Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 33

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 5
Chunk 33
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,694
or 35.49%. During 2024, our quartzite operation produced 610.09 cubic meters (m 3 2 2 2 3 2 3 2

Figure
55: Our quartzite quarry operation.

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Figure
56: Finished quartzite slabs ready for commercialization.

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Figure
57: Finished quartzite slabs ready for commercialization.

5. E. Critical Accounting 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 disclosure of contingencies at the date of the financial statements and the reported amount
of revenues and expenses during the reporting period. Actual results may differ from those estimates.

Going
Concern

The
consolidated financial statements have been prepared on a going concern basis which contemplates the realization of assets and the settlement
of liabilities in the normal course of business. We have limited working capital, has incurred losses since its inception, and
has not yet generated material revenues from the sale of its products or services. These factors create substantial doubt about our
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
we are unable to continue as a going concern.

Our
ability to continue as a going concern is dependent on us generating cash from our operations, the sale of our stock and/or obtaining
debt financing. During the year ended December 31, 2024, we funded operations primarily through the sale of equity securities ($1,595,750
in 2024), and cash generated by our quartzite operation (gross profit of $265,694 in 2024). For the next 12 months, Management
intends to cover any operating losses by using existing cash and cash equivalents, generating cash flow from our quartzite operation
and, if necessary, selling its equity securities and obtaining debt financing. There can be no assurance that we will be successful in
these efforts.

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Fair
Value of Financial Instruments

We follow the guidance of Accounting Standards Codification
(“ ASC”) Topic 820 - Fair Value Measurement and Disclosure. Fair value is defined as the exit price, or the amount that
would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement