What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-05-15 compared with 2025-11-14 · 247 added, 248 removed, 96 unchanged (84% of the section changed)

Management’s Discussion and Analysis of Financial Condition and Results of Operations

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

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

The information contained

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

common stock.

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

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

ended December 31, 2024 filed on March 31, 2025, and the related audited financial statements and notes included therein.

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

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

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

information contained in this Quarterly Report is not a complete description of our business or the risks associated with an

investment in our common stock.

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

Report and in our other reports filed with the Securities and Exchange Commission (the “SEC”), including our Annual

Report on Form 10-K for the year ended December 31, 2025 filed on March 31, 2026, and the accompanying audited financial statements

and notes included therein.

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

27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 (the “Exchange Act”).

26 unchanged sentences

publicly any forward-looking statements for any reason.

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

impact investing.

We are 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

We seek to 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.

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

As of November 14, 2025, we

employed 10 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.

Range is a public company dedicated

to advancing the health and wellness of people and the planet through an innovative approach to impact investing.

We focus on developing

long-term solutions to environmental, social, and health challenges, particularly through the acquisition, reclamation, and repurposing

of mine sites and other undervalued land in economically disadvantaged Appalachian communities.

Leveraging our competitive advantages,

we take an opportunistic approach to solving legacy problems in new ways and deploying capital into strategic opportunities designed

to generate a measurable impact on the people-planet ecosystem and generate strong investment returns for our shareholders.

Our corporate headquarters is

located in Cleveland, Ohio, with additional office locations in Fola, West Virginia and Myra, Kentucky.

As of May 15, 2026, we have 10

full-time employees.

We also engage consultants and professional service firms as needed to provide us with flexible and experienced resources

while maintaining a cost-effective overhead structure.

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

of our mission of doing well by doing good.

Investing Strategy

impact investing strategy aims to improve the health and wellness of people and the planet, while also generating long-term sustainable

financial returns for our shareholders.

We believe that doing well and doing good are not mutually exclusive, and that an impact investing

strategy can balance the environmental, social and economic needs of people and the planet while also generating attractive risk-adjusted

financial returns for shareholders.

By actively directing investment capital in a manner intended to create positive environmental, social and economic outcomes, we

believe that our impact investing strategy can contribute to an improved people-planet ecosystem and a healthier and happier way of

have a particular interest in providing environmental and social solutions in economically-disadvantaged regions of the United States.

Initially, the Company is targeting the Appalachian region, which is home to communities with some of the most disadvantaged income,

education and employment demographics in the United States.

Our ambitious strategy is to acquire large mine sites burdened by substantial

legacy reclamation obligations and use our team and resources to perform the requisite reclamation activities and obtain full bond release,

thereby unlocking the underlying value of the land and creating a critical catalyst for sustainable, long-term economic development in

the disadvantaged coal communities of Appalachia.

Our impact investing strategy

is focused on advancing the health and well-being of people and the planet while also generating long-term, sustainable financial returns

for our shareholders.

We believe that doing well and doing good are not mutually exclusive, and that a disciplined approach to impact

investing strategy can align environmental, social and economic objectives with attractive risk-adjusted financial returns.

Our strategy enables our team

to address pressing environmental, social and economic challenges, such as air and water pollution, educational inequality and economic

disparity, and climate change, through the development and implementation of innovative solutions.

By directing capital to businesses

that drive positive environmental, social and economic outcomes, we seek to strengthen the people-planet ecosystem while enhancing quality

of life and delivering attractive investment performance.

We are focused on delivering environmental

and social solutions in economically-disadvantaged regions of the United States, with an initial emphasis on Appalachia - home to communities

facing some of the nation’s most challenged income, education and employment outcomes.

Our strategy is to acquire large mine sites

burdened by substantial legacy reclamation obligations, and through disciplined execution, complete reclamation activities and obtain

full bond release.

By unlocking the underlying land value, we aim to catalyze sustainable, long-term economic development across disadvantaged

coal communities in Appalachia.

Business Segments

two operating business segments are Range Land and Range Services.

Range Land is focused on acquiring

former mine lands with the goal of reclaiming and repurposing the sites for non-fossil fuel uses, including commercial, industrial, residential

and recreational developments, with a particular focus on renewable energy facilities, innovative agricultural installations, and projects

focused on improving the quality and condition of the air, land and waterways.

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

are burdened with significant land reclamation and water restoration obligations.

Many of these troubled mine sites are subject to

mining permits and associated reclamation bonds which prevent the land from being repurposed for non-mining uses until the land has

been reclaimed and the permits and bonds have been released by the applicable state’s environmental protection department.

Water quality is a particularly challenging issue since a permit can only be released if the site has at least 12 consecutive

months of compliant water samples without active chemical treatment, which heightens the need for water restoration solutions to

help transition former mine land to economically viable non-mining uses.

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

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

In addition, the Company has expertise

in the permit and bond release process, which is critical to unlocking the underlying value of former mine land for non-fossil fuel uses.

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

September 2023, the Company acquired over 1,700

acres of surface interest at an idled mine complex in West Virginia.

We are engaged in active discussions with the holder of the permits

and bonds associated with the acquired land in order that the acquired surface acreage can be repurposed for alternative non-fossil fuel

We also are in concurrent active discussions with two experienced and well-capitalized solar developers to convert the former

mine land into a large solar energy facility on a majority of the acquired surface acreage, as well as additional acreage for commercial,

industrial, recreational and residential development pursuant to which the solar developer would pay a negotiated amount on a per acre

March 31, 2025, the Company 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 pursuant to which the Company acquired 15 mining permits with an

estimated reclamation obligation of $29,282,126.

The Company also assumed an obligation to manage an additional 21 mining permits

with an estimated reclamation obligation of $13,796,945.

As a result of these transactions, 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 lease with a multi-national corporation for the development of a large-scale solar

project located on more than 1,500 acres at the Fola Mine.

June 2025, the Company acquired an additional 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.

Services is our operating business segment that provides environmental and operational support services to help reclaim and repurpose

former mine land into next-generation uses.

All of the Company’s reclamation, water treatment and security employees, equipment

and trucks, and technological innovations are classified within the Range Services business segment.

Range Services is dedicated to reclaiming

and repurposing land owned by the Company and does not currently provide any reclamation, water treatment or security services to third-parties.

support services on mine sites includes grading, recontouring, revegetation, erosion control, and other activities necessary to meet

federal and state post-mining land use requirements.

Water treatment services include the operation and maintenance of passive and active

treatment systems designed to manage and treat mine-impacted water, including acid mine drainage, in compliance with applicable environmental

Range Services is also responsible for collecting water samples, coordinating testing with certified laboratories, and treating

water with chemicals and other more innovative solutions, such as the Company’s proprietary biochar water filtration products and

system currently in development.

Land is focused on acquiring former mine lands with the goal of reclaiming and repurposing the sites for non-fossil fuel uses, including

commercial, industrial, residential and recreational developments, with a particular focus on power generation facilities, data centers,

innovative agricultural installations, and projects focused on improving the quality and condition of the air, land and waterways.

Industry estimates indicate that

Appalachia contains approximately one million acres of abandoned, idled and non-performing mine sites that are burdened with significant

land reclamation and water restoration obligations.

Many of these mine sites remain encumbered by mining permits and associated reclamation

bonds, restricting repurposing for non-mining uses until reclamation is complete and the permits and bonds have been released.

Water quality

presents a key restraint, as permit release typically requires at least 12 consecutive months of compliant water sampling without active

chemical treatment, underscoring the need for effective water restoration solutions to transition former mine lands to economically viable

non-mining uses.

By leveraging

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

solutions, and secure mine sites preserving significant legacy infrastructure.

The Company also brings expertise in navigating the permit

and bond release process, which is critical to unlocking the underlying value of former mine land for next-generation redevelopment.

Range Services is our operating

segment providing environmental and operational support services to reclaim and repurpose Company-owned former mine land into next-generation

All reclamation, water treatment and site security employees, equipment and trucks, and technological innovations are housed within

this segment.

Range Services currently serves only Company-owned land and does not provide services to third parties.

Reclamation activities include

grading, recontouring, revegetation, erosion control, and other activities necessary to satisfy federal and state post-mining land use

Water treatment services include the operation and maintenance of passive and active treatment systems designed to manage and

treat mine-impacted water, including acid mine drainage, in compliance with applicable permits.

This includes sampling, laboratory coordination,

and treatment using both conventional methods and innovative solutions, such as the Company’s proprietary biochar water filtration

technologies under development.

Range Services also provides physical site security, access control, and risk mitigation activities

to ensure the safety, compliance, and regulatory protection of the Company’s land assets.

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

from a variety of operating businesses and investment funds who are developing similar business plans and operating strategies to satisfy

the increasing demands of these types of investments in the marketplace.

In many cases, these competitors are larger and better capitalized

operating businesses and investment funds.

Company competes on the basis of a number of factors, including our geographic focus on Appalachia, access to mission-driven energy-transition

capital, access to impact investing opportunities, strategic relationships with reclamation bond insurance companies, recruitment and

retention of key personnel, market share with key customers, and supply relationships with critical vendors.

Our ability to continue

to compete effectively in our businesses will depend upon our ability to attract new employees and retain and motivate our existing employees.

The Company has not incurred substantial costs increases driven by inflation.

Company is focused on a large and growing marketplace for impact investing initiatives, and therefore, faces competition from a variety

of operating businesses and investment funds who are developing similar business plans and operating strategies to satisfy the increasing

demands of these types of investments in the marketplace.

In many cases, these competitors are larger and better capitalized operating

businesses and investment funds.

Our Company competes on the basis

of a number of factors, including our geographic focus on Appalachia, strategic relationships with reclamation bond insurance companies,

access to impact investing opportunities, access to mission-driven energy-transition capital, recruitment and retention of key personnel,

market share with key customers, and supply relationships with critical vendors.

Our ability to continue to compete effectively in our

businesses will depend upon our ability to attract capital and qualified employees.

of Operations

Months Ended September 30, 2025 and September 30, 2024

Company’s revenue for the three months ended September 30, 2025 was $778,767 and its gross loss was $191,728.

The Company’s

revenue for the three months ended September 30, 2024 was $2,171,655 and its gross loss was $392,928.

The significant decrease in revenue

is primarily a result of management’s decision to exit its coal mining business in 2024.

the three months ended September 30, 2025, general and administrative expenses were $378,825, compared to $473,942 for the three

months ended September 30, 2024 (a decrease of $95,117).

General and administrative expenses generally include corporate overhead,

salaries and other compensation costs, financial and administrative contracted services, legal and audit fees, other professional

and consulting fees, insurance, marketing, and travel expenses.

The largest decrease in general and administrative expenses for the

three months ended September 30, 2025 compared to the three months ended September 30, 2024, was attributable to decreases in

professional and legal fees of $45,073, labor and benefit costs of $14,051, and insurance costs of $7,538.

the three months ended September 30, 2025, the Company incurred net other expense in the amount of $62,828 compared to $3,873,498 for

the three months ended September 30, 2024 (a decrease of $3,810,670).

This decrease in net other expense was attributable to the loss

on sale of assets, including those related to Collins Building in 2024 of $3,751,680 and lower interest expense of $117,159.

loss for the three months ended September 30, 2025 was $633,381 compared to a net loss of $4,920,338 for the three months ended September

30, 2024 (an improvement of $4,286,957).

Months Ended September 30, 2025 and September 30, 2024

Company’s revenue for the nine months ended September 30, 2025 was $2,865,950 and its gross profit was $320,445.

The Company’s

revenue for the nine months ended September 30, 2024 was $8,431,286 and its gross loss was $523,003.

The significant decrease in revenue

is primarily a result of management’s decision to exit its coal mining business in 2024.

the nine months ended September 30, 2025, general and administrative expenses were $1,562,743, compared to $2,115,542 incurred for

the nine months ended September 30, 2024 (a decrease of $552,799).

General and administrative expenses generally include corporate

overhead, salaries and other compensation costs, financial and administrative contracted services, legal and audit fees, other

professional and consulting fees, insurance, marketing, and travel expenses.

The largest decrease in general and administrative

expenses for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024, was attributable to

decreases in labor and benefit costs of $155,131, professional and legal fees of $119,060, and insurance costs of

the nine months ended September 30, 2025, the Company generated net other income in the amount of $4,910,363 compared net other

expense of $4,195,826 recorded for the nine months ended September 30, 2024 (an increase of $9,106,189).

During the nine months

ended September 30, 2025, the Company recognized a gain on bargain purchase of $5,602,484, other income of $83,627 and a gain on

sale of assets of $1,085 offset by a $560,402 deficiency claim on surrendered equipment and $216,431 of interest expense.

During the nine

months ended September 30, 2024 the Company had a loss on sale of fixed assets of $3,751,680 and interest expense of $496,322 offset

by $52,176 of other income.

income for the nine months ended September 30, 2025 was $3,668,065 compared to a net loss of $7,359,859 for the nine months ended September

30, 2024 (an improvement of $11,027,924).

Months Ended March 31, 2026 and March 31, 2025

The Company’s revenue

from continuing operations for the three months ended March 31, 2026 was $915,380 related to coal royalties and its operating loss

was $(1,799,205).

The operating loss is primarily the result of non-cash depreciation, amortization, and accretion expenses of

$2,203,924 incurred in connection with continuing operations.

The Company’s revenue from continuing operations for the

three months ended March 31, 2025 was $0 and its operating loss from continuing operations was $(591,407).

The Company’s shift

away from AML reclamation projects in 2025 resulted in all revenues for the period ended March 31, 2025 being classified as

discontinued operations.

For the three months ended March

31, 2026, general and administrative expenses were $464,804, compared to $439,912 from continuing operations incurred for the three months

ended March 31, 2025, an increase of $24,892.

General and administrative expenses generally include corporate overhead, salaries and other

compensation costs, financial and administrative contracted services, legal and audit fees, other professional and consulting fees, insurance,

marketing, and travel expenses.

The largest increase in general and administrative expenses for the three months ended March 31, 2026

compared to the three months ended March 31, 2025, was attributable to additional audit, professional and legal fees of $80,487,

offset by a decrease in labor and benefit costs of $55,595.

For the three months ended March

31, 2026, the Company incurred net other expense in the amount of $34,485, compared to total net other income of $5,654,923 recorded for

the three months ended March 31, 2025, a decrease of $5,689,408.

This decrease in net other income is primarily attributable to the gain

on bargain purchase of $5,602,484, other income of $83,627, and a gain on sale of fixed assets of $59,680 in the quarter ended March 31,

2025, which did not occur in the period ended March 31, 2026.

Net loss for the three

months ended March 31, 2026 was $(1,833,690) compared to a net income of $5,099,627 for the three months ended March 31, 2025 (a

decrease of $6,933,317).

This decrease is primarily due to the $5,602,484 gain on bargain purchase that was recognized in the period

ended March 31, 2025, as well as $1,404,341 of accretion expense and $781,736 of amortization expense recognized in the period ended

March 31, 2026, which arose as a result of the acquisitions completed in 2025.

and Capital Resources

of September 30, 2025, the Company had total current assets of $800,842, comprised of:

As of March 31, 2026, the Company

had total current assets of $2,295,942, comprised of:

(i) cash of $1,283,121;

(ii) accounts

receivable of $447,162;

(iii) prepaid expenses of $52,897;

and (iv) deposits of $15,395.

As of September 30, 2025, the Company had

total current liabilities of $2,694,495, comprised of:

(ii) accounts receivable of $950,114;

(iii) deposits of

and (iv) prepaid expenses of $47,419.

As of March 31, 2026, the Company had total current liabilities of $4,008,741, consisting

(i) accounts payable of $1,342,832;

(ii) current portion of bank debt of $300,000;

(iii) accrued payables related to prior equipment debt of $1,895,284.

As a result, as of September 30, 2025, the Company had

(ii) accrued expenses of $2,165,909, and (iii) the current portion of long-term debt of $500,000.

As a result, as of March 31, 2026, the Company had negative working capital of $(1,712,799).

As of December 31, 2025, the Company had

negative working capital of $(944,511).

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

of September 30, 2025, the Company had long-term assets of $56,754,250, comprised of:

(i) land, including asset retirement cost, of $56,618,965,

and (ii) net equipment assets of $135,285.

As of September 30, 2025, the Company had long-term liabilities of $49,039,147, comprised

of (i) asset retirement obligations of $47,539,147 and (ii) long-term debt, net of current portion of $1,500,000.

As of December 31,

2024, the Company had long-term assets of $1,899,669, comprised of (i) land of $1,008,897 and (ii) net equipment assets of $890,772.

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, we expect our general operating expenses to be partially offset by royalty

revenue generated from the mining activities of third-party contract miners on our land.

Based on the Company’s current cash

balance of $285,388 and absence of a revolving credit line, the Company does not expect to have sufficient funds to operate its

business over the next 12 months without raising additional capital.

estimated total net cash flow for the 12-month period ending September 30, 2026 could decrease if we encounter unanticipated lower revenues

As of March 31, 2026, the Company

had long-term assets of $119,678,804, comprised of:

(i) land of $42,548,402, (ii) long-term intangible assets of $77,032,874, and (iii)

net property and equipment of $97,528.

As of March 31, 2026, the Company had long-term liabilities of $81,855,116, comprised of (i) asset

retirement obligations of $79,555,116, (ii) long-term debt, net of current portion of $1,300,000, and long-term deposit held of $1,000,000.

As of December 31, 2025, the Company had long-term assets of $120,478,387, comprised of (i) land of $42,548,402, (ii) long-term intangible

assets of $77,814,610 and (iii) net property and equipment of $115,375.

As of December 31, 2025, the Company had long-term liabilities

of $81,744,297, comprised of (i) asset retirement obligations of $79,344,297, (ii) long-term debt, net of current portion of $1,400,000,

and (iii) long-term deposit held of $1,000,000.

Based on the Company’s current

strategy, we expect royalty income from Range Land to substantially offset our general operating expenses.

However, with a current cash

balance of $1,283,121, we may not have sufficient liquidity to operate our business over the next 12 months.

If additional capital is

required beyond our existing resources, we intend to pursue financing options to support the funding and execution of our growth strategy

and shareholder value creation plan.

estimated total net cash flow for the 12-month period ending March 31, 2027 could decrease if we encounter unanticipated lower revenues

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

4 unchanged sentences

If any of these were to occur, there is a substantial risk that our business would fail.

such time as the Company is 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, we would incur additional interest expenses,

and assuming those loans would be available, it 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 and other related costs.

Until the Company achieves positive

cash flow, we expect to fund our operations, in part, through equity and debt financings.

However, such financing may not be available

when needed, on acceptable terms, or at all.

Any issuance of equity or convertible debt securities – whether to raise capital or

to fund acquisitions - may result in substantial dilution to existing stockholders and involve securities with rights, preferences and

privileges senior to those of our existing stockholders.

Incurring additional debt would increase interest expense, liabilities and future

cash commitments.

In addition, capital-raising activities may result in substantial costs, including investment banking fees, legal fees

and other related costs.

Cash Provided By (Used In) Operating Activities

the nine months ended September 30, 2025, net cash generated by operating activities was $19,111, comprised of:

(i) net income of $3,668,065;

(ii) non-cash depreciation of $150,381;

(iii) non-cash accretion expense of $1,243,945;

(iv) add-back of the non-cash bargain purchase

gain of $5,602,484;

(v) a gain on asset disposals of $1,085;

(vi) non-cash vested stock option expense of $168,980;

(vii) deficiency

claims on returned equipment of $560,402;

(viii) a decrease in current assets of $81,823;

and (ix) a decrease in current liabilities

For the nine months ended September 30, 2024, net cash used in operating activities was $1,859,370, comprised of:

loss of $7,359,859;

(ii) non-cash depreciation of $1,594,152;

(iii) non-cash vested stock option expense of $60,970;

(iv) net loss on

sale of equipment and disposition of business of $3,751,580 (iv) an increase in current assets of $2,697,231;

and (v) a decrease in current

liabilities of $2,603,444.

For the three months ended March

31, 2026, net cash used in operating activities was $(982,050), comprised of:

(i) a net loss of $1,833,690;

(ii) non-cash depreciation

(iii) non-cash amortization of long-term assets of $781,736;

(iv) non-cash accretion expense of $1,404,341;

(v) an increase

in current assets of $364,687;

(v) an increase in current liabilities of $205,925;

and (vi) cash paid for asset retirement obligations

of $1,193,522.

For the three months ended March 31, 2025, net cash used in operating activities was $(428,101), comprised of:

income of $5,099,627;

(ii) non-cash depreciation of $84,783 (comprised of $54,147 from continuing operations and $30,636 from discontinued

(iii) add-back of the non-cash bargain purchase gain of $5,602,484;

(iv) a gain on asset disposals of $59,680;

vested stock option expense of $4,490;

(vi) an increase in current assets of $206,256;

and (vii) a decrease in current liabilities of

Cash Provided By (Used In) Investing Activities

the nine months ended September 30, 2025, net cash used in investing activities was $328,866, comprised of $525,000 of proceeds from

the sale of equipment, partially offset by $100,000 for equipment purchases and cash paid for asset retirement obligations of $753,866.

For the nine months ended September 30, 2024, net cash provided by investing activities was $430,100, comprised of $270,100 proceeds

from sales of assets and disposition of business, and $160,000 of insurance proceeds from a casualty loss.

Cash Provieded by (Used In) Financing Activities

the nine months ended September 30, 2025, net cash provided by financing activities was $427,857, comprised of $1,150,000 from the

sale of common stock, offset by debt repayments of $722,143.

For the nine months ended September 30, 2024, net cash used in

financing activities was $502,944, comprised of $1,000,000 from the sale of common stock offset by debt repayments of $1,502,944.

the three months ended March 31, 2026, there was no net cash provided by or used in investing activities.

For the three months ended

March 31, 2025, net cash provided by investing activities was $280,000, comprised of $380,000 of proceeds from the sale of equipment,

partially offset by $100,000 for equipment purchases.

Cash Provided By (Used In) Financing Activities

For the three months ended March

31, 2026, net cash provided by financing activities was $155,000, comprised entirely of the sale of our common stock.

For the three months

ended March 31, 2025, net cash provided by financing activities was $233,510, comprised of $600,000 from the sale of our common stock,

partially offset by the repayment of long-term debt of $366,490.

Sheet Arrangements

17 unchanged sentences

financial statements included in this report:

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.

Refer to Note 5 to the Consolidated Financial Statements included elsewhere in this

Quarterly Report on Form 10-Q for reclamation disclosures including a table summarizing the changes in asset retirement obligations for

the three months ended March 31, 2026.

of Estimates and Assumptions

14 unchanged sentences

growth rates.

On March 31, 2025, the Company acquired 120,154 acres

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

an obligation to manage an additional 21 mining permits at the Fola Mine with a reclamation bond amount of $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.

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.

The fair value of the land acquired by the Company in connection with the Fola Acquisition was $8,561,000, and the

Company agreed to credit an outstanding receivable of $2,958,516 due from one of the sellers to the Company, as consideration provided

in lieu of cash.

Because the fair value of the land acquired exceeded the amount of the accounts receivable credited in connection with

the Fola Acquisition, the Company recognized a bargain purchase gain of $5,602,484 during the three months ended March 31, 2025.

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

The core principle of the revenue standard

is that a company should recognize revenue by analyzing the following five steps:

The Company recognizes revenue under ASC 606, “Revenue

from Contracts with Customers”.

The core principle of the ASC 606 revenue recognition standard is that a company should recognize

revenue by analyzing the following five steps:

(1) identify the contract with the customer;

the performance obligations in the contract;

(2) identify the performance obligations in

the contract;

(3) determine the transaction price;

(4) allocate the transaction price to the performance

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

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.

(4) allocate the transaction price to the performance obligations;

and (5) recognize

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

The Company primarily invoices customers for coal

royalties and recognizes revenue on a periodic basis as coal is shipped.

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.

All revenue is recognized at a point in time.

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.

The Company recognized revenue on reclamation contracts

over time for operations included in discontinued operations.

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

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

The Company recognized

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 was applied to the transaction 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.

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

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What changed 10-Q

Item 2. Management’s Discussion and Analysis