RNGE 10-K & 10-Q changes, risk factors and insider trading

We will need to raise additional funds in order to continue operating our business beyond the near term. Since inception, we have primarily funded our operations through equity and debt financings and, more recently, with operating profits. If we do 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 wouldwill increase our leverage relative to our earnings, if any, or to our equity capitalization, requiring us to pay additional interest expense. Obtaining commercial loans, assuming those loans would be available, would increase our liabilities and future cash commitments. We also may raise funds by selling some or all of our assets. 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.

During the year ended December 31, 2024,2025, the Company incurred a net loss of $9,798,083,$2,760,822 (excluding $21,928,500 bargain gain from acquisitions) and $1,591,426$123,028 of cash was usedgenerated by the Company’s operating activities. The Company estimates that it may not have sufficient funds to operate its business for 12 months given its cash balance as of December 31, 20242025 of approximately $2,110,171 against near term $167,286cash needs and revenues being generated by the Company’s operating business segments. The ability of the Company to continue as a going concern is dependent on the Company’s ability to fund future operations through additional financing from investors and/or lenders or through the sale of its securities or through development of its operations. No assurance can be given that any future financing or capital, if needed, will be available or, if available, will be on terms that are satisfactory to us. Due to these and other factors, there is substantial doubt of the Company’s ability to continue as a going concern.

If we become subject to environmental-relatedenvironmentally-related claims, we could incur significant cost and time to comply.

Our business, operations, and product and service offerings are subject to and affected by many federal, state, local and foreign environmental environmental laws and regulations, including those enacted in response to climate change concerns. Compliance with existing laws and regulations currently requires, and compliance with future laws is expected to continue to require, increasing operating and capital expenditures in order to conform to changing environmental standards and regulations, which could impact our business, financial condition and results of operations. Furthermore, environmental laws and regulations may authorize substantial fines and criminal sanctions to address violations, and may require the installation of costly pollution control equipment or operational changes to limit emissions or discharges. We also incur, and expect to continue to incur, costs to comply with current environmental laws and regulations. At the same time, the demand for our land reclamation and water treatment services is also is driven by federal and state laws, regulations and programs which create incentives for our services. Developments such as the adoption of new environmental laws and regulations, stricter enforcement of existing laws and regulations, violations by us of such laws and regulations, discovery of previously unknown or more extensive contamination, litigation involving environmental impacts, our inability to recover costs associated with any such developments, or the financial insolvency of other responsible parties could in the future have a material adverse effect on our financial condition and results of operations.

Although we maintain general liability and product liability, property and commercial insurance coverage in amounts which we consider prudent, there there can be no assurance that such insurance will prove adequate in the event of actual casualty losses or broader calamities such as as earthquakes, financial crises, economic depressions or other catastrophic events, which are either uninsurable or not economically economically insurable. Any such losses could have a material adverse effect on the performance of our services and on our financial condition condition and results of operations.

Our land reclamation and water treatment businessobligations isare subject to various statutory and regulatory requirements, which may increase in the the future.

Our land reclamation and water treatment businessobligations isare subject to various statutory and regulatory requirements. Our ability to continue to to hold licenses and permits required for our land reclamation and water treatment businessobligations isare subject to maintaining satisfactory compliance compliance with such requirements. We may incur significant costs to maintain compliance. Our ability to obtain modifications to our permits may be met with resistance, substantial statutory or regulatory requirements or may be too costly to achieve. These requirements may cause us to postpone or cancel our plans. Future statutory and regulatory requirements, including any legislation focused on combating climate climate change, may require significant cost to comply or may require changes to our products or services.

Our land reclamation and water treatment businessobligations isare subject to various federal, state, and local environmental requirements, including those those relating to emissions to air, discharged wastewater, storage, treatment, transport and disposal of regulated materials and cleanup of of coal mining and groundwater contamination. Efforts to conduct our operations in compliance with all applicable laws and regulations, including environmental rules and regulations, require programs to promote compliance, such as training employees and customers, purchasing health and safety equipment and in some cases hiring outside consultants and lawyers. Even with these programs, we face the risk of being subject to government enforcement proceedings, which can result in fines or other sanctions and require expenditures for remedial work on contaminated sites. The landscape of environmental regulation to which we are subject can change. Changes to environmental regulation often present new business opportunities for us; however, such changes may also result in increased operating and compliance costs. While we seek to monitor the landscape of environmental regulation, our ability to navigate is limited by our small size and resources, and any changes to such regulations may result in a material effect on our operations, cash flows or financial condition.

Our land reclamation and water treatment businessobligations requiresrequire permits to operate. Our inability to obtain permits in a timely manner could result result in substantial delays to our business. The issuance of permits is dependent on the applicable government agencies and is beyond our control and that of our customers. There can be no assurance that we and/or our customers will receive the permits necessary to operate, which which could substantially and adversely affect our operations and financial condition.

Based on the nature of our business, we currently depend and are likely to continue to depend on a limited number of customerscoal royalties for a significant portion of our revenues.

We currently have onetwo customercoal royalties in West Virginia that accountsaccount for all of our landroyalty reclamationrevenue. and water treatment business. The failure to obtain additional customerscoal royalties or the loss of all or a portion of the revenues attributable to any current or future customer agreements as a result of competition, creditworthiness, inability to negotiate extensions or replacement of contracts or otherwise could have a material adverse effect on our business, financial condition, results of operations and cash flows.

If our customersroyalty parties do not enter into, extend or honor their contracts with us, our profitability could be adversely affected. Our ability to to receive payment for production depends on the continued solvency and creditworthiness of our customerscounterparties and prospective customers.counterparties. If If any of our customers’counterparties’ creditworthiness suffers, we may bear an increased risk with respect to payment defaults. If customersa refusecounterparty refuses to make payments for which they have a contractual obligation, our revenues could be adversely affected.

We are implementing a multi-year strategic plan to develop an impact investing business engaged in abuilding number ofnumerous complimentary impactland investing businessesredevelopment projects in the United States which will permit us to explore synergistic growth opportunities utilizing our core competencies.

Apart from the risks associated with implementing the plan, the plan itself will expose us to other risks and uncertainties once implemented. Expanding our customercoal royalties base may expose us to customersoperators with different credit profiles than our current customers.operators. Expanding our geographic geographic base will subject us to risks associated with doing business in new regions where we will have to learn the local business and political environment. In addition, expanding into new technologies will expose us to new risks and uncertainties that are unknown to us now in addition to the risks and uncertainties that may be similar to those we now face. The success of the plan, once implemented, will depend, among other things, on our ability to manage these risks effectively. There is no assurance that the plan will enhance shareholder value value through long-term growth of the Company to the extent currently anticipated by our management or at all.

If any of our acquired companiessites sufferssuffer customer dissatisfaction orunanticipated performance problems,obligations, this could adversely affect our reputation and could materially and adversely affect our business, financial condition, future results and cash flow.

Concentration of customers,operators, specific projects and regions may expose us to heightened financial exposure.

The success of our impact investing strategy may be heavily dependent on one or a limited number of customers.operators. The financial performance of those businesses depends on the ability of each customeroperator to perform its respective obligations, possibly under a long-term agreement between the parties. Our financial results could be materially and adversely affected if any of our customersoperators fail to fulfill its contractual obligations and we are unable to find other customersoperators in the marketplace to purchaseperform at the same level of profitability.level. We cannot be assured that such performance failures by our customersoperators will not occur, or that if they do occur, such failures will not adversely affect the cash flows or profitability of our businesses. Moreover, there can be no assurance that we will be able to enter into replacement agreements on favorable terms or at all.

Our articles of incorporation authorize the issuance of up to 1,000,000,000 shares of common stock, of which, as of March 28,30, 2025,2026, 108,616,078113,316,078 shares were outstanding and 15,494,21016,343,376 shares were reserved for issuance under our stock incentive plan and other outstanding options or warrants. As a result, we have a large number of shares of common stock that are authorized for issuance that are not outstanding or otherwise reserved,reserved and could be issued at the discretion of our Board of Directors. We expect to seek additional financing in the future in order to fund our operations, and if we issue additional shares of common stock or securities convertible into common stock, our existing stockholders will be diluted. Our Board of Directors may also choose to issue shares of our common stock or securities convertible into or exercisable for our common stock to acquire assets or companies, for compensation to employees, officers, directors, consultants and advisors, to fund capital expenditures and to enter into strategic partnerships. Additionally, shares of common stock could be issued for anti-takeover purposes or to delay or prevent changes in control or management of the Company. Our Board of Directors may determine to issue shares of our common stock on terms that our stockholders do not believe enhance stockholder value, or that may ultimately have an adverse effect on our business or the trading price of our common stock. Further, the issuance of any such shares may cause further dilution to the ownership interest of our current stockholders, reduce the book value per share of our common stock and may contribute to a reduction in the market price for our common stock.

We are a public reporting company and are subject to the information and reporting requirements of the Exchange Act and other federal securities laws, including the obligations imposed by the Sarbanes-Oxley Act of 2002. The ongoing costs associated with preparing and filing annual, quarterly and current reports, proxy statements and other information with the SEC in the ordinary course, as well as preparing and filing audited financial statements, are significant and may cause unexpected increases in operational expenses. Our present management team is relatively small and may be unable to manage the ongoing costs and compliance effectively. It may be time consuming,time-consuming, difficult and costly for us to hire additional financial reporting, accounting and other finance staff in order to build and retain a management team with adequate expertise and experience in operating a public company.

Certain statements contained in this Annual Report are “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act,Act and are subject to the “safe harbor” created by these sections. Future filings with the SEC, future press releases and future oral or written statements made by us or with our approval, which are not statements of historical fact, may also contain forward-looking statements. Because such statements include risks and uncertainties, many of which are beyond our control, actual results may differ materially from those expressed or implied by such forward-looking statements. Some of the factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements can be found under the caption “Risk Factors” in Part I, Item 1A, and elsewhere in this Annual Report. The forward-looking statements speak only as of the date on which they are made, and we undertake no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they are made.

DuringIn the thirdyear quarterended ofDecember 31, 2024, the Company sold all of its common stock in its wholly-owned subsidiarysubsidiary, 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.

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

As referenced by ASC 350 “Intangibles- GoodwillIntangibles-Goodwill and otherOther” (“ASC 350”), management performs its annual test for goodwill at least annually or more frequently,frequently if impairment indicators arise. At December 31, 2024, it was determined that the goodwill 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.

The Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line basis over the vesting period. Recognition of compensation expenseexpenses for non-employees is in the same period and manner as if the Company had paid cash for the services.

The 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;: (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 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 foras the salesperformance ofobligation chemicalsis 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.satisfied.

The Company recognizesrecognized revenue from contracts for financial reporting purposes over time.time for operations included in discontinued operations. Progress toward completion of the Company’s contracts iswas measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is was used because management considersconsidered total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it iswas at least reasonably possible that the estimates used willcould have changechanged significantly within the near term.significantly.

In accordance with ASC 740, “Income Taxes” (“ASC 740”), 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 the tax bases of assets and liabilities and are measured using the currently enacted tax rates. Specifically, we measure gross deferred tax assets for deductible temporary differences and carryforwards, such as operating losses and tax credits, using the applicable enacted tax rates and apply the more likely than not measurement criterion. Further, at each interim reporting period, we estimate an effective income tax rate that is expected to be applicable for the full year. Significant judgment is involved regarding the application of income tax laws and regulations and when projecting the jurisdictional mix of income. Additionally, interpretation of tax laws, court decisions or other guidance provided by taxing authorities influences our estimate of the effective income tax rate.

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

During the year ended December 31, 2024,2025, we incurredcontinuing general and administrative expenses inwere the aggregate amount of $2,655,970$2,177,299 compared to $4,021,556 $1,677,326 incurred during the year ended December 31, 20232024 (aan decreaseincrease of $1,365,586$499,973). 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 decreasesincreases related to (i) theinsurance generalbond premiums of $383,158 and administrativeproperty expensestaxes incurredof by$140,549 in our Range Reclaim segment (not including Range NaturalLand segment related to the Fola Acquisition in March 2025; and (ii) increased stock option compensation expense of $1,072,984 $246,020 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; and (ii) the general and administrative expenses recorded for the Corporate segment decreased $621,005 during the year ended December 31, 20242025 compared to the year ended December 31, 2023,2024, whichoffset was primarily due toby a decrease of $321,070 in stock option compensation, a $102,601$274,162 decrease in insurance and employee benefit costs, and a decrease of $94,676 in legal and accounting fees.costs.

During 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).$465,936. All of these expenses were incurred byin connection with the Company’s (discontinued) Drug Development business segment.and Theare Company’spresented as discontinued operations. There were no research and development personnel expenses were $295,300 during the year ended December 31, 2024, compared to $274,912 forin the year ended December 31, 2023 (an increase of $20,388). These expenses are presented as discontinued operations.2025.

As of December 31, 2024,2025, we had total current assets of $4,293,046,$2,758,305, primarily comprised of cash of $167,286,$2,110,171, accounts receivable of $3,209,070,$617,929, and short-term deposits and equipmentprepaid held for saleaccounts of $733,613.$30,205. As of December 31, 2024,2025, we had total current liabilities of $3,543,609,$3,702,816, primarily consisting of the current portion of long-term debt in the amount of $789,719,$400,000, accounts payable of $1,136,907, and accrued expenses of $753,890, and lines of credit of $2,000,000. $2,165,909. As a result, on December 31, 2025, the Company had negative working capital of $944,511. On December 31, 2024, the Company had hadpositive working capital of $749,437. At December 31, 2023, the Company had working capital of $753,756.

As of December 31, 2024,2025, the Company had long-term assets of $1,899,669,$120,478,387, comprised of net equipment assets.assets of $115,375, land of $42,548,402 and long-term intangible assets of $77,814,610. As of December 31, 2024,2025, the Company had long-term liabilities of $1,814,701,$81,744,297, comprised of long-term debt, net of current portion.portion of $1,400,000, long term deposits held of $1,000,000, and asset retirement obligations of $79,344,297.

Based on the Company’s current corporate strategy, its net operating losses for the 12 months following December 31, 20242025 are expected expected to be approximately $500,000,$1,800,000, which is comprised of general operating expenses partially offset by revenue generated by the Range Reclaim and Range Security Land business segments.segment. Based on the Company’s cash balance of $167,286,$2,110,171, and its estimated net operating losses of approximately $500,000 $1,800,000 for the 12-month period ending December 31, 2025,2026, 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.

Our estimated total expenditures for the 12-month period ending December 31, 20252026 could increase 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 expect. If we cannot generate operating revenues or raise the capital necessary to continue to developexpanding 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.

Since inception, we have primarily funded our operations through equity and debt financings. Until such time as our operating businesses are are consistently cash flow positive, we expect to continue funding our operations, at least in part, through equity and debt financings. financings. 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 payincur additional interest expenses. Obtaining commercial loans, assuming those loans wouldare 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.

ForNet cash used in operating activities during the year ended December 31, 2024, netconsisted cash used in operating activities was $1,591,426 compared to net cash provided by operating activitiesprimarily 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$9,798,083, December 31, 2023, (ii) a decrease in accounts receivable (including unbilled and contract receivables) of $3,976,341,$4,069,297, (iii) an increase in the cash cash adjustment for asset disposals of $3,677,400, (iv) an increase in the cash adjustment for goodwill impairment of $751,421, (v) an an increase in the cash adjustment for equipment impairment of $738,913, and (vi) depreciation expenseof 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.

Net Cash Provided By FinancingInvesting Activities

Certain 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 statements are projections in respect of future events or our future financial performance. In some cases, you can identify forward-looking statements 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. statements. These risks and uncertainties include: general economic and financial market conditions; our ability to obtain additional financing as necessary; our ability to continue operating as a going concern; any adverse occurrence with respect to our business:; other 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 31,30, 2026.

Our corporate headquarters is located in Cleveland, Ohio, with additional office locations in Fola, West Virginia and Myra, Kentucky. As of MayAugust 15,12, 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. We strive to instill a corporate culture of honesty, integrity and respect in furtherance of our mission of doing well by doing good.

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 repurposingland for non-mining usesredevelopment 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 transitiontransform former coal mine lands tointo economically viable non-mining uses.

By leveraging 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 next-generation redevelopment.

Range Services is ourthe operating business segment providingthat provides environmental and operational support services to reclaim and repurpose Company-ownedredevelop former coal mine land into next-generation uses.land. 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.

The Company isoperates focused onin a large and growing marketplace for impactland investingdevelopment projects initiatives,that support power generation, data centers, rare earth elements, agriculture, housing, and therefore,health. facesAs competitiona fromresult, the Company competes with a variety of operating businesses and investment funds who are developingpursuing similar business plans and operating strategiesstrategies. to satisfy the increasing demandsMany of these types of investments in the marketplace. In many cases, these competitors are larger and better capitalized operating businessesthan andthe investment funds.Company.

Our Company competes based on the basis of a number ofseveral factors, including ourits 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 reclamation bond insurance companies, access to impact investing opportunities, access to mission-driven energy-transition capital, recruitment and retention of key personnel,stakeholders. 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 continue to attract capital and qualified employees.

Three Months Ended MarchJune 31,30, 2026 and MarchJune 31,30, 2025

For the three months ended March 31,June 30, 2026, general and administrative expenses were $464,804,$526,743, compared to $439,912$317,987 from continuing operations incurred for the three months ended MarchJune 31,30, 2025, an increase of $24,892.$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 MarchJune 31,30, 2026 compared to the three months ended MarchJune 31,30, 2025, was attributable to additional audit,consulting, professionalprofessional, and legal fees of $80,487, offset$205,151 byprimarily a decreaseincurred in laborconnection andwith benefittransactions costsclosed ofduring $55,595.the period.

For the three months ended March 31,June 30, 2026, the Company incurred net other expense in the amount of $34,485,$33,968, compared to total net other income expense of $5,654,923$679,288 recorded for the three months ended MarchJune 31,30, 2025, a decrease of $5,689,408.$645,320. This decrease in net other incomeexpense is primarily attributable to the gain deficiency claim on bargainreturned purchaseequipment of $5,602,484, other income of $83,627, and$560,402, a gainloss on sale of fixed assets of $59,680$34,012, and higher interest expense of $53,350 in the quarter ended June 30, 2025, compared to the quarter ended MarchJune 31, 2025, which did not occur in the period ended March 31,30, 2026.

Net loss for the three six months ended MarchJune 31,30, 2026 was $(1,833,6903,695,520) compared to a net income of $5,099,627$4,070,832 for the threesix months ended MarchJune 31,30, 2025 (a decrease of $6,933,317$7,766,352). This decrease is primarily due to the $5,602,484nonrecurring other gainincome onitems bargain purchase that was recognizedrecorded in the six month period ended MarchJune 31,30, 2025,2025 discussed above which totaled $5,153,821 as well as $1,404,341increased non-cash expenses of accretiondepreciation, expenseamortization and $781,736accretion of amortization expense recognized$3,534,552 in the six-month period ended March 31,June 2026,30, which2026 arosecompared as a result ofto the six acquisitionsmonth completedperiod inended June 30, 2025.

As of MarchJune 31,30, 2026, the Company had total current assets of $2,295,942,$2,898,795, comprised of: (i) cash of $1,283,121;$646,009, (ii) accounts receivable of $950,114;$1,438,276, (iii) stock subscription receivable of $750,000, (iv) deposits of $15,288; $15,115, and (ivv) prepaid expenses of $47,419.$49,395. As of MarchJune 31,30, 2026, the Company had total current liabilities of $4,008,741,$3,418,402, consisting of: (i) accounts payable of $1,342,832;$852,493, (ii) accrued expenses of $2,165,909, and (iii) the current portion of long-term debt of $500,000. $400,000. As a result, as of MarchJune 31,30, 2026, the Company had negative working capital of $(1,712,799519,607). As of December 31, 2025, the Company had negative working capital of $(944,511).

As 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 MarchJune 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, 2026,2025, the Company had long-term assets of $119,678,804,$120,478,387, comprised of: (i) land of $42,548,402, (ii) long-term intangible assets of $77,032,874,$77,814,610, 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 portionportion, of $1,400,000, and (iii) long-term depositdeposits held of $1,000,000.

Based on the Company’s current strategy, weWe expect royalty income from Range Land to substantially offset our general operating expenses. However,In withaddition, a current cash balanceas of $1,283,121,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 may notwill 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 total net cash flowneeds for the 12-month period ending MarchJune 31,30, 2027 could decrease increase if we encounterexperience unanticipated lowerlower-than-anticipated revenues and higheror higher-than-anticipated expenses in connection with operating our businessplanned as presently planned. business. In addition, our estimates of the amountcash of cash necessaryrequired to fundoperate our business may also prove to be too low, and we couldmay spend our available financial resources much faster than expected. If our existing liquidity sources are insufficient, we currently expect.may need to raise additional capital. If we cannotare unable to raise the additional capital necessarywhen to continue to develop our business,needed, we willmay be forcedrequired to delay, scale back or eliminate some or all of our proposed operations.operations, which Ifcould anymaterially and adversely affect our business, financial condition and results of these were to occur, there is a substantial risk that our business would fail.operation.

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 fees, and other related costs.

For the threesix months ended March 31,June 30, 2026, net cash used in operating activities was $(982,0503,206,662), comprised of: (i) a net loss of $1,833,690; $3,695,520, (ii) non-cash depreciation of $17,847;$30,934, (iii) non-cash amortization of long-term assets of $781,736;$1,572,159, (iv) non-cash accretion expense of $1,404,341;$2,951,531, (v) annon-cash increase invested currentstock assetsoption expense of $364,687;$108,000, (vvi) an increase in current assets of $1,512,892, (vii) a decrease in current liabilities of $205,925;$284,414, and (viviii) cash paid for asset retirement obligations of of $1,193,522.$2,376,460. For the threesix months ended MarchJune 31,30, 2025, net cash used in operating activities was $(428,101301,331), comprised of: (i) net income of $5,099,627;$4,070,832, (ii) non-cash depreciation of $84,783$125,043 (comprised of $54,147$63,771 from continuing operations and $30,636$61,272 from discontinued 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; $5,602,484, (ivvii) a gain on asset disposals of $59,680;$25,668, (vviii) non-cash vested stock option expense of $4,490;$168,980, (viix) annon-cash deficiency increaseclaim inon currentreturned assetsequipment of $206,256; and$560,402, (viix) a decrease in current assets of $103,925, (xi) a decrease in current liabilities of $161,093. $41,670, and (xii) cash paid for asset retirement obligations of $614,548.

For the threesix months ended MarchJune 31,30, 2026, there was no net cash provided by or used in investing activities. For the threesix months ended MarchJune 31,30, 2025, net cash provided by investing activities was $280,000,$304,500, comprised of $380,000$404,500 of proceeds from the sale of equipment, partially offset by $100,000 for equipment purchases.

On 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 threesix months ended MarchJune 31,30, 2026.