Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 158

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 158
---
3, the parties amended and restated
this line of credit. The line of credit, as amended, has a maturity date of December 31, 2025, and bears interest at the fixed rate of
eight and three-quarters percent (8.75%). As of June 30, 2025 and December 31, 2024, the balance due under the line of credit was $1,000,000.

In
June 2023, Range Environmental secured a bank loan with a limit of $1,000,000. In November 2023, the loan amount was increased to $1,400,000.
Principal and accrued interest payments are required in March, June, September and December. The loan has a maturity date of December
31, 2025, and bears interest at the fixed rate of seven and three-quarters per cent (7.75%). As of June 30, 2025 and December 31, 2024,
the balance due under the loan was $800,000 and $1,000,000, respectively.

9.
LONG-TERM DEBT OBLIGATIONS

Long-term
debt consists of debt on equipment, which serves as the collateral. Interest rates on the equipment financings range from 6.2% to 7.2%
for 2025 and mature between 2027 through 2029.

As
described in Note 4, in August 2024, the Collins Building debt was cancelled in exchange for the property and substantially all of the
equipment acquired in the original transaction. The Collins Building debt consisted of a five5-year
secured promissory note with an original principal amount of $2,000,000,
bearing interest at 7.0%
per annum (the “First Promissory Note”), and a two2-year
secured 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