Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 84

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 84
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 as the exit price, or the amount that would be received to sell an asset or paid to transfer a liability
in an orderly transaction between market participants as of the measurement date. The guidance also establishes a hierarchy for inputs
used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that
the most observable inputs be used when available. Observable inputs are inputs market participants would use in valuing the asset or
liability and are developed based on market data obtained from sources independent of Apollo Resources. Unobservable inputs are inputs
that reflect Apollo Resources’s assumptions about the factors market participants would use in valuing the asset or liability.
The guidance establishes three levels of inputs that may be used to measure fair value:

Level
1. Observable inputs such as quoted prices in active markets;

Level
2. Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level
3. Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

As
of December 31, 2023, Apollo Resources did not have any level 2 or 3 assets or liabilities.

Apollo
Resources’ financial instruments consist of cash and cash equivalents, accounts payable, and accrued expenses. The carrying amount
of these financial instruments approximates fair value due to either length of maturity or interest rates that approximate prevailing
market rates unless otherwise disclosed in these consolidated financial statements.

Cash
and Cash Equivalents

The
Company considers all highly liquid instruments purchased with a maturity of three months or less to be cash equivalents to the extent
that the funds are not being held for investment purposes. Funds held in Brazilian banks are insured up to 250,000 3,652

Property
and Equipment

Property
and equipment are stated at cost. Major improvements and betterments are capitalized. Maintenance and repairs are expensed as incurred.
Depreciation is computed using the straight-line method over the estimated useful life. At the time of retirement or other disposition
of property and equipment, the cost and accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected
in the statements of operations as other gain or loss, net.

Mineral
Properties

Costs
of exploration, carrying and retaining unproven mineral lease properties are expensed as incurred. Mineral property acquisition costs,
including licenses and lease payments, are capitalized. Impairment losses are recorded on mineral properties used in operations