Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 100

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 100
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ITION OF FOLA MINE SITA

    Estimated asset retirement obligation 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 

    13

4. DISPOSALS AND
DISCONTINUED OPERATIONS

On August 22, 2024,
substantially all of 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 of Collins Building in August 2023. Any projects related to
Collins Building will be completed either by subcontractors or with equipment and resources of Range Environmental. The Company
recognized a net loss on the Collins Building sale of $3,043,799.
This sale did 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