Company: JUPGF
Filing Date: 2025-09-25
Form Type: F-1/A
Source: 0001493152-25-014979
Chunk: 50

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-09-25
Form: F-1/A
Chunk 50
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Our operating expense is comprised primarily of stock-based compensation, general administrative expense, and other compensation related costs. Operating expense totaled $1,903,637 for the year ended December 31, 2024, compared to operating expense of $1,015,531 for the year ended December 31, 2023. The increase in operating expense of $888,106, or 87.45%, is primarily due to increased stock-based compensation to executives. During 2024, 106,234 equity instruments were issued to our executives (71,803 immediately vested and 34,431 vesting in 4 years) compared to 28,000 issued in 2023. Instruments mentioned in this paragraph account for the reverse stock split.

We incurred a net loss of $1,713,123 for the year ended December 31, 2024, an increase of 59.83% compared to $1,071,845 for the year ended December 31, 2023.

Net cash used in operating activities was $846,948 for the year ended December 31, 2024, compared to $862,696 used in operations during the year ended December 31, 2023, a reduction of $15,747. Main impacts can be attributable to the following:

| ● | In                                                                                                                                      
 2024, generated $265,694 from gross profit of our quartzite operation and paid $18,887 in income taxes arising from its sales revenues, 
 compared to nil in 2023;                                                                                                                |
| ● | Our                                                                                                                                     
 quartzite operation produced $205,128 of inventories of blocks and slabs ready to be sold. Comparable to nil in 2023;                   |
| ● | Receivables                                                                                                                             
 from blocks and slabs sales amounted to $62,066 on December 31, 2024, compared to nil in 2023;                                          |
| ● | Development                                                                                                                             
 of our quartzite operation and other activities increased general volume of our transactions. Compared to 2023, 2024 faced an increase  
 of approximately $35,000 in payables net of expenses of the period;                                                                     |

| 35 |

Net cash used in investing activities was $153,718 for the year ended December 31, 2024, compared to nil for the year ended December 31, 2023. Cash used in 2024 is principally attributable to the acquisition of an excavator to be used in our quartzite operation, amount