What changed in this filing

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Item 2. Management’s Discussion and Analysis

2024-08-14 compared with 2024-05-15 · 220 added, 173 removed, 426 unchanged (48% of the section changed)

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following discussion and analysis of our financial condition and results of operations should be read in conjunction with our Unaudited

Condensed Financial Statements and the related notes thereto contained in Part I, Item 1 of this Quarterly Report.

The information contained

in this Quarterly Report on Form 10-Q is not a complete description of our business or the risks associated with an investment in our

common stock.

We urge you to carefully review and consider the various disclosures made by us in this Quarterly Report and in our other

reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K for the year

ended December 31, 2023 filed on March 29, 2024, and the related audited financial statements and notes included therein.

Consolidated Financial Statements and the related notes thereto contained in Part I, Item 1 of this Quarterly Report.

The information

contained in this Quarterly Report on Form 10-Q is not a complete description of our business or the risks associated with an investment

in our common stock.

We urge you to carefully review and consider the various disclosures made by us in this Quarterly Report and in

our other reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual Report on Form 10-K/A

for the year ended December 31, 2023 filed on August 8, 2024, and the related audited financial statements and notes included therein.

statements made in this Quarterly Report on Form 10-Q constitute “forward-looking statements” within the meaning of Section

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other factors beyond our control;

and the other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K filed with the SEC on March

and the other risks described under the heading “Risk Factors” in our Annual Report on Form 10-K/A filed with the SEC on

August 8, 2024.

we believe that the expectations and assumptions reflected in the forward-looking statements we make are reasonable, we cannot guarantee

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publicly any forward-looking statements for any reason.

Range is a public company dedicated to improving the health and wellness of people and the planet through

a novel and innovative approach to impact investing.

We own and operate several complementary operating businesses focused on developing

long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing

mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia.

Range takes an opportunistic approach

to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways.

Range seeks to thoughtfully

allocate its capital into strategic opportunities that are expected to make a positive impact on the people-planet ecosystem and generate

strong investment returns for its shareholders.

is a public company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach to

impact investing.

We own and operate several complementary operating businesses focused on developing long-term solutions to environmental,

social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land

in economically disadvantaged communities throughout Appalachia.

Range takes an opportunistic approach to impact investing by leveraging

its competitive advantages and looking at solving old problems in new ways.

Range seeks to thoughtfully allocate its capital into strategic

opportunities that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for its

shareholders.

corporate headquarters is located in Cleveland, Ohio, with additional office locations in Flatwoods, West Virginia, Fola, West Virginia

and Rocklin, California.

As of May 15, 2024, we employed 43 full-time employees.

In addition, we have, from time to time, engaged various

consultants and professional service firms to provide us with flexible and experienced resources to advance our corporate objectives

As of August 13, 2024, we employed 44 full-time employees.

In addition, we have, from time to time, engaged

various consultants and professional service firms to provide us with flexible and experienced resources to advance our corporate objectives

in order to maintain a cost-effective overhead structure.

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May 2022, the Company acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”).

Range Environmental provides land reclamation, water restoration and environmental consulting services to mining and non-mining

customers throughout the Appalachian region with the goal of returning land to pre-mining conditions or repurposing the land for

natural, commercial, agricultural or recreational use.

Range Environmental’s water restoration services seek to improve the

water quality of rivers, streams and discharges through novel and innovative treatment applications to help customers meet their

various regulatory standards and requirements.

Range Environmental also provides environmental consulting services to customers,

typically in connection with land reclamation and water restoration projects, and, as an additional value-add service, sells water

treatment chemicals manufactured by third parties to its customers.

Range Environmental provides land reclamation and water restoration services to customers throughout the Appalachian region with the

goal of returning land to pre-mining conditions or repurposing the land for natural, commercial, agricultural or recreational use.

Environmental’s water restoration services seek to improve the water quality of rivers, streams and discharges through novel and

innovative treatment applications to help customers meet their various regulatory standards and requirements.

Energy Information Administration (“EIA”), the United States had 551 coal mines in 2020, comprised of 370 active

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as a source of electricity due to the increased use of natural gas and renewable energy, an increase in coal production costs due to

inflation, the dearth of cost-effective locations remaining for mining, and a more stringent and costly regulatory environment, all

of which have resulted in an increasingly difficult market for coal producers.

2000, coal was responsible for 1,966 billion kWh of electricity generation, which represented 52% of the total electricity

generation in the United States.

By contrast, in 2022, coal was responsible for only 828 billion kWh of electricity generation,

which represented 20% of the total electricity generation in the United States.

According to the EIA, 23% of the 200,568 megawatts

of coal-fired capacity currently operating in the United States is scheduled to be retired by the end of 2029 due to the high cost of

operations, continued competition from natural gas and renewable energy resources, and sustainable initiatives of energy

inflation, the dearth of cost-effective locations remaining for mining, and a more stringent and costly regulatory environment, all of

which have resulted in an increasingly difficult market for coal producers.

2000, coal was responsible for 1,966 billion kWh of electricity generation, which represented 52% of the total electricity generation

in the United States.

By contrast, in 2022, coal was responsible for only 828 billion kWh of electricity generation, which represented

20% of the total electricity generation in the United States.

According to the EIA, 23% of the 200,568 megawatts of coal-fired capacity

currently operating in the United States is scheduled to be retired by the end of 2029 due to the high cost of operations, continued

competition from natural gas and renewable energy resources, and sustainable initiatives of energy producers.

the reclamation of closed and inactive mine sites has not kept pace with the increase in closed and idled mine sites, thus creating a

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cannot access funding from the AML reclamation fund and must obtain funding from other sources.

much of the funding for this reclamation work comes from the federal government, each state in Appalachia has a Department of

Environmental Protection or an equivalent agency (“DEP”) that oversees coal mining permitting, operations, and

Under DEP rules and regulations, coal mining companies are required to develop a mining and reclamation plan that is

approved by the applicable state agency, obtain a mining permit from the state, and secure a reclamation surety bond from a

qualified third-party insurance company or provide a comparable financial guarantee.

The reclamation surety bond provides the state

with financial assurances that land reclamation and waterway restoration will be performed in accordance with the original

reclamation plan once mining is complete if the coal mining company, as primary obligor, fails to perform.

Therefore, there are at

least three groups who may need land reclamation, water restoration and environmental auditing services:

(i) mining companies when

permits are active and reclamation bonds are not in default;

(ii) surety bond insurers when reclamation bonds are in default;

(iii) states through their AML reclamation funds for mine lands abandoned before 1977 and for mine lands with defaulted coal mining

companies and surety bond insurers after 1977.

much of the funding for this reclamation work comes from the federal government, each state in Appalachia has a Department of Environmental

Protection or an equivalent agency (“DEP”) that oversees coal mining permitting, operations, and reclamation.

Under DEP rules

and regulations, coal mining companies are required to develop a mining and reclamation plan that is approved by the applicable state

agency, obtain a mining permit from the state, and secure a reclamation surety bond from a qualified third-party insurance company or

provide a comparable financial guarantee.

The reclamation surety bond provides the state with financial assurances that land reclamation

and waterway restoration will be performed in accordance with the original reclamation plan once mining is complete if the coal mining

company, as primary obligor, fails to perform.

Therefore, there are at least three groups who may need land reclamation, water restoration

and environmental auditing services:

(i) mining companies when permits are active and reclamation bonds are not in default;

bond insurers when reclamation bonds are in default;

and (iii) states through their AML reclamation funds for mine lands abandoned before

1977 and for mine lands with defaulted coal mining companies and surety bond insurers after 1977.

Environmental is planning for continued growth in its land reclamation, water restoration and consulting businesses by expanding its

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May 2022, the Company acquired Range Natural Resources, Inc., a West Virginia corporation (“Range Natural”).

Natural provides mining and reclamation services through subcontractors with oversight by the Company’s management team.

Range Natural is mining and reclaiming several surface mines at the Fola Mine Complex in Fola, West Virginia (“Fola Mine”).

The Company anticipates increasing mining and reclamation activity at the Fola Mine, and therefore, in January 2024, the Company separated

Range Natural’s results from the “Range Reclaim” reporting segment and has included Range Natural’s results in

a new “Range Minerals” reporting segment.

The Company believes reporting the results of Range Minerals separately from Range

Reclaim will provide better insight and transparency into the overall operational performance of both operating business segments.

Preta, LLC, an Ohio limited liability company (“Terra Preta”), is a biochar product development and environmental solutions business started

by the Company in December 2022.

Terra Preta is developing a novel and innovative combination of biochar, proprietary materials and structural

designs intended to create several first-of-its-kind agricultural and water filtration products and solutions.

six months ended June 30, 2024, Range Natural had no mining employees or equipment and engaged an independent, third-party contractor responsible for all aspects

of providing coal mining and reclamation services

on a surface coal mine at the Fola Mine Complex in Fola, West Virginia (“Fola Mine”).

January 2024, the Company separated Range Natural’s results from the “Range Reclaim” reporting segment and has

included Range Natural’s results in a new “Range Minerals” reporting segment.

The Company believes reporting the

results of Range Minerals separately from Range Reclaim will provide better insight and transparency into the overall operational

performance of both operating business segments.

On June 30, 2024, Range Natural terminated its agreement with the independent, third-party contractor that performed

coal mining and reclamation services at the Fola Mine due to a failure to perform.

Preta, LLC, an Ohio limited liability company (“Terra Preta”), is a biochar product development and environmental solutions

business started by the Company in December 2022.

Terra Preta is developing a novel and innovative combination of biochar, proprietary

materials and structural designs intended to create several first-of-its-kind agricultural and water filtration products and solutions.

is a solid, lightweight carbon-rich material produced by the thermal decomposition of organic material (such as cellulosic feedstock,

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In March 2023, Terra Preta filed provisional patents related to novel and innovative agricultural and water treatment solutions and designs.

Additionally, in March 2023, Terra Preta purchased two pyrolysis ovens with the capacity to produce one ton of biochar per day to advance our research

and development activities.

We are currently evaluating the purchase of a large continuous-process pyrolysis oven to increase the scale

of our biochar production to commercial levels.

Security Resources, LLC, an Ohio limited liability company (“Range Security”), is an environmental security services

business started by the Company in November 2022.

Range Security is focused on providing eco-friendly, technology-driven security

services to active and former mine sites, with a particular focus on locations transitioning from coal mining to next generation

industries and uses.

Range Security is intended to serve as a complementary business to the Range Reclaim and Range Minerals

Additionally, in March 2023, Terra Preta purchased two pyrolysis ovens with the capacity to produce one ton of biochar per day to advance

our research and development activities.

We are currently evaluating the purchase of a large continuous-process pyrolysis oven to increase

the scale of our biochar production to commercial levels.

Security Resources, LLC, an Ohio limited liability company (“Range Security”), is an environmental security services business

started by the Company in November 2022.

Range Security is focused on providing eco-friendly, technology-driven security services to

active and former mine sites, with a particular focus on locations transitioning from coal mining to next generation industries and uses.

Range Security is intended to serve as a complementary business to the Range Reclaim and Range Minerals entities.

sites in the Appalachian region frequently comprise thousands of acres of natural habitat with valuable infrastructure and operating

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in West Virginia.

As of May 15, 2024, Range Security employed 7 security professionals, and is focusing its recruitment efforts on

As of August 13, 2024, Range Security employed 7 security professionals, and is focusing its recruitment efforts on

military veterans, police officers, and other professionals with security experience.

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and enable a mobile technology solution used by our security professionals to provide real-time evidence of visual security checks.

Security plans to expand its security service business to additional mine sites, with a particular focus on locations with valuable

infrastructure being repurposed into non-coal multi-use complexes with attractive job growth prospects and next generation industry opportunities.

Security plans to expand its security service business to additional mine sites, with a particular focus on locations with valuable infrastructure

being repurposed into non-coal multi-use complexes with attractive job growth prospects and next generation industry opportunities.

Land, LLC, an Ohio limited liability company (“Range Land”), is a land acquisition company started by the Company in August

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uses, including commercial, industrial, residential and recreational developments.

Range Land is specifically focused on acquiring

land to be used for renewable energy facilities, innovative agricultural installations, and projects focused on improving the quality

and condition of our air, land and waterways.

Range Land is specifically focused on acquiring land

to be used for renewable energy facilities, innovative agricultural installations, and projects focused on improving the quality and

condition of our air, land and waterways.

to industry estimates, Appalachia contains nearly one million acres of abandoned, idled and non-performing mine sites that are burdened

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viable non-mining uses.

Company has assembled the internal resources and capabilities to reclaim land, restore waterways,

install innovative water treatment solutions, and secure the mine site to protect the significant historical investment in infrastructure.

In addition, the Company has extensive knowledge and expertise regarding

the permit and bond release process, which is a critical step necessary to unlock the underlying value of the former mine land for non-fossil

Range Land is actively reviewing several mine sites throughout Appalachia to acquire, reclaim and repurpose in order to improve

the land and create non-fossil fuel economic development opportunities for disadvantaged local coal communities.

Company has assembled the internal resources and capabilities to reclaim land, restore waterways, install innovative water treatment

solutions, and secure the mine site to protect the significant historical investment in infrastructure.

In addition, the Company has

extensive knowledge and expertise regarding the permit and bond release process, which is a critical step necessary to unlock the underlying

value of the former mine land for non-fossil fuel uses.

Range Land is actively reviewing several mine sites throughout Appalachia to

acquire, reclaim and repurpose in order to improve the land and create non-fossil fuel economic development opportunities for disadvantaged

local coal communities.

September 2023, Range Land, through its wholly-owned subsidiary CLV Azurite Land, LLC, an Ohio limited liability company (“CLV

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a per acre basis.

Graphium Biosciences

Biosciences, Inc., a Nevada corporation (“Graphium”), is a cannabinoid-based drug development company tracing its history

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including, among others, irritable bowel syndrome (“IBS”), anxiety, depression, autism and cancer.

using our proprietary enzymatic bioprocessing technologies, our research team has developed a novel family of over 100 glycosylated

cannabinoid prodrugs.

These glycosylated cannabinoids have unique commercial applications and patentable compositions of matter,

which are separate and distinct from ordinary cannabinoids.

Currently, our intellectual property is comprised of the following

(i) the Cannabinoid Glycoside Prodrugs and Methods of Synthesis patent filed in 2016 and granted in 2021 for the

invention of novel glycosylated cannabinoids and methods of targeted delivery for the treatment of gastrointestinal disorders,

including IBD and IBS;

(ii) the Antimicrobial Compositions Comprising Cannabinoids and Methods of Using the Same patent filed

in 2018 and granted in 2021 for the use of cannabinoids as antibiotics for the treatment of Clostridioides difficile ;

the Novel Cannabinoid Glycosides and Uses Thereof patent filed in 2020 and in prosecution for additional novel cannabinoid

glycosides and includes research data supporting the improved characteristics and commercial production strategies for these new

and (iv) the Continuous Enzymatic Perfusion Reactor System patent filed in 2021 and in prosecution for our

improved reactor system for the efficient enzymatic glycosylation of hydrophobic small molecules, including cannabinoids.

our intellectual property portfolio of glycosylated cannabinoids possess significant value and, as a result, we have allocated

substantial resources to ensure that our U.S.

and international patents are properly filed and successfully prosecuted.

research efforts involving glycosylated cannabinoids continue to progress, we plan to file additional patents to further expand our

growing family of intellectual property assets and create long-term value for our shareholders.

using our proprietary enzymatic bioprocessing technologies, our research team has developed a novel family of over 100 glycosylated cannabinoid

These glycosylated cannabinoids have unique commercial applications and patentable compositions of matter, which are separate

and distinct from ordinary cannabinoids.

Currently, our intellectual property is comprised of the following patents:

(i) the Cannabinoid

Glycoside Prodrugs and Methods of Synthesis patent filed in 2016 and granted in 2021 for the invention of novel glycosylated cannabinoids

and methods of targeted delivery for the treatment of gastrointestinal disorders, including IBD and IBS;

(ii) the Antimicrobial Compositions

Comprising Cannabinoids and Methods of Using the Same patent filed in 2018 and granted in 2021 for the use of cannabinoids as antibiotics

for the treatment of Clostridioides difficile ;

(iii) the Novel Cannabinoid Glycosides and Uses Thereof patent filed in

2020 and in prosecution for additional novel cannabinoid glycosides and includes research data supporting the improved characteristics

and commercial production strategies for these new molecules;

and (iv) the Continuous Enzymatic Perfusion Reactor System patent

filed in 2021 and in prosecution for our improved reactor system for the efficient enzymatic glycosylation of hydrophobic small molecules,

including cannabinoids.

We believe our intellectual property portfolio of glycosylated cannabinoids possess significant value and, as

a result, we have allocated substantial resources to ensure that our U.S.

and international patents are properly filed and successfully

As our research efforts involving glycosylated cannabinoids continue to progress, we plan to file additional patents to further

expand our growing family of intellectual property assets and create long-term value for our shareholders.

research team has performed 23 animal studies to test the safety, efficacy and dosing levels of our glycosylated cannabinoids, which

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estimated to be approximately $20 million.

Graphium has engaged a registered broker-dealer to assist with the capital raise.

Graphium has engaged a registered broker-dealer to assist with the capital raise, which remains in process.

Company is focused on a large and growing marketplace for impact investing initiatives, and therefore, is anticipated to face competition

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of Operations

Months Ended March 31, 2024 and March 31, 2023

Company’s revenue for the three months ended March 31, 2024 was $3,909,893 and its gross profit was $481,545.

The Company’s

revenue for the three months ended March 31, 2023 was $3,014,887 and its gross profit was $649,002.

Increased depreciation on equipment

acquired in August 2023 heavily impacted the gross margin results for the three months ended March 31, 2024.

the three months ended March 31, 2024, general and administrative expenses were $943,901, compared to $726,048 incurred for the three

months ended March 31, 2023 (an increase of $217,853).

General and administrative expenses generally include corporate overhead, salaries

and other compensation costs, financial and administrative contracted services, insurance, marketing, consulting costs and travel expenses.

The largest increase related to the general and administrative expenses was accounting, auditing and legal fees of $79,825, labor and

benefit costs of $25,857 and insurance costs of $6,739 for the three months ended March 31, 2024 compared to a year earlier.

addition, for the three months ended March 31, 2024, the Company incurred research and development costs of $131,640, compared to

$106,177 for the three months ended March 31, 2023 (an increase of $25,463).

This increase resulted from an increase in legal and

consulting fees incurred in connection with Graphium’s capital raise process.

the three months ended March 31, 2024, the Company incurred net other expense in the amount of $157,153, compared to total net other

expense of $43,637 recorded for the three months ended March 31, 2023 (an increase of $113,516).

This increase was attributable

to higher interest expense for the three months ended March 31, 2024.

net loss during the three months ended March 31, 2024 was $751,149 compared to a net loss of $226,860 for the three months ended March

Months Ended June 30, 2024 and June 30, 2023

Company’s revenue for the three months ended June 30, 2024 was $2,349,738, its gross loss was $148,929 and net loss was $1,225,681.

The Company’s revenue for the three months ended June 30, 2023 was $3,998,267, its gross profit was $845,101 and net income was

The $1,648,529 reduction in quarterly revenue was due to a $1,693,416 reduction in revenue from the Range Reclaim

and Range Minerals business segments primarily due to a failure of performance by a mining subcontractor, which was partially offset by

a $44,887 increase in revenue from the Range Security business segment primarily due to the performance of a new security services contract

at a second mine site.

the three months ended June 30, 2024, general and administrative expenses were $697,699 compared to $583,964 incurred for the three

months ended June 30, 2023.

This $113,735 increase in general and administrative expenses are primarily due to the costs of

additional employees and consultants hired in anticipation of the projected long-term growth of the Range Reclaim and Range

Minerals business segments, offset by the partial re-allocation to the Graphium Biosciences business segment of the salaries and benefits of

a corporate executive.

the three months ended June 30, 2024, the Company incurred research and development costs of $157,278 compared to $107,444 for the

three months ended June 30, 2023.

This $49,834 increase in research and development costs was due to the full allocation of

employment costs of a corporate executive who was transitioned from the Company to the Graphium Biosciences business segment effective March 31, 2024.

the three months ended June 30, 2024, the Company incurred net other expenses in the amount of $221,775 compared to net other

expenses of $116,931 for the three months ended June 30, 2023.

This $104,844 increase was primarily attributable to increased

interest expense of $48,729 and state income taxes of $56,600 for the three months

ended June 30, 2024.

There was no state tax expense incurred during the three months ended June 30, 2023.

net loss during the three months ended June 30, 2024 was $1,225,681 compared to net income of $36,762 for the three months ended June

This $1,262,443 decrease in net income was due to lower revenue of $1,648,529, lower gross profit of $994,030, higher operating

expenses of $163,569 and higher other expense of $104,844.

Months Ended June 30, 2024 and June 30, 2023

Company’s revenue for the six months ended June 30, 2024 was $6,259,631, its gross loss was $130,075 and net loss was $2,439,521.

The Company’s revenue for the three months ended June 30, 2023 was $7,013,154, its gross profit was $1,494,103 and net loss was

The $753,523 reduction in revenue for the six months ended June 30, 2024 was related to a $1,193,805 reduction

in revenue from the Range Reclaim and Range Minerals business segments primarily due to a failure of performance by a mining subcontractor,

which decline was partially offset by a $440,282 increase in revenue from the Range Security business segment primarily due to its growth

with its first customer and the performance of a new security services contract at a second mine site for the six months ended June 30,

the six months ended June 30, 2024, general and administrative expenses were $1,641,600 compared to $1,310,012 incurred for the six

months ended June 30, 2023.

This $331,588 increase in general and administrative expenses are primarily due to the costs of

additional employees and consultants hired in anticipation of the projected long-term growth of the Range Reclaim and Range Minerals

business segments, offset by the partial re-allocation to the Graphium Biosciences business segment of the salaries and benefit of

a corporate executive during the second quarter of 2024.

the six months ended June 30, 2024, the Company incurred research and development costs of $288,918 compared to $213,621 for the six

months ended June 30, 2023.

This $75,297 increase in research and development costs was due to the full allocation of employment

costs of a corporate executive who was transitioned from the Corporate business segment to the Graphium Biosciences business segment

effective March 31, 2024, and costs associated with the capital raise process to advance its drug development program.

the six months ended June 30, 2024, the Company incurred net other expenses in the amount of $378,928 compared to net other expenses

of $160,568 for the six months ended June 30, 2023.

This $218,360 increase was primarily attributable to increased interest expense

of $180,350 and state income taxes of $56,600 for the six months ended June 30,

There was no state tax expense incurred during the six months ended June 30, 2023.

net loss during the six months ended June 30, 2024 was $2,439,521 compared to a net loss of $190,098 for the six months ended June 30,

This $2,249,423 decrease in net income was due to lower revenue of $753,523, lower gross profit of $1,624,178, higher operating

expenses of $406,885 and higher other expense of $218,360.

and Capital Resources

of March 31, 2024, the Company had total current assets of $7,388,656, comprised of:

(i) cash in the amount of $667,698;

accounts receivable of $6,003,777;

of June 30, 2024, the Company had total current assets of $6,655,093, comprised of:

(i) cash of $123,713;

(ii) accounts receivable of

(iii) contract assets of $1,374,962;

and (iv) prepaid expenses of $90,756.

As of March 31, 2024,

the Company had total current liabilities of $6,897,211, consisting of:

(v) outstanding amounts on our lines of credit of

(iv) inventory of $725,429 and (v) prepaid expenses of $42,204.

As of June 30, 2024,

the Company had total current liabilities of $7,058,714, comprised of:

(v) outstanding amounts on the lines of credit of $2,200,000;

(w) accounts payable of $2,036,868;

(x) contract liabilities of $205,327;

(y) accrued expenses of $71,670, and (z) the

current portion of long-term debt of $2,513,820.

As a result, as of March 31, 2024, the Company had working capital of $491,445.

December 31, 2023, the Company had working capital of $753,756.

of March 31, 2024, the Company had long-term assets of $13,424,864, comprised of:

(x) accrued expenses of $54,402, (y) deposit of $150,000 and (z) the current portion of long-term

debt of $2,617,444.

As a result, as of June 30, 2024, the Company had negative working capital of $403,621.

As of December 31, 2023,

the Company had positive working capital of $753,756.

This $1,157, 377 decrease in working capital is the result of lower sales

in the amount of $1,648,529 during the six months ended June 30, 2024, which has translated into lower non-cash current assets of $1,016,655

and lower non-debt current liabilities of $1,574,027, for a net decrease of non-cash and non-debt working capital of $557,362 during the

six months ended June 30, 2024.

Also, during the six months ended June 30, 2024, $2,053,087 of cash was used to fund the aforementioned

$557,362 decrease of non-cash and non-debt working capital, repayment of $338,348 of the current portion of long-term debt, and the repayment

of $1,051,208 of long-term debt.

of June 30, 2024, the Company had long-term assets of $12,786,427, comprised of:

(i) net equipment assets of $10,289,443;

of $1,563,797;

(iii) buildings of $171,790;

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and (v) deposits of $9,976.

As of March 31, 2024, the Company

had long-term liabilities of $5,095,940, comprised of long-term debt, net of current portion.

As of June 30, 2024, the Company had

long-term liabilities of $4,198,819, entirely comprised of long-term debt, net of current portion.

As of December 31, 2023, the Company

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(x) building of $188,416;

goodwill of $751,421;

(y) goodwill of $751,421;

and (z) deposits of $9,976.

As of December 31, 2023, the Company had long-term liabilities of $5,250,027,

As of December 31, 2023, the Company had long-term liabilities of $5,250,027, entirely

comprised of long-term debt, net of current portion.

on the Company’s current corporate strategy, we expect our general operating expenses to be substantially offset by revenue generated

by the Range Reclaim, Range Minerals and Range Security.

We expect the Company’s operating businesses to generate operating income

and positive cash flow over the 12 months following March 31, 2024.

Based on the Company’s current cash balance and $100,000 currently

available under its revolving credit line, the Company expects to have sufficient funds to operate its business over the next 12 months.

If additional capital is needed in excess of our current capital resources, we will explore financing options to accelerate the funding

and execution of our growth strategy and shareholder value creation plan.

estimated total expenditures for the 12-month period ending March 31, 2025 could increase if we encounter unanticipated lower revenues

on the Company’s current corporate strategy, we expect our general operating expenses to be substantially offset by revenue

generated by the Range Reclaim and Range Security business segments, and the collection of significant outstanding accounts

receivables from the Company’s largest customer.

While we expect the Company’s operating businesses to generate operating

losses over the 12 months following June 30, 2024, based on the Company’s current cash balance and the anticipated

collection of significant outstanding accounts receivable, the Company expects to have sufficient funds to operate its business over

the next 12 months.

If additional capital is needed in excess of our current capital resources, we will explore financing options to

accelerate the funding and execution of our growth strategy and shareholder value creation plan.

estimated total expenditures for the 12-month period ending June 30, 2025 could increase if we encounter unanticipated lower revenues

and higher expenses in connection with operating our business as presently planned.

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Cash Used in Operating Activities

the three months ended March 31, 2024, net cash used in operating activities was $1,113,045.

This decrease was a result of a

reduction in accounts payable of $2,007,621, accrued liabilities of $29,614, and an increase in contract assets of $379,115,

partially offset by an increase in contract liabilities of $205,327 as well as a loss for the quarter of $751,149, offset by a

decrease in accounts receivable of $1,181,634, depreciation and non-cash expenses of $642,925 and a decrease in prepaid expenses of

Net cash provided by operating activities in the three months ended March 31, 2023 consisted of a net loss of $226,860

and an increase in accounts receivable of $252,147, offset by an increase in accounts payable of $800,619 and depreciation expense

the six months ended June 30, 2024, net cash used in operating activities was $1,663,531, compared to net cash used in operating

activities of $398,399 for the six months ended June 30, 2023.

This $1,265,132 increase was primarily due to a $2,249,423 increase

in loss from continued operations that was primarily driven by reduced sales and profitability in our Range Reclaim and Range

Minerals business segments, and higher costs of additional employees and consultants hired in anticipation of the projected

long-term growth of those business segments, offset by higher non-cash depreciation expense of $580,962 due to the Company’s

larger investment in equipment and a $382,769 reduction in cash used to fund the Company’s working capital.

Cash Used in Investing Activities

the three months ended March 31, 2024, there was no net cash used in investing activities.

For the three months ended March 31, 2023,

net cash used in investing activities was $746,226, which consisted of equipment purchased by Range Environmental, Range Natural, Range Security and Terra Preta.

the six months ended June 30, 2024, net cash used in investing activities was $0, compared to net cash provided by investing

activities of $784,515 for the six months ended June 30, 2023.

Net cash used in investing activities for the six months ended June

30, 2023 consisted of equipment purchases and capital expenditures.

Based on the Company’s current corporate strategy, no

additional equipment purchases are required to execute its near-term strategic plan;

however, if additional equipment is required in

the future, the Company anticipates securing such equipment through third-party equipment leases or

equipment financings.

Future capital expenditures required to maintain the Company’s existing equipment are anticipated to be

funded with cash on hand.

Cash Provided By Financing Activities

the three months ended March 31, 2024, net cash used in financing activities was $396,057, compared to net cash used in financing

activities of $142,921 for the three months ended March 31, 2023.

Net cash used in financing activities for the three months

ended March 31, 2024 consisted of repayment of long-term debt of $396,057.

Net cash used in financing activities for the three

months ended March 31, 2023 consisted of proceeds from long-term debt of $383,202, and proceeds from a line of credit of $100,000, offset by the repayment of long-term debt of $626,123.

the six months ended June 30, 2024, the most significant items affecting the comparison of our cash flows (used in) provided by

financing activities for the six months ended June 30, 2024 and 2023 are summarized below:

the six months ended June 30, 2024, we received aggregate proceeds of $1,410,000 from the sale of our common stock in

privately-negotiated transactions.

the six months ended June 30, 2024, we repaid $1,389,556 of our indebtedness.

the six months ended June 30, 2023, we received proceeds of $383,202 from the issuance of long-term debt and $1,200,000 from a line

of credit, offset by the repayment of long-term debt of $893,093.

Sheet Arrangements

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goodwill at least annually or more frequently, if impairment indicators arise.

Revenue Recognition

Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”.

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 2. Management’s Discussion and Analysis