Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 877

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 877
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 2,173,334
shares of the Company’s common stock. At
December 31, 2024 and 2023, the outstanding stock warrants had no
intrinsic value.

8.
LINE OF CREDIT

In
November 2022, the Company secured a bank line of credit with a limit of $1,000,000. In November 2023, the Company amended and restated
this line of credit. The line of credit, as amended, has a maturity date of December 31, 2025, and bears interest at the fixed rate of
eight and three-quarters percent (8.75%). As of December 31, 2024 and 2023, the balance due under the line of credit was $1,000,000.

In
June 2023, Range Environmental secured a bank loan with a limit of $1,000,000. In November 2023, the loan amount was increased to $1,400,000
pursuant to which principal and accrued interest payments are required in March, June, September and December. The loan has a maturity
date of December 31, 2025, and bears interest at the fixed rate of seven and three-quarters per cent (7.75%). As of December 31, 2024,
the balance due under the loan was $1,000,000. As of December 31, 2023, the balance due under the loan was $1,400,000.

9.
LONG-TERM DEBT OBLIGATIONS 

Long-term
debt consists of debt on vehicles and equipment, which serves as the collateral.

Interest
rates on the equipment financings range from 5.71% to 7.2% for 2024 and mature between 2025 through 2029.

As
described in Note 2, in August 2024, the Collins Building debt was cancelled in exchange for the property and substantially all the equipment
acquired in the original transaction. The Collins Building debt consisted of a five-year 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-year secured promissory
note with an original principal amount of $2,035,250, bearing interest at 8.25% per annum (the “Second Promissory Note”,
and, together with the First Prom