Company: RNGE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023395
Chunk: 115

Company: RANGE IMPACT, INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 8
Chunk 115
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 with an original
principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”), and a two2-year 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 resulting in a reduction of the net equipment values on the Company’s balance
sheet and a reduction of long-term debt of $1,012,375.
In June 2025, the financing company asserted deficiency claims in the amount of $560,402
which are included in the financial statements as an other expense in the consolidated statement of operations and as an accrued
expense.

In
August 2025, additional equipment no longer needed by the Company was surrendered to the financing company which held liens on the
equipment resulting in a reduction of the net equipment values on the Company’s balance sheet and a reduction in long-term
debt of $914,803. The remaining
debt in excess of the value of the equipment is carried on the Company’s balance sheet as an accrued expense.

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10.
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK

As a result of the change in the Company’s strategic
direction, it no longer focuses on providing reclamation and restoration services to third parties.

Sales
to the Company’s largest customer were 73% and 28% of total sales for the three and nine months ended September 30, 2025, respectively.
Sales to the Company’s two largest customers constituted 31% and 75% of total sales for the three and nine months ended September
30, 2024, respectively.

Accounts
receivable from the largest customer were 100% of total accounts receivable as of September 30, 2025 and 0% as of December 31, 2024.

11.
COMMITMENTS AND CONTINGENCIES

From
time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that