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Item 1. Financial Statements

2025-11-14 compared with 2025-08-14 · 294 added, 338 removed, 583 unchanged (52% of the section changed)

1 unchanged sentence

FINANCIAL STATEMENTS

CONSOLIDATED BALANCE SHEETS AS OF JUNE 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS FOR THE SIX MONTHS ENDED JUNE 30, 2025 AND JUNE 30, 2024

CONSOLIDATED BALANCE SHEETS AS OF SEPTEMBER 30, 2025 (UNAUDITED) AND DECEMBER 31, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 AND SEPTEMBER 30, 2024

NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS

BALANCE SHEETS

June 30, 2025

September 30, 2025

December 31, 2024

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Current portion of long-term debt

Current portion of bank debt

Accounts payable

2 unchanged sentences

Long-term Liabilities

Bank debt, net of current portion

Long-term debt, net of current portion

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Three Months Ended

Six Months Ended

September 30,

Nine Months Ended

September 30,

Cost of services

5 unchanged sentences

( 1,242,298 )

( 2,638,545 )

Other income (expense):

1 unchanged sentence

Gain (loss) on sale of fixed assets

( 3,751,680 )

Deficiency claim on returned equipment

1 unchanged sentence

Total other income (expense)

( 3,873,498 )

( 4,195,826 )

Income (loss) from continuing operations

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STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY

Three Months Ended June 30, 2025

Three Months Ended September 30, 2025

Accumulated Deficit

Balance as of March 31, 2025

Balance as of June 30, 2025

$ ( 52,578,436 )

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Stock based compensation

Balance as of June 30, 2025 (Unaudited)

Balance as of September 30, 2025 (Unaudited)

$ ( 53,211,817 )

Three Months Ended June 30, 2024

Three Months Ended September 30, 2024

Accumulated Deficit

Balance as of March 31, 2024

Balance as of June 30, 2024

$ ( 49,521,320 )

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( 4,920,338 )

Balance as of June 30, 2024 (Unaudited)

Balance as of September 30, 2024 (Unaudited)

$ ( 54,441,658 )

Six Months Ended June 30, 2025

Nine Months Ended September 30, 2025

Number of Shares

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Stock based compensation

Balance as of June 30, 2025

Balance as of September 30, 2025

$ ( 53,211,817 )

Six Months Ended June 30, 2024

Nine Months Ended September 30, 2024

Number of Shares

10 unchanged sentences

( 7,359,859 )

Balance as of June 30, 2024

Balance as of September 30, 2024

$ ( 54,441,658 )

2 unchanged sentences

STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

Cash flows from operating activities:

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Deficiency claims on returned equipment

Net loss on Collins Building disposal

Net loss on sale of assets

Gain on disposition of business

Fair value of vested stock options

2 unchanged sentences

Accounts receivable

Unbilled receivables

Contract assets

( 1,127,652 )

Prepaid expenses and other current assets

2 unchanged sentences

Accrued expenses

Deposits from discontinued operations

Net cash provided by (used in) operating activities

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Proceeds from asset sales

Net cash (used in) investing activities

Net insurance proceeds from casualty loss

Net proceeds from disposition of Graphium Biosciences

Net cash provided by (used in) investing activities

Cash flows from financing activities:

Proceeds from stock issuance

Issuance of shares for cash

Repayment of line of credit

1 unchanged sentence

( 1,202,944 )

Net cash (used in) financing activities

Net (decrease) in cash and cash equivalents

Net cash provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

( 1,932,214 )

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Cash paid during the period for:

Supplemental schedule of Non-Cash Investing and Financing

Conversion of line of credit and short term note to bank term loan

Debt reduction from equipment returned to lender

Debt forgiveness related to Collins Building asset disposal

accompanying notes to the consolidated financial statements.

TO CONSOLIDATED FINANCIAL STATEMENTS

AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024

AND NINE MONTHS ENDED SEPTEMBER 30, 2025 AND 2024

BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

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on June 29, 2007.

founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business.

In 2011, the Company

changed its name to Stevia First Corp.

and pursued a new strategy focused on developing stevia-based additives for the food and beverage

In 2015, the Company changed its name to Vitality Biopharma, Inc.

and pursued a new strategy focused on developing cannabinoid-based

prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract.

In October 2021, the Company changed its name to

Malachite Innovations, Inc.

and expanded its corporate strategy to include impact investing.

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

Range Natural Resources, Inc., a West Virginia corporation (“Range Natural”) to provide land reclamation and water restoration

services to mining and non-mining customers throughout the Appalachian region.

In August 2023, the Company acquired Collins Building

& Contracting, Inc., a West Virginia corporation (“Collins Building”), an environmental services business primarily focusing

on the reclamation of abandoned mine land sites in West Virginia, as described in more detail in Note 2.

In August 2023, the Company

acquired Collins Building & Contracting, Inc., a West Virginia corporation (“Collins Building”), an environmental services

business primarily focusing on the reclamation of abandoned mine land sites in West Virginia.

September 2023, the Company, through its wholly-owned subsidiary CLV Azurite Land, LLC, acquired 1,745 acres of surface land and mineral

interests at the Hobet mine complex (“Hobet Mine”) located in Lincoln and Boone Counties, West Virginia, from three private

landowners in three separate transactions for a total cash purchase price of $ 948,376 (“Hobet Acquisition”).

December 2023, the Company changed its name to Range Impact, Inc., and reorganized into five operating business segments:

(i) Range Reclaim,

(ii) Range Water, (iii) Range Security, (iv) Range Land, and (v) Drug Development.

In January 2024, the Company added Range Minerals

as a sixth operating business segment.

Range Minerals was previously reported within the Range Reclaim operating business segment.

Drug Development segment was also renamed Graphium Biosciences.

August 2024, the Company sold substantially all of the assets of Collins Building to its previous owner in exchange for the cancellation

of all remaining debt owed to him (“Collins Sale”).

In September 2024, the Company sold Graphium Biosciences, Inc.

of its drug development assets (“Graphium Sale”).

The Collins Sale and Graphium Sale are described in more detail in Note

March 2025, the Company, through its wholly-owned subsidiary Range Sky View Land, LLC, acquired 120,154

acres of fee, surface and mineral interests at the Fola mine

complex (“Fola Mine”) located in Clay and Nicholas Counties, West Virginia (“Fola Acquisition”).

As part of the

Fola Acquisition, the Company acquired 15 mining permits at the Fola Mine with an estimated reclamation obligation of $ 29.3

million and assumed an obligation to manage an additional 21

mining permits at the Fola Mine with a reclamation bond amount of $ 13.8

The Company also assumed two coal royalty contracts

and one 25-year solar lease with a multi-national corporation for the development of a large-scale solar project located on more than

acres at the Fola Mine.

The Fola Acquisition is described in

more detail in Note 3.

On May 30, 2025, Range Sky View Land LLC (“Range Sky”), a wholly-owned

subsidiary of the Company, entered into a Transaction Advisory Agreement (“Advisory Agreement”) with AppleAtcha Land, LLC

(“AppleAtcha”) and WV Reclaim Co, LLC (“Reclaim”) pursuant to which AppleAtcha and Reclaim agreed to pay Range

Sky $750,000 and $25,000, respectively (collectively, the “Advisory Fee”), in consideration of Range Sky’s provision

of transition advisory services in connection with the sale by AppleAtcha and Reclaim of (i) approximately 424.80 acres of surface interests

and 3,773.60 acres of mineral interests and (ii) three (3) related mining permits ((i) and (ii) collectively referred to herein as the

“Ramp Run Mine”).

The Advisory Fee is due and payable only upon the closing of the sale of the Ramp Run Mine to a third-party

(the “Payment Condition”).

The Advisory Agreement is terminable by any of the parties on written notice to the others provided

that in the event that the Payment Condition is satisfied within 120 days after the date of a termination by Reclaim and AppleAtcha, then

in such case, Range Sky would still be entitled to receive the Advisory Fee payable in full on the closing date of the sale.

The Agreement

also contains terms and conditions that are customary and typical for a transaction of this nature.

AppleAtcha is a wholly-owned subsidiary of Fola

Landholding, LLC (“Fola Holding”).

Fola Holding is 80 %-owned by Tower IV, LLC, an investment entity owned by the daughters

LoConti, the Company’s largest shareholder (“LoConti”).

Devica Capital, LLC (“Devica”) owns

the remaining 20 % of AppleAtcha.

Michael Cavanaugh (“Cavanaugh”), the Company’s Chief Executive Officer and member

of the Company’s board of directors, owns 100 % of Devica.

LoConti and Cavanaugh are managers of Fola Holding and AppleAtcha.

also indirectly owns approximately 9 % of the outstanding stock of Continental Heritage Insurance Company, a specialty insurance company,

which has issued the reclamation bonds associated with the Ramp Run Mine.

In June 2025, the Company, through its wholly owned subsidiary Range Sky View Land LLC, acquired two mining permits

at the Fola Mine and assumed an associated coal mining lease (“Winoc Acquisition”).

As part of the Winoc Acquisition, the

Company recognized an asset retirement obligation of $ 10,399,477 and derecognized a reclamation bond obligation of $ 5,184,920 .

a result of the various transactions referenced in this Note 1, the Company has reorganized its operations into two operating business

(i) Range Land and (ii) Range Services.

accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement

of liabilities and commitments in the normal course of business.

As reflected in the accompanying financial statements, during the six

months ended June 30, 2025, the Company incurred a net loss of $ 1,301,038 (net of the gain on bargain purchase of $ 5,602,484 related

to the Fola Acquisition) and used $ 118,974 of cash in the Company’s activities.

These factors raise substantial doubt about the

Company’s ability to continue as a going concern within one year of the date that the financial statements are issued.

The financial

statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern.

Since inception, the Company has undergone several

strategic transformations conducting prior operations under the names Legend Mining Inc., Stevia First Corp., Vitality Biopharma, Inc.,

and Malachite Innovations, Inc.

In December 2023, the Company adopted its current name and reorganized into six operating segments:

Reclaim, Range Water, Range Security, Range Land, Range Minerals, and Graphium Biosciences.

The Company expanded its environmental services

operations through the acquisitions of Range Environmental Resources, Inc.

and Range Natural Resources, Inc.

in May 2022, and Collins

Building & Contracting, Inc.

in August 2023.

The Company subsequently sold substantially all of the assets of Collins Building in

August 2024 and divested Graphium Biosciences, Inc.

in September 2024, as described in more detail in Note 4.

As of June 2025, the Company

conducts its business under two operating segments:

Range Land and Range Services.

Significant land and asset acquisitions include:

● Hobet Mine Acquisition (September 2023):

The Company acquired 1,745 acres of surface and mineral interests

in Lincoln and Boone Counties, West Virginia, for a total cash purchase price of $ 948,376 .

● Fola Mine Acquisition (March 2025):

The Company acquired 120,154 acres of fee, surface, and mineral interests

at the Fola Mine Complex in Clay and Nicholas Counties, West Virginia (the “Fola Acquisition”).

The acquisition included 15

mining permits with an estimated reclamation obligation of $ 29.3 million and assumed management responsibility for 21 additional mining

permits with a $ 13.8 million reclamation bond.

The Company also assumed two coal royalty contracts, and a 25-year lease for a large-scale

solar project.

The Fola Acquisition is described in more detail in Note 3.

● Ramp Run Mine Transaction (May 2025):

The Company entered into a Transaction Advisory Agreement (“Advisory Agreement”) with AppleAtcha Land, LLC (“AppleAtcha”)

and WV Reclaim Co, LLC (“Reclaim”), pursuant to which AppleAtcha and Reclaim agreed to pay the Company $ 750,000

and $ 25,000 ,

respectively (collectively, the “Advisory Fee”) in connection with the Company’s purchase of (i) approximately 424.80

acres of surface interests and 3,773.60

acres of mineral interests and (ii) three (3) related mining permits ((i) and (ii) collectively referred to herein as the “Ramp

● Winoc Acquisition (June 2025):

The Company acquired two mining permits and assumed an associated coal

lease at the Fola Mine (the “Winoc Acquisition”), recognizing an asset retirement obligation of $ 10,399,477 and derecognizing

a reclamation bond obligation of $ 5,184,920 .

accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the

settlement of liabilities and commitments in the normal course of business.

As reflected in the accompanying financial statements,

during the nine months ended September 30, 2025, the Company incurred a net loss of $ 1,934,419

(net of the gain on bargain purchase of $ 5,602,484

related to the Fola Acquisition) and generated $ 19,111

of cash in the Company’s operating activities, and has an accumulated deficit of $ 53,211,817 .

These factors raise substantial doubt about the Company’s ability to

continue as a going concern within one year of the date that the accompanying financial statements are issued.

The accompanying

financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going

ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future 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 June 30, 2025, that it may not have sufficient funds to operate the business for 12 months given its cash

balance of $ 48,312 and expected revenues to be generated by the Company’s operating business segments.

The Company is actively

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

However, these estimates

could differ from actual capital needs if the Company’s business 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.

No assurance 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.

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

However, these estimates could differ from actual capital needs if the Company’s business 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.

No assurance 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.

Additionally, even if the Company does raise

sufficient capital to support its operating expenses and generate revenues, there can be no assurances that the revenue will be sufficient

to enable it to develop business to a level where it will generate profits and cash flows from operations.

of Presentation

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and (5) recognize revenue when (or as) each performance obligation is satisfied.

Company primarily invoices customers and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer

on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project.

The Company also invoices customers and

recognizes revenue for equipment mobilization fees and materials and supplies required to complete a project.

The Company invoices for

the sales of chemicals, stone and other products and recognizes revenue when the products are delivered to the customer’s designated

site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects

to be entitled to in exchange for those products.

Sales taxes and other taxes that the Company collects concurrent with revenue producing

activities are excluded from revenue.

Costs for equipment, labor and chemicals are generally expensed as incurred since the projects

are generally short-term and not subject to a contract.

The Company also invoices customers for the provision of environmental security

services at an agreed-upon hourly rate for each project.

All revenue is recognized at a point in time.

Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the continuous transfer

of control to the customer.

The Company’s contracts are generally accounted for as a single performance obligation since the Company

is providing a significant service of integrating components into a single project.

The Company recognizes revenue using a cost-based

input method by which actual costs incurred relative to total estimated contract costs determine, as a percentage, progress toward contract

This percentage is applied to the contract price to determine the amount of revenue to recognize.

The Company believes the

cost-based input method is the most faithful depiction of performance because it directly measures the value of the services transferred

to the customer.

the Fola Acquisition in March 2025, the Company’s revenues primarily consist of royalty payments from third-party contract

miners based on the sale of coal mined on our land.

Prior to the Fola

Acquisition discussed above, the Company invoiced customers and recognized revenue on a periodic basis for equipment and labor hours

provided to a customer on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project.

also invoiced customers and recognized revenue for equipment mobilization fees and materials and supplies required to complete a

The Company invoiced for the sales of chemicals, stone and other products and recognized revenue when the products were

delivered to the customer’s designated site or when control of these products was transferred to its customers, in an amount

that reflected the consideration the Company expected to be entitled to in exchange for those products.

Sales taxes and other taxes

that the Company collects concurrently with revenue producing activities are excluded from revenue.

Costs for equipment, labor and

chemicals are generally expensed as incurred since the projects are generally short-term and not subject to a contract.

also invoiced customers for the provision of environmental security services at an agreed-upon hourly rate for each project.

revenue is recognized at a point in time.

in 2024, the Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the

continuous transfer of control to the customer.

The Company’s contracts are generally accounted for as a single performance

obligation since the Company is providing a significant service of integrating components into a single project.

recognizes revenue using a cost-based input method by which actual costs incurred relative to total estimated contract costs

determine, as a percentage, progress toward contract completion.

This percentage is applied to the contract price to determine the

amount of revenue to recognize.

The Company believes the cost-based input method is the most faithful depiction of performance

because it directly measures the value of the services transferred to the customer.

to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many

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in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s

earned over time compared to a point in time is as follows for the three and six months ended June 30, 2025 and 2024.

earned over time compared to a point in time is as follows for the three and nine months ended September 30, 2025 and 2024.

OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME

Three Months Ended

June 30, 2025

Three Months Ended

June 30, 2024

September 30, 2025

September 30, 2024

Earned over time

1 unchanged sentence

Total revenue

Six Months Ended

June 30, 2025

Six Months Ended

June 30, 2024

September 30, 2025

September 30, 2024

Earned over time

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contract receivables have been invoiced to customers based on contracted amounts.

There were no contract receivables at June 30, 2025, and

$ 154,354 at December 31, 2024.

Trade accounts receivable are stated at the amount management expects to collect from the balances outstanding

as of June 30, 2025 or December 31, 2024 in the consolidated balance sheets.

Based on management’s assessment, it has concluded

that losses on balances outstanding as of those dates will be immaterial and therefore, no allowances were recorded for the six months

ended June 30, 2025 or the six months ended June 30, 2024.

Accounts receivable were $ 257,207 and $ 3,209,070 at June 30, 2025 and December

31, 2024, respectively.

No credit loss expense was accrued in either the six months ended June 30, 2025 or the six months ended June

30, 2024 and there is no allowance for expected credit losses as of June 30, 2025 or December 31, 2024.

There were contract receivables of $ 0 and $ 154,354

at September 30, 2025 and December 31, 2024, respectively.

Trade accounts receivable are stated at the amount management expects to collect

from the balances outstanding as of September 30, 2025 or December 31, 2024 in the consolidated balance sheets.

Based on management’s assessment, it has concluded that losses on balances outstanding as of those dates will be immaterial and therefore, no allowances were recorded for the nine months ended September 30, 2025 or the nine months ended September 30, 2024.

Accounts receivable were

$ 447,162 and

$ 3,209,070 at

September 30, 2025 and December 31, 2024, respectively.

credit loss expense was accrued in either the nine months ended

September 30, 2025 or the nine months ended September 30, 2024 and there is no

allowance for expected credit losses as of September 30, 2025

or December 31, 2024.

practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules.

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on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date.

of contract assets arising from reclamation contracts in process as of June 30, 2025 and December 31, 2024 are as follows.

did not have any active abandoned mine land projects as of June 30, 2025 therefore no contract assets were recognized on that date.

of contract assets arising from reclamation contracts in process as of December 31, 2024 are as follows.

The Company did not have any

active abandoned mine land projects as of September 30, 2025 therefore no contract assets were recognized on that date.

OF CONTRACT ASSETS

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Held for Sale

the completion of specific projects in the fourth quarter of 2024, management concluded that certain pieces of equipment would no longer

be required for future projects.

the completion of specific projects in the fourth quarter of 2024, management concluded that certain equipment would no longer be

required for future projects.

Consequently, these items were separated and prepared for sale.

It is not yet known whether there will be a gain or loss on the disposal of the equipment

held for sale, but management believes the assets are currently held at fair value.

It is not yet known whether there will

be a gain or loss on the disposal of the equipment held for sale, but management believes the equipment assets are currently held at

The Company recorded an impairment loss of $ 738,913

1 unchanged sentence

These assets are reported within the Range Services operating business segment.

In August of 2025, these

assets were returned to the equipment manufacturer who held loans against the equipment.

It is expected that these assets will be

sold in the fourth quarter of 2025 and any gain or loss on the disposal will be recognized in the period in which the sale is

is carried at cost, which includes an amount of asset retirement costs equal to the amount of asset retirement obligations recognized

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OF PROPERTY AND EQUIPMENT

June 30, 2025

September 30, 2025

December 31, 2024

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useful lives of the assets.

Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining

lives can be recovered through projected future cash flows generated by the assets.

There were no assets identified for impairment.

assets are reported within the Range Services operating business segment.

Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their

remaining lives can be recovered through projected future cash flows generated by the assets.

There were no assets identified for

impairment as of September 30, 2025.

These assets are reported within the Range Services operating business segment.

Retirement Obligations

22 unchanged sentences

inflation, post-mine land use changes, and the final scope of the reclamation and water restoration activities.

The following table summarizes the changes in asset

retirement obligations for the three months ended June 30, 2025:

following table summarizes the changes in asset retirement obligations for the nine months ended September 30,

OF ASSET RETIREMENT OBLIGATION

Total asset retirement obligations as of March 31, 2025

Asset retirement obligations as of January 1, 2025

Initial asset retirement obligations as of March 31, 2025

Accretion expense for the period

3 unchanged sentences

Expenditures during the period

Total asset retirement obligations as of June 30, 2025

Total asset retirement obligations as of September 30, 2025

Total asset retirement obligations

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at lease commencement in determining the present value of unpaid lease payments.

As of June 30, 2025, the Company had no material lease

commitments for longer than one year.

As of September 30, 2025, the Company had no material

lease commitments for longer than one year.

Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions

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OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

June 30, 2025

September 30, 2025

December 31, 2024

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prices for similar assets.

of June 30, 2025, the Company has two operating business segments:

Company has two

operating business segments:

(i) Range Land and (ii) Range Services.

The Fola Mine, including the

royalty and lease agreements assigned in connection with the Fola Acquisition, and the Hobet Mine are reported in the Range Land operating

business segment.

Effective January 1, 2025, the business activities of the Range Reclaim, Range Security and Range Water operating business

segments, which had been previously-reported as separate operating business segments, are now captured as part of the Range Services

The Fola Mine, including the royalty and lease agreements

assigned in connection with the Fola Acquisition and the Winoc Acquisition, and the Hobet Mine are reported in the Range Land

operating business segment.

This change was implemented as each of these business segments now serve to support the reclamation and improvement

of the land holdings of Range Land and not as businesses serving other customers.

The change in the segment reporting is shown retrospectively

in this filing.

Graphium Biosciences was sold in September 2024 and therefore the drug development business segment named Graphium Biosciences

is no longer reported as an operating business segment of the Company.

Effective January 1, 2025, the business activities of the Range Reclaim, Range Security and Range Water

operating business segments, which had been previously-reported as separate operating business segments, are now captured as part of

the Range Services operating business segment.

This change was implemented as each of these business segments now serve to support

the reclamation and improvement of the Company’s land holdings and not as businesses serving other customers.

The change in the segment reporting is shown retrospectively in this filing.

Graphium Biosciences was sold in September 2024 and

therefore the drug development business segment named Graphium Biosciences is no longer reported as an operating business segment of

accordance with the “Segment Reporting” Topic of the ASC 280, the Company’s chief operating decision-maker has been

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This ASU is effective for fiscal years beginning after December 15, 2024.

The Company will

make the requisite updates in the notes to the annual financial statements for the period ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, “Income

Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40):

The Company will make the requisite

updates in the notes to the annual financial statements for the fiscal year ending December 31, 2025.

November 2024, the FASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures

(Subtopic 220-40):

Disaggregation of Income Statement Expenses”.

This guidance requires tabular footnote disclosure of certain operating expenses disaggregated into categories, such as employee compensation,

depreciation, and intangible asset amortization, included within each interim and annual income statement’s expense caption, as

The effective date of this guidance is for fiscal years beginning after December 15, 2026, and interim periods within fiscal

years beginning after December 15, 2027.

We are in the process of evaluating the impact of adopting this guidance on our consolidated

financial statement disclosures.

This guidance requires tabular footnote disclosure of certain

operating expenses disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included

within each interim and annual income statement’s expense caption, as applicable.

The effective date of this guidance is for fiscal

years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027.

The Company is in the process

of evaluating the impact of adopting this guidance on our consolidated financial statement disclosures.

ACQUISITION OF COLLINS BUILDING & CONTRACTING

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(b) a five 5 -year

secured promissory note in the principal amount of $ 2,000,000 ,

bearing interest at 7.0 %

per annum (the “First Promissory Note”), and (c) a two 2 -year

secured promissory note in the principal amount of $ 2,035,250 ,

bearing interest at 8.25 %

per annum (the “Second Promissory Note”).

First Promissory Note was secured by the acquired real property and quarry infrastructure ,

Second Promissory Note was secured by the acquired equipment .

secured promissory note in the principal amount of $ 2,000,000 , bearing interest at 7.0 % per annum (the “First Promissory Note”),

and (c) a two 2 -year secured promissory note in the 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.

Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”.

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Acquisition transaction costs incurred

discussed in Note 4, on August 22, 2024, nearly all of the equipment, as well as the land and buildings were sold to the previous owner

of Collins Building in consideration of the full and complete cancellation of the First Promissory Note and the Second Promissory Note.

Building contributed $ 572,886 of

revenue and $ 1,681 of net income to the Company’s consolidated revenues and net income for the six months ended June

This revenue was created as a pass-through to a subcontractor who is completing contracts that belong to Collins

Building for abandoned mine sites.

We anticipate these contracts will be completed by the end of 2025.

Collins Building’s operations

contributed revenues of $ 0 and net loss of $ 274,081 to the Company’s consolidated revenues and net loss for the three months ended

June 30, 2024.

For the six months ended June 30, 2024, Collins Building’s operations contributed no revenue and a net loss of $ 544,836 .

The losses stem primarily from depreciation of equipment and buildings purchased as part of the Collins Building acquisition.

discussed in Note 4, on August 22, 2024, approximately all of the equipment, land and buildings acquired in connection with the

August 2023 transaction were sold to the previous owner of Collins Building in consideration of the full and complete cancellation

of the First Promissory Note and the Second Promissory Note.

Building contributed $ 208,820 of revenue and $ 65 of net loss to the Company’s consolidated revenues and net income for the three

months ended September 30, 2025.

Collins Building contributed $ 781,706 of revenue and $ 1,616 of net income to the Company’s consolidated

revenues and net income for the nine months ended September 30, 2025.

We anticipate these contracts will be completed by

the middle of 2026.

Collins Building’s operations contributed revenues of $ 0 and net loss of $ 8,136 to the Company’s consolidated

revenues and net loss for the three months ended September 30, 2024.

For the nine months ended September 30, 2024, Collins Building’s

operations contributed no revenue and a net loss of $ 552,972 .

The losses stem primarily from depreciation of equipment and buildings

purchased as part of the Collins Building acquisition.

ACQUISITION OF FOLA MINE SITE

March 31, 2025, the Company, through its wholly-owned subsidiary Range Sky View Land, LLC, acquired 120,154

acres of fee, surface and mineral interests at the Fola mine complex (“Fola Mine”) located in Clay and Nicholas

Counties, West Virginia.

As part of the Fola Acquisition, the Company acquired 15 mining permits at the Fola Mine with an estimated

reclamation obligation of $ 29,282,126

March 31, 2025, the Company, through its wholly-owned subsidiary Range Sky View Land, LLC, acquired 120,154 acres of fee, surface and

mineral interests at the Fola mine complex (“Fola Mine”) located in Clay and Nicholas Counties, West Virginia.

the Fola Acquisition, the Company acquired 15 mining permits at the Fola Mine with an estimated reclamation obligation of $ 29,282,126

and assumed an obligation to manage an additional 21 mining permits at the Fola Mine with a reclamation bond amount of $ 13,796,945 .

$ 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.

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.

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.

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.

BUSINESS ACQUISITION OF FOLA MINE SITA

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DISPOSALS AND DISCONTINUED OPERATIONS

August 22, 2024, substantially all of the assets of Collins Building were sold to its previous owner in exchange for the cancellation

of all remaining debt owed to him arising from the Company’s acquisition of Collins Building in August 2023.

Any projects related

to Collins Building will be completed either by subcontractors or with equipment and resources of Range Environmental.

The Company recognized

a net loss on the Collins Building sale of $ 3,043,799 .

This sale did not constitute a discontinued operation as the Company has ongoing

activities related to its acquisition of Collins Building, and only certain assets were sold and debts forgiven.

As of March 31, 2025,

any remaining active projects related to Collins Building will be completed by the previous owner or his subcontractors at the previous

owner’s expense.

September 30, 2024, the Company sold all of its common stock of Graphium Biosciences to a newly-formed entity, Placer Biosciences, Inc.

August 22, 2024, substantially all the assets of Collins Building were sold to its previous owner in exchange for the cancellation

of all remaining debt owed to him arising from the Company’s acquisition in August 2023.

The Company recognized a

net loss of $ 3,043,799 on the sale of the Collins Building assets.

This sale does not constitute a discontinued operation as the Company has ongoing activities related to its acquisition of Collins

Building, and only certain assets were sold and debts forgiven.

As of March 31, 2025, any remaining active projects related to

Collins Building will be completed by the previous owner or his subcontractors at the previous owner’s expense.

September 30, 2024, the Company sold all of the common stock of Graphium Biosciences, Inc., its wholly-owned subsidiary, to a newly-formed entity, Placer Biosciences, Inc.

(“Placer”), owned by two former officers of the Company, in exchange for a warrant to purchase 1,000 shares of Placer’s

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from Discontinued Operations

operations for the three and six months ended June 30, 2024 consists of results from Graphium Biosciences operations.

had no discontinued operations for the three and six months ended June 30, 2025.

The following table provides details about the

major classes of line items constituting “Loss from discontinued operations” presented on the Company’s

Consolidated Statements of Operations:

operations for the three and nine months ended September 30, 2024 consists of results from Graphium Biosciences operations.

Company had no discontinued operations for either the three or nine months ended September 30, 2025.

The following table provides

details about the major classes of line items constituting “Loss from discontinued operations” presented on the

Company’s Consolidated Statements of Operations:

OF DISCONTINUING OPERATIONS INCOME STATEMENT

3 Months Ended

June 30, 2024

6 Months Ended

June 30, 2024

Three Months Ended

September 30,

Nine Months Ended

September 30,

Operating expenses:

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The aggregate proceeds to the Company were approximately $ 100,000 .

September 24, 2025, the Company entered into a securities purchase agreement for the issuance and sale of 3,666,667 shares of the Company’s

common stock at a price of $ 0.15 per share.

The aggregate proceeds to the Company were approximately $ 550,000 .

The proceeds from the issuance of additional shares were used to fund ongoing operations.

STOCK OPTIONS

options issued during the three months ended June 30, 2025 and the three months ended June 30, 2024

the three months ended June 30, 2025, the Company granted options to an officer and two directors to purchase 250,000 shares (each) of

the Company’s common stock with an exercise price of $ 0.148 per share that expire ten years from the date of grant.

vested upon grant.

The fair value of the option award was estimated on the date of grant using the Black-Scholes-Merton Option Pricing

model based on the following assumptions:

(i) volatility rate of 259.90 %, (ii) discount rate of 3.75 %, (iii) zero expected dividend yield,

and (iv) expected life of 10 years, which is the term of the options.

The total fair value of the option grants at their grant dates

was approximately $ 37,500 each, for a total of $ 112,500 which was allocated to general and administrative expenses during the three months

ended June 30, 2025.

In addition to the expense recorded for the new option awards, there was $ 51,990 recorded for amortized stock-based

awards during the three months ended June 30, 2025.

the three months ended June 30, 2024, the Company granted options to an officer to purchase 250,000 shares of the Company’s common

stock with an exercise price of $ 0.38 per share that expire ten years from the date of grant.

Options to 125,000 shares vested upon grant

and options to purchase 125,000 vest in one year.

The fair value of the option award was estimated on the date of grant using the Black-Scholes-Merton

Option Pricing model based on the following assumptions:

(i) volatility rate of 267.24 %, (ii) discount rate of 4.70 %, (iii) zero expected

dividend yield, and (iv) expected life of 10 years, which is the term of the options.

The total fair value of the option grants at their

grant dates was approximately $ 95,000 , $ 47,500 of which was allocated to general and administrative expenses during the three months

ended June 30, 2024.

the three months ended June 30, 2025, the Company recorded $ 164,490 in stock-based compensation expense.

For the three months ended June

stock options were granted to directors, advisors, and employees during the three months ended September 30, 2025 or during the

three months ended September 30, 2024.

the three months ended September 30, 2025, the Company recorded no stock-based compensation expense.

For the three months ended September

30, 2024, the Company recorded $ 4,490 stock-based compensation expense related to vested stock options.

At June 30, 2025, there was

no unamortized cost for outstanding stock-based awards.

summary of the Company’s stock option activity during the three months ended June 30, 2025 is as follows:

summary of the Company’s stock option activity during the nine months ended September 30, 2025 is as follows:

OF STOCK OPTION ACTIVITY

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Balance Outstanding at December 31, 2024

Balance Outstanding at June 30, 2025

Balance Exercisable at June 30, 2025

June 30, 2025, the 12,243,376 outstanding stock options had $ 67,630 of intrinsic value.

summary of the Company’s stock options outstanding and exercisable as of June 30, 2025 is as follows:

Balance Outstanding at September 30, 2025

Balance Exercisable at September 30, 2025

September 30, 2025, the 12,243,376 outstanding stock options had $ 145,630 of intrinsic value.

summary of the Company’s stock options outstanding and exercisable as of September 30, 2025 is as follows:

OF STOCK OPTION OUTSTANDING

2 unchanged sentences

Weighted Average Grant- Date Stock Price

Options Outstanding and Exercisable, June 30, 2025

Options Outstanding and Exercisable, September 30, 2025

$ 1.50 - 1.95

2 unchanged sentences

$ 2.00 - 2.79

summary of warrants to purchase common stock issued during the six months ended June 30, 2025 is as follows:

summary of Company’s warrants activity during the nine months ended, and as of, September 30, 2025 is as

OF WARRANTS ACTIVITY

1 unchanged sentence

Balance Outstanding and Exercisable at December 31, 2024

Balance Outstanding and Exercisable at June 30, 2025

June 30, 2025, the 3,166,667 outstanding stock warrants had no intrinsic value.

Balance Outstanding and Exercisable at September 30, 2025

September 30, 2025, the 3,166,667 outstanding stock warrants had no intrinsic value.

LINE OF CREDIT

2 unchanged sentences

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

The line of credit, as amended, had 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 .

This line of credit was refinanced and replaced by a non-revolving note in September 2025.

As of December 31, 2024, the balance due under the line of credit was $ 1,000,000 .

June 2023, Range Environmental secured a bank loan with a limit of $ 1,000,000 .

1 unchanged sentence

Principal and accrued interest payments are required in March, June, September and December.

The loan has a maturity date of December

The loan had 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.

This bank loan was refinanced and replaced

by a non-revolving note in September 2025.

As of December 31, 2024, the balance due under the loan was $ 1,000,000 .

September 2025, the Company consolidated both of the above-referenced credit facilities into a single non-revolving note in the

principal amount of $ 1,800,000 with a maturity date of June

The note bears interest at the fixed rate of seven and three-quarters per cent ( 7.75 %).

Quarterly interest only payments are required through December 2025.

Beginning in 2026, quarterly principal and interest payments

are required in March, June, September and December.

LONG-TERM DEBT OBLIGATIONS

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equipment acquired in the original transaction.

The Collins Building debt consisted of a five 5 -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 two 2 -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.

The Collins Building debt consisted of a five 5 -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 two 2 -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.

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 a reduction in long-term debt of $ 1,012,375 .

the equipment, in exchange for a release of debt resulting in a reduction of the net equipment values on the Company’s balance

sheet and a reduction of long-term debt of $ 1,012,375 .

In June 2025, the financing company asserted deficiency claims in the amount of $ 560,402

which are included in the financial statements as an other expense in the consolidated statement of operations and as an accrued

expense as of June 30, 2025.

summary of payments due under the Company’s long-term debt by year is as follows:

OF MATURITIES OF LONG TERM DEBT

2025 – due between July 1, 2025 and June 30, 2026

2026 – due between July 1, 2026 and June 30, 2027

2027 – due between July 1, 2027 and June 30, 2028

2028 – due between July 1, 2028 and June 30, 2029

Total long-term debt

August 2025, additional equipment no longer needed by the Company was surrendered to the financing company which held liens on the

equipment resulting in a reduction of the net equipment values on the Company’s balance sheet and a reduction in long-term

debt of $ 914,803 .

The remaining

debt in excess of the value of the equipment is carried on the Company’s balance sheet as an accrued expense.

MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK

to the Company’s largest customer were 54 %

and 0 % of total sales for the three and six months ended June 30, 2025, respectively.

Sales to the Company’s two largest customers constituted 92 %

of total sales for the three and six months ended June 30, 2024, respectively.

receivable from the largest customer were 0 %

of total accounts receivable as of June 30, 2025 and December 31, 2024.

Accounts receivable as of June 30, 2025 were 46 %

from the second largest customer as of June 30, 2025.

Accounts receivable from this customer were 17 % as of December 31, 2024.

As a result of the change in the Company’s strategic

direction, it no longer focuses on providing reclamation and restoration services to third parties.

to the Company’s largest customer were 73 % and 28 % of total sales for the three and nine months ended September 30, 2025, respectively.

Sales to the Company’s two largest customers constituted 31 % and 75 % of total sales for the three and nine months ended September

30, 2024, respectively.

receivable from the largest customer were 100 % of total accounts receivable as of September 30, 2025 and 0 % as of December 31, 2024.

COMMITMENTS AND CONTINGENCIES

9 unchanged sentences

Land and (ii) Range Services.

The Range Reclaim, Range Security and Range Water operating business segments, which had been previously

Range Reclaim, Range Security and Range Water, which had been previously

reported as separate operating business segments are now captured within the Range Services operating business segment.

14 unchanged sentences

Company had no inter-segment sales for the periods presented.

financial information concerning the Company’s reportable segments is shown as below:

financial information concerning the Company’s reportable segments (excluding discontinued operations) is shown

OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT

Range Services

For the three months ended June 30, 2025

For the three months ended September 30, 2025

Range Services

3 unchanged sentences

Capital expenditures for long-lived assets

Range Services

For the three months ended June 30, 2024

For the three months ended September 30, 2024

Range Services

2 unchanged sentences

( 4,561,031 )

( 4,743,323 )

Interest expense

Capital expenditures for long-lived assets

Range Services

For the six months ended June 30, 2025

For the nine months ended September 30, 2025

Range Services

4 unchanged sentences

Capital expenditures for long-lived assets

Range Services

For the six months ended June 30, 2024

For the nine months ended September 30, 2024

Range Services

3 unchanged sentences

( 1,109,856 )

( 6,893,926 )

Interest expense

1 unchanged sentence

SUBSEQUENT EVENTS

On July 1, 2025, the coal mining lease assumed as part of the Winoc Acquisition became effective.

early August 2025, the equipment held for sale was surrendered to the financing company which held liens on the equipment.

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 1. Financial Statements