Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 83

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 83
---
0, Apollo Resources Corporation (“ Apollo Resources” or the “ Company”) was incorporated under the
laws of the Republic of the Marshall Islands. Concurrently. Atlas Lithium held an approximate 58.71

Apollo
Resources Corporation (The Company) is a privately held company focused on iron projects in Brazil. Apollo Resources currently owns 56,290

Basis
of Presentation

The
consolidated financial statements of the Company 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, 2023 and 2022, the consolidated
financial statements include the accounts of the Company and its 99.99%
owned subsidiaries, Mineração Apollo Ltda, RST Recursos Minerais Ltda., and Mineração Duas Barras
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, 2023, the Company funded operations primarily through the sale
of equity securities and loans from related parties. Management intends to cover any operating losses by 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

Apollo
Resources follows the guidance of Accounting Standards Codification (“ ASC”) Topic 820 - Fair Value Measurement and
Disclosure. Fair value is defined