Company: JUPGF
Filing Date: 2025-02-28
Form Type: 20-F
Source: 0001493152-25-008689
Chunk: 61

Company: ATLAS CRITICAL MINERALS Corp
Filing Date: 2025-02-28
Form: 20-F
Item: Item 19
Chunk 61
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 that are material to the financial
statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters
does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit
matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.

Determination
of accounting in an assets acquisition transaction.

As
discussed in note 2 to the consolidated financial statement, On November 19, 2024, Jupiter Gold Corporation acquired the assets of Apollo
Resource Corporation. Following the acquisition, Jupiter Gold Corporation was renamed to Atlas Critical Mineral Corporation. The transaction
was accounted for as an asset acquisition between entities under common control in accordance with ASC 805.

We
identified the company’s determination of the asset acquisition as a Critical Audit Matter due to the significant judgment and
estimation involved in valuing the acquired assets and liabilities and assessing whether the transaction qualified as a common control
transaction.

The
primary procedures we performed to address this critical audit matter included:

  Our                                                                                             
  Evaluating                                                                                      

/s/Pipara & Co LLP

For, Pipara & Co LLP 6841

We
have served as the Company’s auditor since 2024

Place: Ahmedabad, India

Date:
February 27, 2025

  F-1  

ATLAS
CRITICAL MINERALS CORPORATION

CONSOLIDATED
BALANCE SHEETS

                                                                                                                                                                                              December 31,                       December 31,                       December 31,                   
                                                                                                                                                                                              2024                               2023                               2022                           
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  ASSETS                                                                                                                                                                                                                                                                                           
  Current assets:                                                                                                                                                                                                                                                                                  
  Cash and cash equivalents                                                                                                                                                                   $                     396,216      $                      92,813      $                 25,438       
  Related parties transactions                                                                                                                                                                                            -                                  -                        -            
  Trade Receivable                                                                                                                                                                            $                      47,682                                  -                        -            
  Taxes recoverable                                                                                                                                                                           $                          26                                  -                        -            
  Inventories                                                                                                                                                                                 $                     171,726                                  -      $                 -            
  Other current assets                                                                                                                                                                        $                      47,772      $                       3,621                        -            
  Total current assets