Company: JUPGF
Filing Date: 2025-08-27
Form Type: DRS/A
Source: 0001493152-25-012379
Chunk: 180

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-08-27
Form: DRS/A
Chunk 180
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 does not impact its Financial Statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We do not expect adoption of the new guidance to have a material impact on our consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03,
Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income
Statement Expenses. The amendments in this Update require disclosure, in the notes to financial statements, of specified information
about certain costs and expenses. The amendments in this Update are effective for annual reporting periods beginning after December 15,
2026, and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. The Company will analyze the
impacts of this Update in the upcoming years and anticipate that it will not adopt the Update early.

In November 2024, the FASB issued ASU 2024-04, Debt—Debt with Conversion
and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments. The Board issued this Update to improve the
relevance and consistency in application of the induced conversion guidance in Subtopic 470-20, Debt— Debt with Conversion and Other
Options. The amendments in this Update clarify the requirements for determining whether certain settlements of convertible debt instruments
should be accounted for as an induced conversion. The amendments in this Update are effective for all entities for annual reporting periods
beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted for
all entities that have adopted the amendments in Update 2020-06. Management does not expect this new guidance to have any impacts on the
Company’s consolidated financial statements.

| F-11 |

NOTE 2 – ACCOUNTING IMPACTS ARISING FROM THE MERGER WITH APOLLO

As discussed in Note 1, Organization and Description of Business, on November 19, 2024, the Company consummated a merger transaction through which Apollo Resources Corporation (“Apollo”), an entity