Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 65

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 65
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 asset or paid to transfer a liability in an
orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs used
in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the
most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or liability
and are developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect
the Company’s assumptions about the factors market participants would use in valuing the asset or liability. The guidance establishes
three levels of inputs that may be used to measure fair value:

Level
1. Observable inputs such as quoted prices in active markets;

Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

As
of December 31, 2024, the Company did not have any level 2 or 3 assets or liabilities.

the
Company’s financial instruments consist of cash and cash equivalents, accounts receivable, accounts payable, and accrued expenses.
The carrying amount of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate
prevailing market rates unless otherwise disclosed in these consolidated financial statements.

Cash
and Cash Equivalents

The
Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent
that the funds are not being held for investment purposes. Funds held in Brazilian banks are insured up to 250,000 40,373

Trade Receivable

Trade receivables represent amounts to be received
from clients due to the sale of quartzite products. The Company recognizes it following revenue recognition when control of the
product is transferred to customers and the company has an unconditional right to receive payment for it.

Initial recognition is made at fair value, which usually
corresponds to the price of the transaction (invoice), and subsequently assessed to determine the recoverability of the amounts in every
balance sheet date.

Inventories

The Company values its inventories in accordance with ASC 330 - Inventory,
which requires that inventories be valued at the lower of cost or market. The cost of inventories is determined using the weighted average
cost method.

Property
and Equipment

Property
and equipment are