Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 86

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 86
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 Drug Development segment
was also renamed Graphium Biosciences.

In August 2024, the Company sold
substantially all of the assets of Collins Building to its previous owner in exchange for the cancellation of all remaining debt
owed to him (“Collins Sale”). In September 2024, the Company sold Graphium Biosciences, Inc. and all of its drug
development assets (“Graphium Sale”). The Collins Sale and Graphium Sale are described in more detail in Note 4.

In March 2025, the Company, through its wholly-owned
subsidiary Range Sky View Land, LLC, acquired 120,154 acres of fee, surface and mineral interests at the Fola mine complex (“Fola
Mine”) located in Clay and Nicholas Counties, West Virginia (“Fola Acquisition”). As part of the Fola Acquisition, the
Company acquired 15 mining permits at the Fola Mine with an estimated reclamation obligation of $29.3 million and assumed an obligation
to manage an additional 16 mining permits at the Fola Mine with an estimated reclamation obligation of $13.8 million. The Company also
assumed two coal royalty contracts and one 25-year solar lease with a multi-national corporation for the development of a large-scale
solar project located on more than 1,000 acres at the Fola Mine. The Fola Acquisition is described in more detail in Note 3.

As a result of the various transactions
referenced in this Note 1, the Company has reorganized its operations into two operating business segments: (i) Range Land and (ii)
Range Services.

Going Concern

The accompanying
financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of
liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, during the
three months ended March 31, 2025, the Company incurred a net loss of $502,857
(net of the gain on bargain purchase of $5,602,484 related to the Fola Acquisition) and used $428,101
of cash in the Company’s operating activities. These factors raise substantial doubt about the Company’s ability to
continue as a going concern within one year of the date that the financial statements are issued. The financial statements do not
include any adjustments that might be necessary should the Company be unable to continue as a going concern.

The ability to
continue as a going concern is dependent on the Company