Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 20

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 20
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 an additional 21 mining permits at the Fola
Mine with an estimated reclamation obligation of $13,796,945. As a result, on March 31, 2025, the Company recorded AROs of $43,079,071
related to the Fola Acquisition, and capitalized an equal amount onto the fair value of the acquired land on that same date. The Company
also assumed two coal royalty contracts and one 25-year solar lease for the development of a large-scale
solar project located on more than 1,500 acres at the Fola Mine.

SCHEDULE OF
BUSINESS ACQUISITION 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