Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 64

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 64
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 five-year5
secured promissory note with an original principal amount of $2,000,000,
bearing interest at 7.0%
per annum (the “First Promissory Note”), and a two-year2
secured promissory note with an original principal amount of $2,035,250,
bearing interest at 8.25%
per annum (the “Second Promissory Note”). The First Promissory Note was secured by the acquired real property and quarry infrastructure and the Second
Promissory Note was secured by the acquired equipment. Both of these notes have been cancelled.

In November 2024, certain equipment items no
longer needed by the Company were surrendered to the financing company which held liens on the equipment, in exchange for a release
of debt. The result of this transaction was a reduction of the net equipment values on the balance sheet and a reduction in long-term
debt of $1,012,375.

A
summary of payments due under the Company’s long-term debt by year is as follows:

SCHEDULE
OF MATURITIES OF LONG TERM DEBT

    Equipment Financing 

    2025 – due between April 1, 2025 and March 31, 2026 
     474,781 
  
    2026 – due between April 1, 2026 and March 31, 2027 
     505,680 
  
    2027 – due between April 1, 2027 and March 31, 2028 
     489,343 
  
    2028 – due between April 1, 2028 and March 31, 2029 
     520,544 
  
    2029 and later – due on April 1, 2029 and thereafter 
     247,582 
  
    Total long-term debt 
    $2,237,930 

10. MAJOR CUSTOMER AND CONCENTRATION OF CREDIT
RISK

Sales to the Company’s largest customer
were 59% of total sales for the three months ended March 31, 2025. Sales to the Company’s largest customer for the year ended December
31, 2024 was 53%.

Accounts receivable from the same customer
were 0%
of total accounts receivable as of March 31, 2025 (since the entire accounts receivable balance due from this customer was credited
as in-lieu consideration in connection with the