What changed in this filing

/stocks — the workspaceLOADING

Item 2. Management’s Discussion and Analysis

2024-11-14 compared with 2024-08-14 · 232 added, 264 removed, 382 unchanged (56% of the section changed)

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shareholders.

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

and Rocklin, California.

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.

We strive to instill a corporate culture of honesty, integrity and respect

while advancing our mission of doing well by doing good.

corporate headquarters is located in Cleveland, Ohio with an additional office location in Fola, West Virginia.

As of November 13,

2024, we employed 24 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.

We strive to instill a corporate culture of honesty, integrity and respect while advancing our

mission of doing well by doing good.

Investing Strategy

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Business Segments

six operating business segments are:

five operating business segments are:

(i) Range Reclaim;

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(iv) Range Security;

(v) Range Land;

and (vi) Graphium Biosciences.

and (v) Range Land.

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

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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

market share with existing coal mining customers and reclamation bond insurers, adding new coal mining and non-coal mining customers,

and collaborating with the Company’s other operating businesses to generate incremental sales opportunities.

We will seek to add

additional people, equipment and technologies to support our ambitious growth goals to ensure we successfully execute our value creation

plans for the Company and our shareholders.

Range Environmental currently provides reclamation and water treatment

services to one customer at one large mining complex located in Fola, West Virginia (the “Fola Mine”).

Range Environmental

employs 15 full-time workers and owns over 50 pieces of equipment, trucks and accessories that are used in its business operations.

Occasionally,

Range Environmental will also rent or lease specific pieces of equipment for certain tasks.

Range Environmental operates in a highly-competitive

market environment with high price sensitivity of customers and inflationary pressures on labor, material and supply costs, therefore

operating efficiency and asset utilization are key drivers of profitability and performance.

Range Environmental uses minimal raw materials

in connection with its reclamation services at the Fola Mine, other than grass seed, trees, water treatment solutions and other related

reclamation and water treatment supplies, which are reimbursed by its customer.

Range Environmental does not own any intellectual property

and does not require any government approvals to provide reclamation services at the Fola Mine, other than standard business licenses

and safety training for workers.

August 2023, the Company acquired Collins Building & Contracting, Inc.

(“Collins Building”), a West Virginia-based environmental

services business focused on performing reclamation services on abandoned mine lands throughout West Virginia.

services business focused on performing reclamation services on AML sites throughout West Virginia.

After the acquisition, the Company used Range Environmental employees to

perform reclamation services on AML sites using Range Environmental equipment and Collins Building equipment.

The Company subsequently

determined that AML reclamation work was more administratively and operationally challenging than anticipated, and that the Company was

devoting a disproportionate amount of time, capital and human resources allocated to these AML projects, particularly when compared to

alternative opportunities in the marketplace.

In August 2024, the Company sold substantially all of the assets of Collins Building

back to its previous owner in exchange for discharge of the outstanding indebtedness incurred in connection with the August 2023 acquisition.

The Company completed its final AML jobs in early November 2024, and subcontracted its remaining three active AML jobs to the previous

owner of Collins Building as part of the August 2024 transaction.

As of the date of this filing, the Company is no longer involved

in the AML reclamation business.

Collins Building, along

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

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.

Range Natural

provided mining and reclamation services using six of its own employees and two third-party mining subcontractors for its one customer

at the Fola Mine until December 2023.

Range Natural operates in a highly-competitive market environment with high price sensitivity of

customers and inflationary pressures on labor, material and supply costs, therefore operating efficiency and asset utilization are key

drivers of profitability and performance.

Range Natural uses minimal raw materials in connection with its mining and reclamation services

at the Fola Mine, other than grass seed and other related reclamation supplies, which are reimbursed by its customer.

Range Natural does

not own any intellectual property and does not require any government approvals to provide mining and reclamation services at the Fola

Mine, other than standard business licenses, mining operator permits, and safety training for workers.

Range Natural billed its sole

customer using a “rates and hours” method for its own employees and a “cost plus margin” method for its subcontractors.

Range Natural employees used Range Natural equipment and Range Natural subcontractors used their own equipment in performing the mining

and reclamation services.

In December 2023, all of the Range Natural employees were terminated and the mining equipment subsequently

sold since Range Natural was no longer directly providing mining and reclamation services at the Fola Mine.

Beginning in January 2024,

Range Natural had no employees, equipment or operations, other than contracts with third-party subcontractors.

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

Range Natural’s results in a separate “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.

January 2024 to May 2024, Range Natural engaged two subcontractors to perform mining and reclamation services for its one customer at

the Fola Mine.

Range Natural was responsible for paying both subcontractors on a bi-monthly basis and then charged its customer using

a “cost plus margin” method.

May 2024, Range Natural engaged a primary contractor to fund the bi-monthly payments due to the same two subcontractors performing mining

and reclamation services for its one customer at the Fola Mine.

As of June 30, 2024, the primary contractor failed to perform and therefore

the contract was terminated.

June 30, 2024, as part of the contract termination, Range Natural agreed to assume the liability due to the subcontractors in exchange

for the ownership of the coal that had been mined by the subcontractor, and all contractual relationships with third-party contractors

and subcontractors were terminated.

In August 2024, Range Natural sold all of the coal that it had acquired as part of the contract termination

and subsequently paid in full all amounts due to the subcontractors.

Range Natural currently has no, and has no future plans to have

any, employees, equipment, contractual relationships, or operations, and therefore intends to discontinue the Range Minerals operating

business segment beginning in 2025.

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.

Terra Preta’s research and development efforts have been put on hold until the Company has raised additional

capital to fund the advancement of its biochar-based agricultural and water filtration products.

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

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other biomass materials, and is removed from the atmosphere when absorbed by plants during the photosynthesis process.

Terra Preta is

in discussions with a large affiliated landowner to enter into a long-term lease or purchase of at least 100 acres of former mine land

in West Virginia for the planting, growth and harvesting of crops to serve as the primary feedstock for our biochar production operations.

Terra Preta would seek to lease or acquire former mine land for the planting, growth and harvesting of crops to serve as the primary feedstock for our biochar production operations.

The newly planted crops would then act as a “carbon sink”, drawing substantial amounts of carbon dioxide from the atmosphere

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to increased plant stress and root disease.

To help address the ill effects of soil compaction, Terra Preta is developing a proprietary,

To help address the ill effects of soil compaction, Terra Preta plans to develop a proprietary,

fortified biochar soil amendment that provides unique soil structuring characteristics that will allow plants to grow strong roots that

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December 2022, Terra Preta filed trademarks for biochar goods and services related to agricultural and water treatment applications.

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.

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

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.

In July 2024, the biochar ovens were dismantled since they were no longer being used for small batch biochar production.

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

production to commercial levels once adequate funding is secured to advance this initiative.

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

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attract next generation industries once the mining is complete.

March 2023, Range Security was engaged by its first customer for environmental security services covering a 13,000-acre coal mine site

in West Virginia.

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.

Range Security has purchased two fuel-efficient

utility task vehicles for ground surveillance and a thermal-imaging drone for aerial surveillance, all of which use significantly less

fuel and electricity to operate than traditional security vehicles and provide a much broader coverage range with a substantially lower

carbon footprint.

Range Security is also in the process of establishing satellite-based wireless service to support video surveillance

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.

March 2023, Range Security was engaged by its first customer for environmental security services covering a 13,000-acre coal mine

site in West Virginia.

As of November 13, 2024, Range Security employed 8 security professionals, and is focusing its recruitment

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

Range Security has purchased two

fuel-efficient utility task vehicles for ground surveillance and a thermal-imaging drone for aerial surveillance, all of which use

significantly less fuel and electricity to operate than traditional security vehicles and provide a much broader coverage range with

a substantially lower carbon footprint.

Range Security is also in the process of establishing satellite-based wireless service to

support video surveillance and enable a mobile technology solution used by our security professionals to provide real-time evidence

of visual security checks.

Range 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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a per acre basis.

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

of technological innovation and drug advancement back to October 2011 through two predecessor entities, Stevia First Corp.

Biopharma, Inc.

In October 2021, the Company formed Graphium as a wholly-owned subsidiary and transferred all of its drug development

assets to this newly-formed entity.

is advancing a broad portfolio of glycosylated cannabinoid prodrugs that have been developed to unlock the rebalancing effects of the

endocannabinoid system to address numerous chronic conditions with inadequate pharmaceutical options.

Graphium’s leading drug candidate,

VBX-100, is a glycosylated tetrahydrocannabinol (“THC”) cannabinoid that targets inflammatory conditions of the gastrointestinal

tract but without unwanted psychoactive or intoxicating side effects.

Cannabinoids,

including THC and cannabidiol (“CBD”), have well-known therapeutic benefits through their interaction with the human endocannabinoid

system, which serves a regulating and rebalancing function in the body.

For decades, patients have used cannabinoids to activate the

endocannabinoid system to provide relief for numerous chronic and debilitating ailments, including inflammation, pain, anxiety, depression,

However, THC, a commonly-used cannabinoid with significant therapeutic benefit, is psychoactive and intoxicating, and therefore

its use has many practical, and in some cases legal, limitations.

Nevertheless, many patients with chronic health conditions, including

gastrointestinal inflammation, continue to use cannabinoids because current pharmaceutical offerings do not provide adequate therapeutic

relief or result in unwanted side effects.

novel scientific discovery was the development of a proprietary enzymatic bioprocessing technology that adds one or more glucose molecules

to a cannabinoid, resulting in our proprietary glycosylated cannabinoid compounds.

Our glycosylated cannabinoids act as prodrugs that

achieve targeted delivery of the bioactive cannabinoids within the body once they are activated.

Prodrugs are compounds that, after administration,

are metabolized into a pharmacologically active drug and are often designed to improve drug properties and reduce known or expected toxicities

and adverse side effects.

The advantages of our glycosylated cannabinoid prodrugs may include:

(i) administration in a convenient oral

(ii) targeted delivery with release in the colon or large intestine;

(iii) improved stability with limited degradation or

drug metabolism;

and (iv) delayed release enabling longer-lasting effects and fewer administrations by patients.

have learned through our animal studies that glucose bound to cannabinoid molecules are inactive and poorly absorbed from the intestines,

allowing the combined molecule to reach the large intestine where glycoside hydrolase enzymes cleave the glucose and the cannabinoid

is released in a targeted and restricted manner.

Further, we have learned through our animal studies that a targeted release of THC,

which could be provided in very low doses to achieve physiologically beneficial results, serves as an anti-inflammatory agent in the

lower gastrointestinal tract and minimizes the amount of THC absorbed into the blood stream.

Therefore, we anticipate our glycosylated

cannabinoid prodrug will provide the anti-inflammatory benefits of low-dose THC while avoiding the psychoactive and intoxicating properties

that hinder the broader pharmaceutical use of THC.

Initially, we are targeting the $20 billion inflammatory bowel disease (“IBD”)

market in the United States, which is composed of patients suffering from ulcerative colitis and Crohn’s disease, both chronic

and debilitating conditions with no cure.

We also believe our glycosylated cannabinoids could also be used to treat other indications,

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

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

have provided us with favorable scientific data and the opportunity to further refine our drug development plan.

We have performed two

industry standard colitis disease mouse models:

(i) TNBS model in 2017 and 2018 that generated favorable colitis prevention data;

(ii) DSS model in 2021 that generated favorable colitis treatment data.

In 2021, we received a letter from the Food and Drug Administration’s

(“FDA”) Office of Orphan Products Development stating that we have been granted Orphan Drug Designation for our glycosylated

cannabinoid VBX-100 for the treatment of pediatric ulcerative colitis.

An Orphan Drug Designation provides several benefits, including

fee waivers, tax credits, fast tracking of regulatory processes, and seven years of market exclusivity.

to our development of pharmaceutical products, we are subject to extensive regulation by the FDA and other federal, state, and local

Also, since we are researching and developing cannabinoid-based products, we are subject to regulation by the U.S.

Drug Enforcement

Administration (“DEA”).

Our research and development activities focus on cannabinoids, particularly THC and CBD derived from

the cannabis plant, which the DEA has classified as Schedule I substances.

Schedule I substances are defined as drugs with no currently

accepted medical use and a high potential for abuse.

In May 2019, the DEA informed us that it had determined that they consider our VBX-100

prodrug a Schedule I substance.

As a result, any developing, testing, manufacturing, or clinical studies involving our VBX-100 prodrug,

and by inference potentially all of our THC-glycoside molecules, are required to be properly licensed by the DEA and adhere to strict

diversion control standards.

are working closely with a third-party contract research organization to develop a detailed drug development plan to advance our leading

drug candidate, VBX-100, through Phase II clinical trials by the end of 2027, subject to receipt of sufficient funding, which is currently

estimated to be approximately $20 million.

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 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

Months Ended September 30, 2024 and September 30, 2023

Company’s revenue for the three months ended September 30, 2024 was $2,171,655, its gross loss was $392,928 and net loss from continuing

operations was $4,743,323.

The Company’s revenue for the three months ended September 30, 2023 was $5,455,633, its gross profit

was $2,857,766 and net income from continuing operations was $3,545,015.

The $3,283,978 reduction in quarterly revenue was due to a $3,279,635

reduction in revenue from the Range Reclaim and Range Minerals business segments.

A significant portion of that reduction is attributable

to a one-time project that contributed $2,355,000 of revenue to Range Reclaim in the quarter ended September 30, 2023.

Range Minerals’

revenue for the quarter ended September 30, 2024 was lower by $984,790 due the termination of its subcontractor mining arrangement on

June 30, 2024, with the only sales in the Range Minerals segment related to the sale of coal inventory that was acquired as part of a

settlement with its mining subcontractor on June 30, 2024.

Range Security revenue was lower by $4,343 due to a slight variation in hours

worked in the quarter during September 30, 2024.

the three months ended September 30, 2024, general and administrative expenses were $473,942 compared to $1,057,055 incurred for the

three months ended September 30, 2023.

This $583,113 decrease in general and administrative expenses is primarily due to reduced employees,

consultants, and legal fees related to the Range Reclaim and Range Minerals business segments.

the three months ended September 30, 2024, the Company incurred net other expenses in the amount of $3,873,498 compared to net other

income of $1,744,304 for the three months ended September 30, 2023.

The loss in the quarter ended September 30, 2024 is primarily attributable

to the $3,043,799 loss on the sale of the Collins Building assets, and the $707,881 loss on other asset disposals.

The net other income for the three

months ended September 30, 2023, is primarily the result of the $1,875,150 gain on the bargain purchase recognized when the Collins Building

acquisition was closed in August 2023.

State income tax expense for the quarter ended September 30, 2024 was $2,955.

There was no state

tax expense incurred during the three months ended September 30, 2023.

net loss during the three months ended September 30, 2024 was $4,920,338 compared to net income of $3,404,175 for the three months

ended September 30, 2023.

This $8,324,513 decrease in net income was due primarily to a decrease in revenues of $3,283,978, the

$3,043,799 loss on the sale of the Collins Building assets, the $707,881 loss on other asset disposals, and the $1,875,150 gain on

bargain purchase recognized when the Collins Building acquisition was closed in August 2023 offset by lower operating expenses of

Months Ended September 30, 2024 and September 30, 2023

Company’s revenue for the nine months ended September 30, 2024 was $8,431,286, its gross loss was $523,003 and net loss was $7,359,859.

The Company’s revenue for the nine months ended September 30, 2023 was $12,468,787, its gross profit was $4,351,869 and net profit

was $3,214,077.

The $4,037,501 reduction in revenue for the nine months ended September 30, 2024 was related to a $4,473,440 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 termination of that subcontractor arrangement on June 30, 2024, which decline was partially offset by a $435,940 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 nine months ended September 30, 2024.

the nine months ended September 30, 2024, general and administrative expenses were $2,115,542 compared to $2,419,001 incurred for the

nine months ended September 30, 2023.

This $303,459 decrease in general and administrative expenses are primarily due to reduced employees,

consultants, and legal fees of the Range Reclaim and Range Minerals business segments.

the nine months ended September 30, 2024, the Company incurred net other expenses in the amount of $4,195,826 compared to net other income

of $1,635,670 for the nine months ended September 30, 2023.

This $5,831,496 increase was primarily attributable to $3,043,799 loss on

sale of the Collins Building assets, loss on sale of other asset dispositions of $707,881, the one-time gain of $1,875,150 recognized

in September 30, 2023 for the bargain purchase of the Collins Building acquisition, as well as increased interest expense of $252,221

offset by miscellaneous income of $47,555 for the nine months ended September 30, 2024.

net loss during the nine months ended September 30, 2024 was $7,359,859 compared to a net profit of $3,214,077 for the nine months ended

September 30, 2023.

This $10,573,936 decrease in net income was due primarily to (i) a decrease in revenues of $4,037,501, (ii) the $3,043,799

loss on the sale of the Collins Building assets, and the $707,881 loss on other asset disposals, (iii) the $1,875,150 gain on the bargain purchase recognized

when the Collins Building acquisition was closed in August 2023, (iv) the increase in state income tax of $59,555, and (v) increased costs

from discontinued operations of $111,472 offset by lower operating expenses of $303,459.

and Capital Resources

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

of September 30, 2024, the Company had total current assets of $5,105,376, comprised of:

(i) cash of $244,586;

(ii) accounts receivable of

(ii) accounts receivable

of $4,133,776;

(iii) contract assets of $697,039;

(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:

and (iv) prepaid expenses of $29,975.

As of September 30, 2024, the Company had total

current liabilities of $4,770,069, comprised of:

(v) outstanding amounts on the lines of credit of $2,100,000;

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

(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:

(x) accounts payable of

(y) accrued expenses of $112,101, and (z) the current portion of long-term debt of $1,458,215.

As a result, as of September

30, 2024, the Company had working capital of $335,307.

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

This $418,449 decrease in working capital is the result of lower sales in the amount of $4,037,501 during the nine months ended September

30, 2024, which has resulted in a reduction of current assets of $4,619,469, and a similar reduction in current liabilities of $4,201,020.

of September 30, 2024, the Company had long-term assets of $5,336,656, comprised of:

(i) net equipment assets of $3,576,338;

(iii) buildings of $171,790;

(iv) goodwill of $751,421;

and (v) deposits of $9,976.

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

had long-term assets of $14,063,299, comprised of:

of $1,008,897;

and (iii) goodwill of $751,421.

As of September 30, 2024, the Company had long-term liabilities of $2,403,824, entirely

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

As of December 31, 2023, the Company had long-term assets of $14,063,299, comprised

(v) net equipment assets of $11,549,689;

2 unchanged sentences

(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, 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 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 (z) deposits

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.

ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future, collecting

outstanding accounts receivable, and/or raising additional capital to meet its obligations and repay its liabilities arising from normal

business operations when they come due.

The Company estimates, as of September 30, 2024, that it may not have sufficient funds to operate

the business for 12 months given its cash balance of $244,586 and revenues being generated by the Range Reclamation Entities.

is actively seeking additional financing and other sources of capital to fund its currently estimated level of operations.

However, these

estimates could differ if the Company encounters unanticipated difficulties, or if its estimates of the amount of cash necessary to operate

its business prove to be wrong, and the Company uses its available financial resources faster than it currently expects.

can be given that any future financing or capital, if needed, will be available or, if available, that it will be on terms that are satisfactory

to the Company.

estimated total expenditures for the 12-month period ending September 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 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.

the nine months ended September 30, 2024, net cash used in operating activities was $1,859,370, compared to net cash provided by operating

activities of $1,074,719 for the nine months ended September 30, 2023.

This $2,934,089 decrease was primarily due to:

(a) $10,573,936

increase in net loss that was primarily driven by reduced gross profit of $5,161,245 in our Range Reclaim and Range Minerals business

segments and increase in other expenses of $5,891,051, which was offset by (b) $6,158,257 of non-cash adjustments that was primarily

comprised of $3,751,680 non-cash loss on the sale of assets that had been purchased to support the Range Reclaim and Range Minerals business

segments, the elimination of the $1,875,150 non-cash gain on bargain purchase, and higher non-cash depreciation expense of $524,307 due

to the Company’s larger investment in equipment, and (c) $1,481,590 increase in cash generated from changes in the Company’s

working capital.

Cash Used in Investing Activities

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.

the nine months ended September 30, 2024, net cash provided by investing activities was $430,100, compared to net cash used in

investing activities of $7,146,525 for the nine months ended September 30, 2023.

Net cash provided by investing activities for the

nine months ended September 30, 2024 consisted of $270,000 from the disposition of assets no longer used in the business, $160,000

from a casualty loss from a destroyed piece of equipment, and $100 from the disposition of the Graphium Biosciences business

Net cash used in investing activities for the nine months ended September 30, 2023 consisted of land, 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 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.

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

financing activities for the nine months ended September 30, 2024 and 2023 are summarized below:

the nine months ended September 30, 2024, the Company received aggregate proceeds of $1,000,000 from the sale of our common stock

in a privately-negotiated transaction.

During the nine months ended September 30, 2023, the Company received aggregate proceeds of

$1,410,000 from the sale of our common stock in privately-negotiated transactions.

the nine months ended September 30, 2024, the Company repaid $1,502,944 of our indebtedness.

the nine months ended September 30, 2023, the Company received proceeds of $4,035,250 from long-term debt issued in connection with

the acquisition of Collins Building, $383,202 from the issuance of long-term debt and $1,900,000 from a line of credit, offset by

the repayment of long-term debt of $1,072,729.

Sheet Arrangements

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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