What changed in this filing

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Item 7. Management’s Discussion and Analysis

2026-03-31 compared with 2025-03-31 · 209 added, 160 removed, 114 unchanged (76% of the section changed)

19 unchanged sentences

Affecting Comparability of Financial Results

the year ended December 31, 2023, the Company purchased Collins Building, as described in Note 2 to the Consolidated Financial

During the year ended December 31, 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, as described in more detail in Note 2.

the third quarter of 2024, the Company sold its wholly-owned subsidiary Graphium Biosciences, Inc.

In accordance with GAAP, assets and

liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations

are reported as a separate component of consolidated net loss in the Consolidated Statements of Operations, for all periods presented,

resulting in changes to the presentation of certain prior period amounts.

the year ended December 31, 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.

In the year ended December 31, 2025, the Company sold the remaining

assets of Collins Building as described in more detail in Note 2 to the Consolidated Financial Statements included elsewhere in this

Annual Report.

All activity for Collins Building for the years ended December 31, 2024 and 2025 are shown in discontinued

Additionally in the year ended December 31, 2025, the Company shifted its strategy away from providing reclamation

services for third parties.

All results of work performed in support of third parties for the years ended December 31, 2024 and 2025

are included in discontinued operations for the years then ended.

the year ended December 31, 2024, the Company sold all of its common stock in its wholly-owned subsidiary, Graphium Biosciences, Inc.

In accordance with GAAP, assets and liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets,

and results of discontinued operations are reported as a separate component of consolidated net loss in the Consolidated Statements of

Operations, for all periods presented, resulting in changes to the presentation of certain prior period amounts.

of Operations

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

to impact investing.

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

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

in economically disadvantaged communities throughout Appalachia.

We take an opportunistic approach to impact investing by leveraging

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

We seek to thoughtfully allocate our capital into strategic

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

shareholders.

to impact investing with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land in economically

disadvantaged communities throughout Appalachia.

We take an opportunistic approach to impact investing by leveraging our competitive

advantages and looking at solving old problems in new ways.

We seek to thoughtfully allocate our capital into strategic opportunities

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

Accounting Policies

11 unchanged sentences

as to future uncertainties and, as a result, actual results could differ from these estimates.

Retirement Cost and Obligations

Our asset retirement obligations arise from the Federal Surface Mining Control and Reclamation Act of 1977 and similar state statutes,

which require that mine property be restored in accordance with specified standards and an approved reclamation plan.

Significant reclamation

activities include reclaiming refuse and slurry ponds, reclaiming the pit and support acreage at surface mines, sealing portals at deep

mines, and the treatment of water.

We determine the future cash flows necessary to satisfy our reclamation obligations on a permit-by-permit

basis based upon current permit requirements and various estimates and assumptions, including estimates of disturbed acreage, cost estimates,

and assumptions regarding productivity.

We are also faced with increasingly stringent environmental regulations, much of which are beyond

our control, which could increase our costs and materially increase our asset retirement obligations.

Estimates of disturbed acreage

are determined based on approved mining plans and related engineering data.

Cost estimates are based upon third-party costs.

assumptions are based on historical experience with the equipment that is expected to be utilized in the reclamation activities.

asset retirement obligations are initially recorded at fair value.

In order to determine fair value, we use assumptions including a discount

rate and third-party margin.

Each is discussed further below:

Our asset retirement obligations are initially recorded at fair value.

We utilize discounted cash flow techniques to estimate

the fair value of our obligations.

We base our discount rate on the rates of treasury bonds with maturities similar to expected mine

lives and adjust for our credit standing as necessary after considering funding and assurance provisions.

Changes in our credit standing

could have a material impact on the valuation of our asset retirement obligations.

The measurement of an obligation at fair value is based upon the amount a third party would demand to perform the obligation.

Because we plan to perform a significant amount of the reclamation activities with internal resources, a third-party margin was added

to the estimated costs of these activities.

This margin was estimated based upon our historical experience with contractors performing

similar types of reclamation activities.

The inclusion of this margin will result in a recorded obligation that is greater than our estimates

of our cost to perform the reclamation activities.

If our cost estimates are accurate, the excess of the recorded obligation over the

cost incurred to perform the work will be recorded as a reduction to amortization within our Consolidated

Statements of Operations at the time that reclamation work is completed.

at least an annual basis, we review our reclamation liabilities and make necessary adjustments for permit changes, if any, as

granted by state authorities, additional costs resulting from accelerated mine closures, and revisions to cost estimates and

productivity assumptions to reflect current experience and updated plans.

At December 31, 2025, we recorded asset retirement

obligation liabilities of $79,344,297, including amounts reported as current.

While the precise amount of these future costs cannot

be determined with certainty, as of December 31, 2025, we estimate that the aggregate undiscounted cost of final mine closures is

approximately $129,445,432.

Refer to Notes 4 and 5 to the Consolidated Financial Statements included elsewhere in this Annual Report

on Form 10-K for reclamation disclosures including a table summarizing the changes in asset retirement obligations for the year

ended December 31, 2025.

of Estimates and Assumptions

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ASC 805 requires the recognition of a gain for a bargain purchase.

The FASB believes that

a bargain purchase represents an economic gain, which should be immediately recognized by the acquirer in earnings.

When a bargain purchase

gain is recognized in a business combination, no goodwill is recognized.

referenced by ASC 350 “Intangibles- Goodwill and other” (“ASC 350”), management performs its annual test for

FASB believes that a bargain purchase represents an economic gain, which should be immediately recognized by the acquirer in earnings.

When a bargain purchase gain is recognized in a business combination, no goodwill is recognized.

referenced by ASC 350 “Intangibles-Goodwill and Other”, management performs its annual test for

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

1 unchanged sentence

was fully impaired and resulted in a charge against earnings in the full amount of $751,421.

This amount is included in the cost of our

discontinued operations as presented for the year ended December 31, 2024.

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

3 unchanged sentences

basis over the vesting period.

Recognition of compensation expense for non-employees is in the same period and manner as if the Company

Recognition of compensation expenses for non-employees is in the same period and manner as if the Company

had paid cash for the services.

8 unchanged sentences

The 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 and recognizes revenue

when the products are delivered to the customer’s designated site.

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 on an agreed-upon hourly rate for each project.

Company recognizes revenue from contracts for financial reporting purposes over time.

Progress toward completion of the Company’s

contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract.

This method is

used because management considers total cost to be the best available measure of progress on contracts.

Because of inherent uncertainties

in estimating costs, it is at least reasonably possible that the estimates used will change significantly within the near term.

accordance with ASC 740, “Income Taxes” (“ASC 740”), we account for income taxes under the asset and liability

for coal royalties and recognizes revenue on a periodic basis as the performance obligation is satisfied.

Company recognized revenue from contracts for financial reporting purposes over time for operations included in discontinued operations.

Progress toward completion of the Company’s contracts was measured by the percentage of cost incurred to date compared to estimated

total costs for each contract.

This method was used because management considered total cost to be the best available measure of progress

on contracts.

Because of inherent uncertainties in estimating costs, it was at least reasonably possible that the estimates used could

have changed significantly.

accordance with ASC 740, “Income Taxes”, we account for income taxes under the asset and liability

method, whereby deferred tax assets and liabilities are determined based on temporary differences between the financial reporting and

8 unchanged sentences

Additionally, interpretation of tax laws, court decisions

or other guidance provided by taxing authorities influences our estimate of the effective

or other guidance provided by taxing authorities influences our estimate of the effective income tax rate.

Accounting Pronouncements

refer to Footnote 1 of the accompanying financial statements for management’s discussion of recent accounting pronouncements.

refer to Footnote 1 of the accompanying consolidated financial statements for management’s discussion of recent accounting

pronouncements.

of Operations

3 unchanged sentences

December 31, 2024

Costs and expenses:

Cost of services

Gross profit/(loss)

Operating Expenses:

General and administrative

Total operating expenses

Income (loss) from operations

Depreciation of property and equipment

Amortization of long-term intangible assets

Accretion of asset retirement obligations

General and administrative expenses

Total costs and expenses

Loss from continuing operations

Other income (expense):

Gain on bargain purchase

Goodwill impairment

Fixed asset impairment

Loss on sale of fixed assets

Gain on disposal of asset retirement obligations

Gain on sale of fixed assets

Interest expense

2 unchanged sentences

Income (loss) from continuing operations

Income tax expense attributable

to continuing operations

Income (loss) from continuing

Loss from discontinued

before income tax

Income tax expense attributable to continuing operations

Income (loss) from continuing operations

Loss from discontinued operations

Net income (loss)

$ (9,798,083 )

Company’s revenue during the year ended December 31, 2024 was $9,011,081 compared to $19,346,306 for the year ended December

31, 2023 (a decrease of $10,335,225).

During the year ended December 31, 2024, the gross loss was $(884,128) compared to gross

profit of $6,234,809 during the year ended December 31, 2023 (a decrease of $7,118,937).

The significant reduction in revenue is

attributable to a decrease in revenues at Range Natural of $8,230,685 in 2024 compared to 2023 due to reduced mining activity

resulting from the failure of the Company’s mining subcontractor that reduced the amount of coal mined and sold during the

year and that Range Environmental had a large non-recurring project in 2023 that contributed $2,902,088 in

the year ended December 31, 2024, we incurred general and administrative expenses in the aggregate amount of $2,655,970 compared to

$4,021,556 incurred during the year ended December 31, 2023 (a decrease of $1,365,586).

General and administrative expenses

generally include corporate overhead, salaries and other compensation costs, financial and administrative contracted services,

consulting costs and travel expenses.

The largest decreases related to (i) the general and administrative expenses incurred by our

Range Reclaim segment (not including Range Natural) of $1,072,984 during the year ended December 31, 2024, compared to $1,646,627

incurred during the year ended December 31, 2023 (a decrease of $573,643), which was due to the sale of Collins Building property

and equipment in 2024 and significantly decreased activity in the Range Reclaim segment during the year ended December 31, 2024;

(ii) the general and administrative expenses recorded for the Corporate segment decreased $621,005 during the year ended December

31, 2024 compared to the year ended December 31, 2023, which was primarily due to a decrease of $321,070 in stock option

compensation, a $102,601 decrease in insurance and employee benefit costs, and a decrease of $94,676 in legal and accounting

the year ended December 31, 2024, we incurred research and development expenses of $465,936 compared to $458,889 incurred during the

year ended December 31, 2023 (an increase of $7,047).

All of these expenses were incurred by the Company’s (discontinued) Drug

Development business segment.

The Company’s research and development personnel expenses were $295,300 during the year ended

December 31, 2024, compared to $274,912 for the year ended December 31, 2023 (an increase of $20,388).

These expenses are presented

as discontinued operations.

the year ended December 31, 2024, the Company recorded other expense of $(5,714,681), consisting of a loss on sale of assets of

$3,677,500 in connection with the disposition of the Collins Building assets, goodwill impairment of $751,421, fixed asset impairment of $738,913 and interest expense of $617,422, offset by other

income of $63,170 and interest income of $7,405, compared to other income of $1,376,691 during the year ended December 31, 2023,

consisting of a gain on bargain purchase of $1,875,150 and interest income of $7,458, offset by interest expense of $505,917 during

the year ended December 31, 2023 (a decrease of $7,091,372).

$3,043,799 of the loss on sale of assets in the year ended December 31,

2024 was the same group of assets which recorded a $1,875,150 gain on bargain purchase in year ended December 31, 2023.

overall condition of the resale market for large scale equipment in 2024, the Company incurred larger-than-expected losses on

disposal of its equipment.

These market conditions also contributed to management’s assessment and impairment of a group of

assets that were held for sale as of December 31, 2024.

Based on the past two years of accumulated losses, changes in customers and

workstreams coupled with issues hiring and retaining qualified operations management and crews at Range Environmental, management’s analysis supports a full impairment of the goodwill that was associated with the 2022 purchase of Range

Environmental in the amount of $751,421.

net loss during the year ended December 31, 2024 was $(9,798,083) compared to net income of $3,131,055 for the year ended December

31, 2023 (a worsening of $12,929,138).

The decline in year over year net income is primarily due to the year over year decrease in

gross profit of $7,118,937 which was primarily derived from losses incurred in the operations of the Range Reclaim segment coupled

with the loss on sale of assets, goodwill impairment, and fixed asset impairment (combined $5,167,834).

Company’s revenue during the year ended December 31, 2024 was $9,011,081 derived from reclamation services provided to third

However, during 2025, the Company’s business strategy evolved from a service-based business model to a land

ownership business model.

As a result of this change, our revenue source from reclamation services is now included in discontinued

operations, including all revenues for the year ended December 31, 2024.

For the year ended December 31, 2025, the Company generated

$3,710,714 from consulting and royalty revenues.

Ongoing costs of services in both years ended December 31, 2024 and December 31,

2025 relate primarily to wages.

Further, due to the shift in strategy, operating expenses from the year ended December 31, 2024

which will be continuing were $2,152,538 compared to $5,450,578 for the year ended December 31, 2025.

This increase is primarily due

to the amortization of long-term intangible assets and accretion of asset retirement obligations which were established during the

year ended December 31, 2025.

the year ended December 31, 2025, continuing general and administrative expenses were $2,177,299 compared to $1,677,326 incurred

during the year ended December 31, 2024 (an increase of $499,973).

General and administrative expenses generally include corporate

overhead, salaries and other compensation costs, financial and administrative contracted services, consulting costs and travel

The largest increases related to (i) insurance bond premiums of $383,158 and property taxes of $140,549 in our Range Land

segment related to the Fola Acquisition in March 2025;

and (ii) increased stock option compensation expense of

$246,020 during the year ended December 31, 2025 compared to the year ended December 31, 2024, offset by a $274,162 decrease in

insurance and employee costs.

the year ended December 31, 2024, we incurred research and development expenses of $465,936.

All of these expenses were incurred in

connection with the Company’s discontinued Drug Development business and are presented as discontinued operations.

There were no research and development expenses in the year ended December 31, 2025.

the year ended December 31, 2025, the Company recorded bargain purchase gains related to the Fola Acquisition and

the Premier-Cambrian Acquisition totaling $21,928,500.

There were no bargain purchase gains in the year ended December 31, 2024.

See Notes 4 and 5 to the Consolidated Financial Statements included elsewhere in this Annual

Report for more details related to these transactions.

ended December 31, 2024, the Company designated certain non-core equipment subject to financing agreements as held for sale and

recognized an impairment loss of $738,913 on this group of assets based on the overall depressed condition of the resale market for

large scale construction and mining equipment at that time.

During the year ended December 31, 2025, the Company surrendered this non-core

equipment to its equipment lenders and incurred deficiency claims of $831,027 based on the net sale proceeds received by the equipment

lenders from its sale of the surrendered equipment.

the year ended December 31, 2025, the Company recorded other income of $83,627 compared to $39,227 for the year ended December 31,

2024 (an increase of $44,400).

Interest expense decreased $3,693 for the year ended December 31, 2025 compared to the year ended

December 31, 2024 due to lower debt balances.

Interest income also decreased by $7,052 for the year ended December 31, 2025 compared to the year ended

December 31, 2024 due to lower interest rates and lower cash balances.

the year ended December 31, 2024, the Company recorded other expenses, consisting of (i) a loss on sale of assets of $3,677,500 in

connection with the disposition of the Collins Building assets and (ii) goodwill impairment of $751,421.

These expenses are

presented as discontinued operations for the year ended December 31, 2024.

Company’s net income during the year ended December 31, 2025 was $19,167,678 compared to net loss of $(9,798,083) for the year

ended December 31, 2024 (an increase of $28,965,761) due to the addition of $21,928,500 of bargain purchase gains recognized in connection with the

Fola Acquisition and the Premier-Cambrian Acquisition during the year ended December 31, 2025, and the elimination of $6,619,924

of losses from discontinued operations related to the performance of reclamation services for third parties during the year ended

December 31, 2024.

and Capital Resources

of December 31, 2025, we had an accumulated deficit of $37,712,204.

of December 31, 2024, we had total current assets of $4,293,046, primarily comprised of cash of $167,286, accounts receivable

of $3,209,070, and equipment held for sale of $733,613.

As of December 31, 2024, we had total current liabilities of $3,543,609, primarily consisting of the current portion of

long-term debt in the amount of $789,719, accounts payable and accrued expenses of $753,890, and lines of credit of $2,000,000.

on December 31, 2024, the Company had working capital of $749,437.

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

of December 31, 2024, the Company had long-term assets of $1,899,669, comprised of net equipment assets.

As of December 31, 2024, the

Company had long-term liabilities of $1,814,701, comprised of long-term debt, net of current portion.

on the Company’s current corporate strategy, its net operating losses for the 12 months following December 31, 2024 are

expected to be approximately $500,000, which is comprised of general operating expenses partially offset by revenue generated by the

Range Reclaim and Range Security business segments.

Based on the Company’s cash balance of $167,286, and its estimated net

operating losses of approximately $500,000 for the 12-month period ending December 31, 2025, the Company estimates that it may not

have sufficient funds to operate its business over the next 12 months.

The Company is actively managing its working capital to

generate additional cash flow and is actively seeking additional financing to fund its currently estimated level of

of December 31, 2025, we had total current assets of $2,758,305, primarily comprised of cash of $2,110,171, accounts receivable of $617,929,

and short-term deposits and prepaid accounts of $30,205.

As of December 31, 2025, we had total current liabilities of $3,702,816, primarily

consisting of the current portion of long-term debt in the amount of $400,000, accounts payable of $1,136,907, and accrued expenses of

As a result, on December 31, 2025, the Company had negative working capital of $944,511.

On December 31, 2024, the Company

had positive working capital of $749,437.

of December 31, 2025, the Company had long-term assets of $120,478,387, comprised of net equipment assets of $115,375, land of $42,548,402

and long-term intangible assets of $77,814,610.

As of December 31, 2025, the Company had long-term liabilities of $81,744,297, comprised

of long-term debt, net of current portion of $1,400,000, long term deposits held of $1,000,000, and asset retirement obligations of $79,344,297.

on the Company’s current corporate strategy, its net operating losses for the 12 months following December 31, 2025 are expected

to be approximately $1,800,000, which is comprised of general operating expenses partially offset by revenue generated by the Range Land

business segment.

Based on the Company’s cash balance of $2,110,171, and its estimated net operating losses of approximately $1,800,000

for the 12-month period ending December 31, 2026, the Company estimates that it may not have sufficient funds to operate its business

over the next 12 months.

The Company is actively managing its working capital to generate additional cash flow and is actively seeking

additional financing to fund its currently estimated level of operations.

estimated total expenditures for the 12-month period ending December 31, 2026 could increase if we encounter unanticipated lower

3 unchanged sentences

faster than we currently expect.

If we cannot raise the capital necessary to continue to develop our business, we will be forced to

delay, scale back or eliminate some or all of our proposed operations.

If any of these were to occur, there is a substantial risk

that our business would fail.

If we cannot generate operating revenues or raise the capital necessary to continue expanding our

business, we will be forced to delay, scale back or eliminate some or all of our proposed operations.

If any of these were to occur,

there is a substantial risk that our business would fail.

inception, we have primarily funded our operations through equity and debt financings.

Until such time as our operating businesses are

consistently cash flow positive, we expect to continue funding our operations, at least in part, through equity and debt financings.

Until such time as our operating businesses

are consistently cash flow positive, we expect to continue funding our operations, at least in part, through equity and debt

However, sources of additional funds may not be available when needed, on acceptable terms, or at all.

If we issue equity or convertible

debt securities to raise additional funds or to fund, in whole or in part, acquisitions in furtherance of our business strategy, our

existing stockholders may experience substantial dilution, and the new equity or debt securities may have rights, preferences and privileges

senior to those of our existing stockholders.

If we incur additional debt, it may increase our leverage relative to our earnings or to

our equity capitalization, requiring us to pay additional interest expenses.

Obtaining commercial loans, assuming those loans would be

available, would increase our liabilities and future cash commitments.

Moreover, regardless of the manner in which we seek to raise capital,

we may incur substantial costs in those pursuits, including investment banking fees, legal fees, accounting fees, and other related costs.

equity or convertible debt securities to raise additional funds or to fund, in whole or in part, acquisitions in furtherance of our

business strategy, our existing stockholders may experience substantial dilution, and the new equity or debt securities may have

rights, preferences and privileges senior to those of our existing stockholders.

If we incur additional debt, it may increase our

leverage relative to our earnings or to our equity capitalization, requiring us to incur additional interest expenses.

commercial loans, assuming those loans are available, would increase our liabilities and future cash commitments.

regardless of the manner in which we seek to raise capital, we may incur substantial costs in those pursuits, including investment

banking fees, legal fees, accounting fees, and other related costs.

Cash Provided By (Used in) Operating Activities

the year ended December 31, 2024, net cash used in operating activities was $1,591,426 compared to net cash provided by operating

activities of $438,637 for the year ended December 31, 2023 (a decrease of $2,030,063).

This decline was primarily attributable to

(i) our net loss of $9,798,083 for the year ended December 31, 2024 compared to a net profit of $3,131,055 for the year ended

December 31, 2023, (ii) a decrease in accounts receivable (including unbilled receivables) of $3,976,341, (iii) an increase in the

cash adjustment for asset disposals of $3,677,400, (iv) an increase in the cash adjustment for goodwill impairment of $751,421, (v)

an increase in the cash adjustment for equipment impairment of $738,913, and (vi) depreciation expense of $1,868,997 offset by a

the year ended December 31, 2025, net cash generated by operating activities was $123,028 compared to net cash used by operating

activities of $1,591,426 for the year ended December 31, 2024 (an increase of $1,714,454).

This increase was primarily attributable

to (i) our net profit of $19,167,678 for the year ended December 31, 2025 compared to a net loss of $9,798,083 for the year ended

December 31, 2024, (ii) accretion of asset retirement obligations of $1,912,968, (iii) amortization of long-term intangible assets

of $1,098,737, (iv) depreciation of property and equipment from continued and discontinued operations of $170,291, (v) stock

compensation expense of $311,480, (vi) an increase in the cash adjustment for asset disposals of $878,269, (vii) an increase in

accounts payable related to continuing and discontinued operations of $358,903, and (viii) a decrease in prepaid expense of $13,913,

offset by the gain on bargain purchase of $21,928,500, a decrease in accounts receivable (including unbilled and contract

receivables) of $213,021, a decrease in accrued expenses from continuing and discontinued operations of $149,192, a decrease in deposits of $15,395, a gain on asset retirement

obligation disposal of $2,444 and cash paid for asset retirement obligations of $1,479,574.

cash used in operating activities during the year ended December 31, 2024, consisted primarily of a (i) net loss of $9,798,083,

(ii) a decrease in accounts receivable (including unbilled and contract receivables) of $4,069,297, (iii) an increase in the cash

adjustment for asset disposals of $3,677,400, (iv) an increase in the cash adjustment for goodwill impairment of $751,421, (v) an

increase in the cash adjustment for equipment impairment of $738,913, and (vi) depreciation of property and equipment of $1,868,997 offset by a

decrease in accounts payable of $3,157,453.

Net cash provided by operating

activities during the year ended December 31, 2023, consisted primarily of a net profit of $3,131,055, an increase in accounts

payable of $3,480,206 and depreciation of $1,781,573 offset by an increase in accounts receivable of $6,204,026 and stock-based

compensation of $386,530.

Cash Used in Investing Activities

the year ended December 31, 2024, net cash provided by investing activities was $430,100, which consisted of $270,000 received from

sale of equipment, $160,000 in insurance policy proceeds from a casualty loss, and $100 received from the sale of the Graphium

For the year ended December 31, 2023, net cash used in investing activities was $7,162,811, which consisted primarily of

$4,035,250 of long-term debt issued and $1,000,000 paid for the Collins Building acquisition, $1,118,664 for equipment purchased

primarily by the Range Reclaim segment, and $1,008,897 for land purchases by the Range Land segment.

Cash Provided By Financing Activities

the year ended December 31, 2024, net cash used in financing activities was $848,188 compared to net cash provided by financing

activities of $8,458,605 for the year ended December 31, 2023.

Net cash used in financing activities for the year ended December 31,

2024 consisted of $1,848,188 of long-term equipment debt and bank credit line pay-downs offset by $1,000,000 received from the

issuance of common stock.

Net cash provided by financing activities for the year ended December 31, 2023 consisted of $3,110,000

received from the issuance of common stock and warrants, proceeds of $4,035,250 from long-term debt issued for the Collins Building

acquisition and proceeds of $2,400,000 from lines of credit, offset by the repayment of long-term debt of $1,650,659.

Cash Provided By Investing Activities

the year ended December 31, 2025, net cash provided by investing activities was $1,392,000, which consisted of $1,000,000 received

as a deposit on two option agreements related to the Premier-Cambrian Acquisition, $492,000 proceeds from equipment sales, and $100,000 used for asset purchases.

ended December 31, 2024, net cash provided by investing activities was $430,100, which consisted of $270,000 received from sale of

equipment, $160,000 in insurance policy proceeds from a casualty loss, and $100 received from the sale of the Graphium

Cash Provided By (Used In) Financing Activities

the year ended December 31, 2025, net cash provided by financing activities was $427,857, which consisted of $1,150,000 received

from the issuance of common stock offset by $522,143 of long-term equipment debt payments and $200,000 of net payments on a bank

For the year ended December 31, 2024, net cash used in financing activities was $848,188 and consisted of

$1,848,188 of long-term equipment debt and bank credit line pay-downs offset by $1,000,000 received from the issuance of common

Sheet Arrangements

8 unchanged sentences

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-K

Item 7. Management’s Discussion and Analysis