Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 68

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 68
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-based payments for employees are fixed at the time of grant. Equity-classified
nonemployee share-based payment awards are measured at the grant date of the award which is the same as share-based payments for employees.
The Company adopted the requirements of the new rule as of January 1, 2019, the effective date of the new guidance.

Foreign
Currency

The
Company’s subsidiaries, MJL, MAL, MDB, and RST, use their local currency (Brazilian Real) as their functional currency.
Resulting translation gains or losses are recognized as a component of accumulated other comprehensive income. Transaction gains or losses
related to balances denominated in a currency other than the functional currency are recognized in the consolidated statements of operations.

Basic
Earnings (Loss) Per Share

The
Company computes loss per share in accordance with ASC Topic 260, Earnings per Share, which requires presentation of both basic and diluted
earnings per share on the face of the statement of operations. Basic loss per share is computed by dividing net loss available to common
shareholders by the weighted average number of outstanding common shares during the period. Diluted loss per share gives effect to all
dilutive potential common shares outstanding during the period. As of December 31, 2024, the Company’s potentially dilutive securities
relate to common stock issuable in connection with options. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive.

Recent
Accounting Pronouncements

The
Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not
believe that there are any other new pronouncements that have been issued that might have a material impact on its financial position
or results of operations except as noted below:

In
August 2023, the FASB issued ASU 2023-05, Business Combinations - Joint Venture Formations (Subtopic 805-60): Recognition and Initial
Measurement, which clarifies the business combination accounting for joint venture formations. The amendments in the ASU seek to reduce
diversity in practice that has resulted from a lack of authoritative guidance regarding the accounting for the formation of joint ventures
in separate financial statements. The amendments also seek to clarify the initial measurement of joint venture net assets, including
businesses contributed to a joint venture. The guidance is applicable to all entities involved in the formation of a joint venture. The
amendments are effective for all joint venture formations with a