Company: JUPGF
Filing Date: 2025-05-02
Form Type: DRS
Source: 0001641172-25-008279
Chunk: 46

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-05-02
Form: DRS
Chunk 46
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3. The increase in operating expense of $888,106, or 87.45%, is primarily due to increased stock-based compensation to executives. During 2024, 1,593,508 equity instruments were issued to our executives (1,077,037 immediately vested and 516,471 vesting in 4 years) compared to 420,000 issued in 2023.

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;                                                                     |

| 34 |

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, amounting to $133,424.

Net cash
provided by financing activities was $1,312,416 for the year ended December 31, 2024, compared to $930,145 for the year ended December
31, 2023. The $382,271 (41.1%) increase derives from:

| ● | In