What changed in this filing

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Item 2. Management’s Discussion and Analysis

2026-08-12 compared with 2026-05-15 · 226 added, 228 removed, 115 unchanged (80% 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 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”).

Forward-looking

statements are projections in respect of future events or our future financial performance.

In some cases, you can identify forward-looking

statements by terminology such as “may,” “will,” “should,” “intend,” “expect,”

“plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,”

or “continue” or the negative of these terms or other comparable terminology.

These statements are only predictions and involve

known and unknown risks, uncertainties and other factors, which may cause our or our industry’s actual results, levels of activity

or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking

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

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

The information contained

in this Quarterly Report 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 30, 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”).

Forward-looking statements

are projections in respect of future events or our future financial performance.

In some cases, you can identify forward-looking statements

by terminology such as “may,” “will,” “should,” “intend,” “expect,” “plan,”

“anticipate,” “believe,” “estimate,” “predict,” “potential,” or “continue”

or the negative of these terms or other comparable terminology.

These statements are only predictions and involve known and unknown risks,

uncertainties and other factors, which may cause our or our industry’s actual results, levels of activity or performance to be

materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements.

These risks and uncertainties include:

general economic and financial market conditions;

our ability to obtain additional

financing as necessary;

our ability to obtain additional financing as

our ability to continue operating as a going concern;

any adverse occurrence with respect to our business;

factors beyond our control;

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

filed with the SEC on March 31, 2026.

other factors beyond

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

the SEC on March 30, 2026.

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

7 unchanged sentences

publicly any forward-looking statements for any reason.

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

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.

The Company’s mission is

to become a catalyst for long-term economic growth in disadvantaged coal communities throughout Appalachia and develop long-term solutions

to environmental, social, and health challenges resulting from decades of coal mining.

Our strategy is to acquire large former coal mines

burdened by legacy permits and bond obligations, reclaim the former coal mines to unlock the underlying value of the land, and redevelop

the land to meet strategically essential future needs of the United States, including power generation, data centers, rare earth elements,

agriculture, housing, and health.

The Company owns approximately

30,000 acres of surface land and over 150,000 acres of mineral interest across Appalachia.

The Company provides resources and support for the reclamation of 79 permits on the Fola Mine and Premier-Cambrian Mine, which

carry asset retirement obligations estimated to be $80.0 million as of June 30, 2026.

The Company’s acquisition strategy is to

pay de minimis cash consideration to acquire former coal mine land, and instead, provide as consideration the resources and support necessary

to reclaim the property.

Once the coal mine has been reclaimed and the associated bonds and permits have been released, the underlying

land value is unlocked and can be redeveloped into new non-coal mining projects that have the potential to create significant long-term

value for the Company’s shareholders.

corporate headquarters is in Cleveland, Ohio, with additional office locations in Fola, West Virginia and Myra, Kentucky.

of August 12, 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.

Business Segments

two operating business segments are Range Land and Range Services.

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.

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.

Range Land acquires, reclaims, and redevelops Company-owned land for projects

that support strategically important U.S.

needs of the United States, including power generation, data centers, rare earth elements, agriculture,

housing, and health.

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 land redevelopment 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 transform former

coal mine lands into economically viable non-mining uses.

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 coal mine

land for redevelopment.

Services is the business segment that provides environmental and operational support services to reclaim and redevelop former coal

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.

activities include grading, recontouring, revegetation, erosion control, and other activities necessary to satisfy federal and state

post-mining land use standards.

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.

The Company operates in a large and growing marketplace for land development

projects that support power generation, data centers, rare earth elements, agriculture, housing, and health.

As a result, the Company

competes with a variety of operating businesses and investment funds pursuing similar business plans and operating strategies.

these competitors are larger and better capitalized than the Company.

Our Company competes based on several factors, including its ability to

obtain new bonds to acquire former coal mines, its geographic focus on Appalachia, its ability to recruit and retain key personnel, its

experienced team of strategic advisors, its investment in artificial intelligence, and its strategic relationships with key stakeholders.

Our ability to continue to compete effectively in our businesses will depend upon our ability to continue to attract capital and qualified

of Operations

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.

Months Ended June 30, 2026 and June 30, 2025

Revenue from continuing operations was $1,109,661 for the three months ended June 30, 2026 , compared to $1,106,089

for the prior-year period.

Operating loss increased primarily due higher non-cash depreciation, amortization, and accretion expenses.

the three months ended June 30, 2026, general and administrative expenses were $526,743, compared to $317,987 from continuing

operations incurred for the three months ended June 30, 2025, an increase of $208,756.

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 June 30, 2026 compared to the three months ended June 30, 2025, was attributable

to additional consulting, professional, and legal fees of $205,151 primarily incurred in connection with transactions closed during the period.

the three months ended June 30, 2026, the Company incurred net other expense in the amount of $33,968, compared to total net other expense

of $679,288 recorded for the three months ended June 30, 2025, a decrease of $645,320.

This decrease in net other expense is primarily

attributable to the deficiency claim on returned equipment of $560,402, a loss on sale of fixed assets of $34,012, and higher interest expense of $53,350 in

the quarter ended June 30, 2025, compared to the quarter ended June 30, 2026.

loss for the three months ended June 30, 2026 was $(1,861,830) compared to a net loss of $(1,028,795) for the three months ended June

30, 2025 (an increase of $833,035).

This increase is primarily due to increased non-cash expenses of depreciation, amortization and accretion

of $1,374,140 in the three months ended June 30, 2026, offset by the reduction of other non-operating expenses totaling $645,320 recognized

in the three months ended June 30, 2025.

Six Months Ended June 30, 2026 and June 30, 2025

Revenue from continuing operations for the six months ended June 30, 2026 was $2,025,041 primarily related to coal royalties and its operating

loss was ($3,627,067).

The operating loss is the result of non-cash depreciation, amortization, and accretion expenses of $4,554,624 incurred

in connection with continuing operations.

The Company’s revenue from continuing operations for the six months ended June 30, 2025

was $1,106,089 and its operating loss from continuing operations was $(910,278).

The operating loss was primarily the result of non-cash

depreciation, amortization, and accretion expenses of $1,020,072 incurred in connection with continuing operations.

For the six months ended June

30, 2026, general and administrative expenses were $991,548, compared to $757,899 from continuing operations incurred for the six months

ended June 30, 2025, an increase of $233,649.

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

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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.

The largest increase in general and administrative expenses for the six months ended June 30, 2026 compared

to the six months ended June 30, 2025, was attributable to additional accounting, professional, and legal fees of $215,297 primarily incurred in connection with transactions closed during the period.

For the six months ended June

30, 2026, the Company incurred net other expense in the amount of $68,453, compared to net other income of $4,975,635 recorded for the

six months ended June 30, 2025, an increase of $5,044,088.

This increase in net other expense is attributable to a gain on bargain purchase

of $5,602,484, other income of $86,071, and gains on sales of fixed assets of $25,668 offset by a deficiency claim on returned equipment

of $560,402 which were recorded in the six month period ended June 30, 2025 which did not occur in the period ended June 30, 2026.

Additionally,

interest expense was $68,453 in the six-month period ended June 30, 2026, compared to $178,186 in the six-month period ended June 30,

2025 (a reduction of $109,733).

Net loss for the six months ended June 30, 2026 was $(3,695,520) compared

to a net income of $4,070,832 for the six months ended June 30, 2025 (a decrease of $7,766,352).

This decrease is due to the nonrecurring

other income items recorded in the six month period ended June 30, 2025 discussed above which totaled $5,153,821 as well as increased

non-cash expenses of depreciation, amortization and accretion of $3,534,552 in the six-month period ended June 30, 2026 compared to the

six month period ended June 30, 2025.

and Capital Resources

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 $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) 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 March 31, 2026, the Company

of June 30, 2026, the Company had total current assets of $2,898,795, comprised of:

(i) cash of $646,009, (ii) accounts receivable

of $1,438,276, (iii) stock subscription receivable of $750,000, (iv) deposits of $15,115, and (v) prepaid expenses of $49,395.

of June 30, 2026, the Company had total current liabilities of $3,418,402, consisting of:

(i) accounts payable of $852,493, (ii)

accrued expenses of $2,165,909, and (iii) the current portion of long-term debt of $400,000.

As a result, as of June 30, 2026, the

Company had negative working capital of $(519,607).

As of December 31, 2025, the Company had negative working capital of

of June 30, 2026, the Company had long-term assets of $119,533,534, comprised of:

(i) land of $42,548,402, (ii) long-term intangible

assets of $76,242,451, (iii) note receivable of $658,240, and (iv) net property and equipment of $84,441.

As of June 30, 2026, the

Company had long-term liabilities of $82,119,368, comprised of:

(i) asset retirement obligations of $79,919,368, (ii) long-term

debt, net of current portion of $1,200,000, and (iii) long-term deposits 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 $77,032,874, 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.

In addition, our estimates of the amount of cash

necessary to fund our business may prove to be too low, and we could spend our available financial resources much faster than we currently

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.

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.

(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 deposits held of $1,000,000.

We expect royalty income to substantially offset our general operating expenses.

In addition, as of June 30, 2026,

we had cash of $646,009 and expected to receive additional proceeds under our stock purchase agreement, under which $7.5 million of future

share purchases are scheduled to occur in monthly installment of $750,000 through April 2027.

Based on these expected sources of liquidity,

we believe we will 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.

Our estimated cash needs for the 12-month period ending June 30, 2027 could

increase if we experience lower-than-anticipated revenues or higher-than-anticipated expenses in connection with our planned business.

In addition, our estimates of the cash required to operate our business may also prove to be too low, and we may spend our available financial

resources faster than expected.

If our existing liquidity sources are insufficient, we may need to raise additional capital.

unable to raise the additional capital when needed, we may be required to delay, scale back or eliminate some or all of our proposed operations,

which could materially and adversely affect our business, financial condition and results of operation.

Management has evaluated the Company’s liquidity and capital resources

for the twelve-month period from the date of issuance of these unaudited interim financial statements and concluded that no substantial

doubt exists about the Company’s ability to continue as a going concern based on the Company’s improved cash position and

anticipated cash flows.

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

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

For the three months ended March

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

the six months ended June 30, 2026, net cash used in operating activities was $(3,206,662), comprised of:

(i) a net loss of

(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

$3,695,520, (ii) non-cash depreciation of $30,934, (iii) non-cash amortization of long-term assets of $1,572,159, (iv) non-cash

accretion expense of $2,951,531, (v) non-cash vested stock option expense of $108,000, (vi) an increase in current assets of

$1,512,892, (vii) a decrease in current liabilities of $284,414, and (viii) cash paid for asset retirement obligations of

For the six months ended June 30, 2025, net cash used in operating activities was $(301,331), comprised of:

income of $4,070,832, (ii) non-cash depreciation of $125,043 (comprised of $63,771 from continuing operations and $61,272 from

discontinued operations), (iii) non-cash amortization of long-term assets of $364,167, (iv) non-cash accretion expense of $592,134,

(v) add back of the non-cash gain on removal of permitted sites of $2,444, (vi) add-back of the non-cash bargain purchase gain of

$5,602,484, (vii) a gain on asset disposals of $25,668, (viii) non-cash vested stock option expense of $168,980, (ix) non-cash

deficiency claim on returned equipment of $560,402, (x) a decrease in current assets of $103,925, (xi) a decrease in current

liabilities of $41,670, and (xii) cash paid for asset retirement obligations of $614,548.

Cash Provided By (Used In) Investing Activities

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,

the six months ended June 30, 2026, there was no net cash provided by or used in investing activities.

For the six months ended

June 30, 2025, net cash provided by investing activities was $304,500, comprised of $404,500 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.

the six months ended June 30, 2026, net cash provided by financing activities was $1,742,500, comprised of $1,942,500 from the sale

of our common stock, partially offset by the repayment of long-term debt of $200,000.

For the six months ended June 30, 2025, net cash used by financing activities was $(122,143), comprised

of $600,000 from the sale of our common stock, offset by the repayment of long-term debt of $522,143, and repayment on our line of credit of $200,000.

Sheet Arrangements

58 unchanged sentences

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.

the six months ended June 30, 2026.

of Estimates and Assumptions

14 unchanged sentences

growth rates.

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;

(2) identify the performance obligations in

the contract;

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;

(2) identify the performance obligations in the contract;

(3) determine the transaction price;

(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

(4) allocate the transaction

price to the performance obligations;

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

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.

All revenue is recognized at a point in time.

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 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

9 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-Q

Item 2. Management’s Discussion and Analysis