Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 30

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 30
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 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.
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 as of June 30, 2025.

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 July 1, 2025 and June 30, 2026 
     854,246 
  
    2026 – due between July 1, 2026 and June 30, 2027 
     465,582 
  
    2027 – due between July 1, 2027 and June 30, 2028 
     458,135 
  
    2028 – due between July 1, 2028 and June 30, 2029 
     304,314 
  
    Total long-term debt 
    $2,082,277 

    17

10.
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK

Sales
to the Company’s largest customer were 54%
and 0% of total sales for the three and six months ended June 30, 2025, respectively. Sales to the Company’s two largest customers constituted 92%
and 89%
of total sales for the three and six months ended June 30, 2024, respectively.

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