Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 89

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 89
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 amendments in ASU 2023-09 are effective for fiscal
years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments
are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.

NOTE
2 - COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS

Proper,
Plant and equipment

The
following table sets forth the components of the Company’s Property Plant and Equipment as at December 31, 2023 and 2022:

SCHEDULE OF PROPERTY AND EQUIPMENT

                                          December 31, 2023                                                                
                                          Cost                                  Accumulated       Net Book                 
                                                                                Amortization      Value                    
  Machinery and equipment                 $                      -                                $             -          
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Mining rights                           $                      1,059,862                        $             1,059,862  
  Total Property Plant and Equipment      $                      1,059,862                        $             1,059,862  

                                          December 31, 2022                                               
                                                       Cost      Accumulated                    Net Book  
                                                                 Amortization                      Value  
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────
  Machinery and equipment                            $4,063      $                 2,589          $1,474  
  Mining rights                                  $1,050,272                        -          $1,050,272  
  Total Property Plant and Equipment             $1,054,335      $                 2,589      $1,051,746  

For
the years ended December 31, 2023 and 2022, the Company recorded amortization expense of nil 1,630

In
2023 and 2022, the Company proceeded to an impairment analysis on its property and equipment and intangibles and concluded that, other
than mineral rights, there was no expectation of future economic benefits being generated from the assets use or disposal, affecting
the main condition for an asset to be recognized. As a result, an impairment loss of $ 1,474 6,101

Related
Party Receivables/Payables

Related
party payables relate to loans granted to (received from) entities belonging to the same economic group of the Company to enable Group
entities to execute their operating activities.

As
of December 31, 2023, there