Company: RNGE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023395
Chunk: 47

Company: RANGE IMPACT, INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 47
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 on 15 acquired permits 
    $29,282,126 
  
    Contingent reclamation obligation on 21 permits 
     13,796,945 
  
    Total asset retirement obligation capitalized to land 
    $43,079,071 
  
    Fair value of Fola Mine land acquired 
     8,561,000 
  
    Total land value of Fola Mine property 
    $51,640,071 
  
    Beginning land value as of December 31, 2024 
     1,008,897 
  
    Land value as of March 31, 2025 
    $52,648,968 

The
fair value of the land acquired by the Company in connection with the Fola Acquisition was $8,561,000, and the Company agreed to credit
an outstanding receivable of $2,958,516 due from one of the sellers to the Company, as consideration provided in lieu of cash. Because
the fair value of the land acquired exceeded the amount of the accounts receivable credited in connection with the Fola Acquisition,
the Company recognized a bargain purchase gain of $5,602,484 during the three months ended March 31, 2025.

SCHEDULE OF BARGAIN
PURCHASE GAIN 

    Fair value of Fola Mine land acquired 
    $8,561,000 
  
    Accounts receivable credited in lieu of cash 
     (2,958,516)
  
    Bargain purchase gain recognized 
    $5,602,484 

4.
DISPOSALS AND DISCONTINUED OPERATIONS

On
August 22, 2024, substantially all the assets of Collins Building were sold to its previous owner in exchange for the cancellation
of all remaining debt owed to him arising from the Company’s acquisition in August 2023. The Company recognized a
net loss of $3,043,799 on the sale of the Collins Building assets.
This sale does not constitute a discontinued operation as the Company has ongoing activities related to its acquisition of Collins
Building, and only certain assets were sold and debts forgiven. As of March 31, 2025, any remaining active projects related to
Collins Building will be completed by the previous owner or his subcontractors at the previous owner’s expense.

On
September 30, 2024, the Company sold all of the common stock of Graphium Biosciences, Inc., its wholly-owned subsidiary, to a newly-formed entity