Company: JUPGF
Filing Date: 2025-09-15
Form Type: F-1
Source: 0001493152-25-013292
Chunk: 50

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-15
Form: F-1
Chunk 50
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Our operating expense is comprised primarily of stock-based compensation, general administrative expense, and to a lesser extent professional fees and other compensation related costs. Operating expense totaled $1,015,531 for the year ended December 31, 2023, compared to operating expense of $657,375 for the year ended December 31, 2022. The increase in operating expense of 54% comparing 2023 to 2022 and 20% is principally attributed to increased general and administrative expense and compensation costs, both highly influenced by the increase in activities related to the Quartzite project, including the increase in the number of employees from 1 in 2022 to 7 in 2023.

We incurred a net loss of $1,071,845 for the year ended December 31, 2023, an increase of 63% compared to $657,375 for the year ended December 31, 2022.

Net cash used in operating activities was $862,696 for the year ended December 31, 2023, compared to $534,073 used in operations during the year ended December 31, 2022. Net cash used in investing activities was nil for the year ended December 31,2023, compared to $10,525 for the year ended December 31, 2022. Net cash provided by financing activities was $930,145 for the year ended December 31, 2023, compared to $575,078 for the year ended December 31, 2022.

Liquidity and Capital Resources

As of December 31, 2024, we had total current assets of $663,422 and total current liabilities of $1,227,371 for a current ratio of 0.54 to 1.00 and negative working capital of $563,949. Current liabilities include an amount of $872,942 payable to Atlas Lithium, a related party. As of December 31, 2023 and 2022, we had total current assets of $96,432 and $25,438, respectively, and total current liabilities of $734,118 and $20,583, respectively, for a current ratio of 0.13 to 1.00 and negative working capital of $637,684 for the year ended December 31, 2023 and a current ratio of 1.23 to 1.0 and working capital of $4,855 for the year ended December 31, 2022. The