Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 934

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9A
Chunk 934
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 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. At December 31,
2023, the First Promissory Note had an outstanding balance of $1,887,395 and the Second Promissory Note had an outstanding balance of
$1,798,633.

In
November 2024, certain equipment items no longer required 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 the long-term debt of $1,012,375. The difference in the equipment value and the debt is captured in the statement
of operations and cash flow in the line item for the loss on sale of fixed assets.

A
summary of payments due under the long-term debt as of December 31, 2024 by year is as follows:

SCHEDULE
OF MATURITIES OF LONG TERM DEBT

    Equipment
    Financing 

    2025 
    $789,719 
  
    2026 
     512,172 
  
    2027 
     503,314 
  
    2028 
     514,940 
  
    2029 
     284,275 
  
    Total long-term debt 
    $2,604,420 

    F-18

10.
INCOME TAXES 

The
Company had no federal income tax expense for the year ended December 31, 2024 and 2023 due to its history of operating losses. They
Company did have income and franchise taxes paid to the states of West Virginia and California for 2024. The following is a reconciliation
of the statutory federal income tax rate to the Company’s effective tax rate:

 SCHEDULE OF EFFECTIVE INCOME TAX RATE RECONCILIATION

    Year-Ended
    December 31, 2024  
    Year-Ended
    December 31, 2023 
  
    Federal statutory tax rate 
     -21% 
     -21%
  
    State tax rate, net of
    federal benefit 
     -7% 
     -7%
  
    Total federal and state tax rate 
     -28% 
     -28%
  
    Valuation allowance 
     28%