2023, respectively, thereby reflecting the minimum statutory tax due ($751 and $189 for the nine months ended September 30, 2024 and 2023, respectively).

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-13

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-21

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-17

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Inventory

9 Months Ended

Sep. 30, 2024

Inventory [Abstract]

INVENTORY

3. INVENTORY

Inventory consists of the following major classes:

	September 30, 2024		December 31, 2023
Work in Process	$	367,587	$	278,987
Finished Goods		84,449		187,182
Inventory	$	452,036	$	466,169