Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 64

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 64
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 have been prepared in accordance with generally accepted accounting principles (“ GAAP”)
of the United States of America and are expressed in United States dollars. For the years ended December 31, 2024, 2023 and 2022, the
consolidated financial statements include the accounts of the Company, its 99.99%
owned subsidiary, Mineração Jupiter Ltda and the 100%
owned subsidiaries Mineração Apollo Ltda, Mineração Duas Barras Ltda and RST Recursos Minerais Ltda.

All
material intercompany accounts and transactions have been eliminated in consolidation.

Use
of 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. The Company has 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 the Company’s
ability to continue as a going concern. The consolidated financial statements do not include any adjustment that might be necessary if
the Company is unable to continue as a going concern.

The
ability of the Company to continue as a going concern is dependent on the Company generating cash from its operations, the sale of its
stock and/or obtaining debt financing. During the year ended December 31, 2024, the Company 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 operations and, if necessary, selling its equity securities and obtaining debt financing. There can
be no assurance the Company will be successful in these efforts.

Fair
Value of Financial Instruments

The
Company follows 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