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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date
of report (Date of earliest event reported): May 15, 2024
RANGE
IMPACT, INC.
(Exact
name of registrant as specified in its charter)
| Nevada |
|
000-53832 |
|
75-3268988 |
| (State
or other jurisdiction |
|
(Commission |
|
(I.R.S.
Employer |
| of
incorporation) |
|
File
Number) |
|
Identification
No.) |
| 200
Park Avenue, Suite 400 |
|
|
| Cleveland,
Ohio |
|
44122 |
| (Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (216) 304-6556
Not
Applicable
(Former
name or former address, if changed since last report.)
Securities
registered pursuant to Section 12(b) of the Act:
| Title
of each class: |
|
Trading
Symbol |
|
Name
of each exchange on which registered: |
| Common
Stock |
|
RNGE |
|
OTC
Markets |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions (see General Instruction A.2. below):
| |
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| |
|
|
| |
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| |
|
|
| |
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
8.01 Other Events.
Press
Release
On
May 15, 2024, the Company issued a press release reporting its financial results for the first quarter of 2024.
A
copy of the press release is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The
information in this Item 8.01 (including Exhibit 99.1) is furnished pursuant to Item 8.01 and shall not be deemed to be “filed”
for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.
This Current Report will not be deemed an admission as to the materiality of any information in this Current Report that is required
to be disclosed solely by Regulation FD.
Portions
of this Current Report may constitute “forward-looking statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 that are subject to risks and uncertainties. Although the Company believes any such statements are based on reasonable
assumptions, there is no assurance that the actual outcomes will not be materially different due to a number of factors. Any such statements
are made in reliance on the “safe harbor” protections provided under the Private Securities Litigation Reform Act of 1995.
Additional information about significant risks that may impact the Company is contained in the Company’s filings with the Securities
and Exchange Commission and may be accessed at www.sec.gov. The Company is under no obligation, and expressly disclaims any obligation,
to update or alter its forward-looking statements, whether as a result of new information, future events or otherwise.
Item
9.01 Financial Statements and Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its
behalf by the undersigned hereunto duly authorized.
| |
RANGE
IMPACT, INC. |
| |
|
| Dated:
May 15, 2024 |
By: |
/s/
Michael Cavanaugh |
| |
Name:
|
Michael
Cavanaugh |
| |
Title: |
Chief
Executive Officer |
EXHIBIT
INDEX
Exhibit 99.1
Range
Impact Reports 1Q 2024 Financial Results
CLEVELAND,
OHIO – (May 15, 2024) – Range Impact, Inc. (OTC: RNGE) (“Range Impact”), a public impact investing company
dedicated to acquiring, reclaiming and repurposing mine sites in Appalachia, reported its results for the first quarter ended March 31,
2024.
Range
Impact’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 was filed with the Securities and Exchange Commission
on May 15, 2024 and is available for viewing at https://rangeimpact.com/investors/. Since the information provided in this press release
is limited to selected financial and operational information, shareholders and interested parties are encouraged to read Range Impact’s
full Form 10-Q available on its website.
Michael
Cavanaugh, Range Impact’s CEO, stated, “Our first quarter sales compare favorably to our first quarter sales last year, and
we continue to invest in building our team and corporate infrastructure to support the anticipated future growth across our platform
of complementary businesses.” Cavanaugh added, “Our entire team continues to execute at a high-level our business strategy
of acquiring, reclaiming and repurposing mine sites to create economic activity in hard-hit communities throughout Appalachia. I continue
to be inspired by our team’s daily commitment and deep dedication to rehabilitating disturbed land and improving the lives of others.”
First
Quarter 2024 Financial Highlights (on a consolidated basis and for each business segment)
| ○ | Range
Impact | Consolidated results of all business segments | Consolidated revenue
of $3,909,893 in 1Q 2024 compares favorably to consolidated revenue of $3,014,887 in 1Q 2023,
an increase of $895,006. Consolidated revenue of $20,241,312 for the last 12-month (“LTM”)
period ending March 31, 2024 compares favorably to the revenue of $7,847,165 for the LTM
period ending March 31, 2023, an increase of $12,394,147. Consolidated Adjusted EBITDA of
$67,034 in 1Q 2024 compares unfavorably to Consolidated Adjusted EBITDA of $170,961 in 1Q
2023, a decrease of $103,927. Consolidated Adjusted EBITDA of $3,825,998 for the LTM period
ending March 31, 2024 compares favorably to the Consolidated Adjusted EBITDA of $412,432
for the LTM period ending March 31, 2023, an increase of $3,413,566. |
| ○ | Range
Reclaim | Performs land reclamation and repurposing on mine sites | Revenue
of $1,505,983 in 1Q 2024 compares unfavorably to revenue of $2,988,487 in 1Q 2023, a decrease
of $1,482,504. Revenue of $17,179,607 for the LTM period ending March 31, 2024 compares favorably
to the revenue of $7,820,765 for the LTM period ending March 31, 2023, an increase of $9,358,842.
Adjusted EBITDA of ($318,489) in 1Q 2024 compares unfavorably to Adjusted EBITDA of $582,149
in 1Q 2023, a decrease of $900,638. Adjusted EBITDA of $4,653,572 for the LTM period ending
March 31, 2024 compares favorably to the Adjusted EBITDA of $1,869,275 for the LTM period
ending March 31, 2023, an increase of $2,784,297. Please note that Range Minerals is treated
as a separate business segment from Range Reclaim beginning in 1Q 2024, so period-over-period
comparisons of financial performance between Range Reclaim and Range Minerals should be reviewed
and evaluated with this refinement of business segments in mind. |
| ○ | Range
Minerals | Performs mining and reclamation on mine sites | Revenue of $1,982,115
in 1Q 2024 compares favorably to revenue of $0 in 1Q 2023, an increase of $1,982,115. Revenue
of $1,982,115 for the LTM period ending March 31, 2024 compares favorably to the revenue
of $0 for the LTM period ending March 31, 2023, an increase of $1,982,115. Adjusted EBITDA
of $699,267 in 1Q 2024 compares favorably to Adjusted EBITDA of $0 in 1Q 2023, an increase
of $699,267. Adjusted EBITDA of $699,267 for the LTM period ending March 31, 2024 compares
favorably to the Adjusted EBITDA of $0 for the LTM period ending March 31, 2023, an increase
of $699,267. Please note that Range Minerals is treated as a separate business segment
from Range Reclaim beginning in 1Q 2024, so period-over-period comparisons of financial performance
between Range Reclaim and Range Minerals should be reviewed and evaluated with this refinement
of business segments in mind. |
| ○ | Range
Water | Develops water treatment and agricultural solutions for mine sites |
Revenue of $0 for 1Q 2024 and 1Q 2023, and $0 for the LTM periods ending March 31, 2024
and March 31, 2023, since Range Water is a pre-revenue innovative water and agricultural
solutions business. Adjusted EBITDA of ($32,942) for 1Q 2024 compares unfavorably to Adjusted
EBITDA of ($19,164) for 1Q 2023, a decrease of $13,778. Adjusted EBITDA of ($81,912) for
the LTM period ending March 31, 2024 compares unfavorably to the Adjusted EBITDA of ($19,164)
for the LTM period ending March 31, 2023, a decrease of $62,748. |
| ○ | Range
Security | Provides security services on mine sites being reclaimed | Revenue
of $421,795 for 1Q 2024 compares favorably to revenue of $26,400 for 1Q 2023, an increase
of $395,395. Revenue of $1,079,590 for the LTM period ending March 31, 2024 compares favorably
to revenue of $26,400 for the LTM period ending March 31, 2023, an increase of $1,053,190.
Adjusted EBITDA of $235,130 for 1Q 2024 compares favorably to Adjusted EBITDA of ($15,677)
for 1Q 2023, an increase of $250,807. Adjusted EBITDA of $530,680 for the LTM period ending
March 31, 2024 compares favorably to the Adjusted EBITDA of ($15,677) for the LTM period
ending March 31, 2023, an increase of $546,357. |
| ○ | Range
Land | Owns, reclaims and repurposes mine sites for non-fossil fuel uses | Revenue
of $0 in 1Q 2024 and 1Q 2023, and $0 in the LTM periods ending March 31, 2024 and March 31,
2023, since Range Land is in the early stages of repurposing and redeveloping land acquired
in August 2023. Adjusted EBITDA of $0 for 1Q 2024 and 1Q 2023, and ($13,134) for the LTM
period ending March 31, 2024 compares favorably to the Adjusted EBITDA of $0 for the LTM
period ending March 31, 2023, a decrease of $13,134. |
| ○ | Graphium
Biosciences | Glycosylated cannabinoid drug development business | Revenue
of $0 for 1Q 2024 and 1Q 2023, and $0 for the LTM periods ending March 31, 2024 and March
31, 2023, since Graphium Biosciences is a pre-revenue drug development business. Adjusted
EBITDA of ($131,640) in 1Q 2024 compares unfavorably to Adjusted EBITDA of ($106,177) in
1Q 2023, a decrease of $25,463. Adjusted EBITDA of ($484,352) for the LTM period ending March
31, 2024 compares unfavorably to the Adjusted EBITDA of ($451,250) for the LTM period ending
March 31, 2023, a decrease of $33,102. The period-over-period increase in expenses is primarily
due to the engagement of an investment banking firm to assist with a capital raise initiated
in 1Q 2024 to fund the anticipated divestiture of Graphium Biosciences. |
| ○ | Corporate
| Range Impact corporate overhead and administrative expenses | Adjusted
EBITDA of ($384,292) for 1Q 2024 compares unfavorably to Adjusted EBITDA of ($270,170) for
1Q 2023, a decrease of $114,122. Adjusted EBITDA of ($1,478,123) for the LTM period ending
March 31, 2024 compares unfavorably to the Adjusted EBITDA of ($970,752) for the LTM period
ending March 31, 2023, a decrease of $507,371. The period-over-period increase in corporate
overhead and administrative expenses is primarily due to the investment in additional corporate
professionals to support the current and anticipated growth of Range Impact. |
First
Quarter 2024 Consolidated Financial Highlights
| | |
1Q 2024 | | |
1Q 2023 | | |
1Q 2024 LTM | | |
1Q 2023 LTM | |
| | |
| | |
| | |
| | |
| |
| Revenue | |
$ | 3,909,893 | | |
$ | 3,014,887 | | |
$ | 20,241,312 | | |
$ | 7,847,165 | |
| Cost of Goods Sold | |
| 3,428,348 | | |
| 2,365,885 | | |
| 14,173,960 | | |
| 5,804,911 | |
| Gross Profit | |
| 481,545 | | |
| 649,002 | | |
| 6,067,352 | | |
| 2,042,254 | |
| Operating Expenses | |
| 1,075,541 | | |
| 832,225 | | |
| 4,723,761 | | |
| 2,882,239 | |
| Operating Income (Loss) | |
| (593,996 | ) | |
| (183,223 | ) | |
| 1,343,591 | | |
| (839,985 | ) |
| Other Income | |
| (157,153 | ) | |
| (43,637 | ) | |
| 1,263,175 | | |
| (11,077 | ) |
| Net Income (Loss) | |
| (751,149 | ) | |
| (226,860 | ) | |
| 2,606,766 | | |
| (851,062 | ) |
| Non-Cash Expenses | |
| 642,925 | | |
| 354,184 | | |
| 581,694 | | |
| 1,142,987 | |
| Working Capital Changes | |
| (1,004,821 | ) | |
| 548,472 | | |
| (4,538,664 | ) | |
| 174,274 | |
| Cash Flow from Operations | |
$ | (1,113,045 | ) | |
$ | 675,796 | | |
$ | (1,350,204 | ) | |
$ | 466,199 | |
| Gross Profit Margin % | |
| 12.3 | % | |
| 21.5 | % | |
| 30.0 | % | |
| 26.0 | % |
| Operating Profit Margin % | |
| -15.2 | % | |
| -6.1 | % | |
| 6.6 | % | |
| -10.7 | % |
| Net Income Margin % | |
| -19.2 | % | |
| -7.5 | % | |
| 12.9 | % | |
| -10.8 | % |
| Cash Flow from Operations Margin % | |
| -28.5 | % | |
| 22.4 | % | |
| -6.7 | % | |
| 5.9 | % |
First
Quarter 2024 Segmented Financial Highlights
| | |
1Q 2024 | | |
1Q 2023 | | |
1Q 2024 LTM | | |
1Q 2023 LTM | |
| Revenue | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | 1,505,983 | | |
$ | 2,988,487 | | |
$ | 17,179,607 | | |
$ | 7,820,765 | |
| Range Minerals | |
| 1,982,115 | | |
| - | | |
| 1,982,115 | | |
| - | |
| Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Security | |
| 421,795 | | |
| 26,400 | | |
| 1,079,590 | | |
| 26,400 | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| Total Revenue | |
$ | 3,909,893 | | |
$ | 3,014,887 | | |
$ | 20,241,312 | | |
$ | 7,847,165 | |
| | |
| | | |
| | | |
| | | |
| | |
| Gross Profit | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | (579,683 | ) | |
$ | 638,579 | | |
$ | 4,634,859 | | |
$ | 2,031,831 | |
| Range Minerals | |
| 799,503 | | |
| - | | |
| 799,503 | | |
| - | |
| Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Security | |
| 261,725 | | |
| 10,423 | | |
| 632,990 | | |
| 10,423 | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| Total Gross Profit | |
$ | 481,545 | | |
$ | 649,002 | | |
$ | 6,067,352 | | |
$ | 2,042,254 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net Income (Loss) | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | (1,046,372 | ) | |
$ | 186,643 | | |
$ | 2,174,531 | | |
$ | 1,023,829 | |
| Range Minerals | |
| 699,267 | | |
| - | | |
| 699,267 | | |
| - | |
| Range Water | |
| (33,582 | ) | |
| (19,164 | ) | |
| (84,258 | ) | |
| (19,164 | ) |
| Range Security | |
| 232,240 | | |
| (17,105 | ) | |
| 518,893 | | |
| (17,105 | ) |
| Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
| Graphium Biosciences | |
| (131,640 | ) | |
| (106,177 | ) | |
| (484,352 | ) | |
| (451,250 | ) |
| Corporate | |
| (471,062 | ) | |
| (271,057 | ) | |
| (204,181 | ) | |
| (1,387,372 | ) |
| Total Net Income (Loss) | |
$ | (751,149 | ) | |
$ | (226,860 | ) | |
$ | 2,606,766 | | |
$ | (851,062 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | (318,489 | ) | |
$ | 582,149 | | |
$ | 4,653,572 | | |
$ | 1,869,275 | |
| Range Minerals | |
| 699,267 | | |
| - | | |
| 699,267 | | |
| - | |
| Range Water | |
| (32,942 | ) | |
| (19,164 | ) | |
| (81,912 | ) | |
| (19,164 | ) |
| Range Security | |
| 235,130 | | |
| (15,677 | ) | |
| 530,680 | | |
| (15,677 | ) |
| Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
| Graphium Biosciences | |
| (131,640 | ) | |
| (106,177 | ) | |
| (484,352 | ) | |
| (451,250 | ) |
| Corporate | |
| (384,292 | ) | |
| (270,170 | ) | |
| (1,478,123 | ) | |
| (970,752 | ) |
| Total Adjusted EBITDA | |
$ | 67,034 | | |
$ | 170,961 | | |
$ | 3,825,998 | | |
$ | 412,432 | |
First
Quarter 2024 Reconciliation of Net Income (Loss) to Adjusted EBITDA
| | |
1Q 2024 | | |
1Q 2023 | | |
1Q 2024 LTM | | |
1Q 2023 LTM | |
| Net Income (Loss) | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | (1,046,372 | ) | |
$ | 186,643 | | |
$ | 2,174,531 | | |
$ | 1,023,829 | |
| Range Minerals | |
| 699,267 | | |
| - | | |
| 699,267 | | |
| - | |
| Range Water | |
| (33,582 | ) | |
| (19,164 | ) | |
| (84,258 | ) | |
| (19,164 | ) |
| Range Security | |
| 232,240 | | |
| (17,105 | ) | |
| 518,893 | | |
| (17,105 | ) |
| Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
| Graphium Biosciences | |
| (131,640 | ) | |
| (106,177 | ) | |
| (484,352 | ) | |
| (451,250 | ) |
| Corporate | |
| (471,062 | ) | |
| (271,057 | ) | |
| (204,181 | ) | |
| (1,387,372 | ) |
| Total Net Income (Loss) | |
$ | (751,149 | ) | |
$ | (226,860 | ) | |
$ | 2,606,766 | | |
$ | (851,062 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Interest | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | 92,978 | | |
$ | 42,750 | | |
$ | 427,126 | | |
$ | 97,147 | |
| Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Security | |
| - | | |
| - | | |
| 224 | | |
| - | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| 82,280 | | |
| 887 | | |
| 210,188 | | |
| 23,360 | |
| Total Interest | |
$ | 175,258 | | |
$ | 43,637 | | |
$ | 637,538 | | |
$ | 120,507 | |
| | |
| | | |
| | | |
| | | |
| | |
| Taxes | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Security | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| Total Taxes | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| | |
| | | |
| | | |
| | | |
| | |
| Depreciation | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | 634,905 | | |
$ | 352,756 | | |
$ | 2,051,915 | | |
$ | 748,299 | |
| Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Water | |
| 640 | | |
| - | | |
| 2,346 | | |
| - | |
| Range Security | |
| 2,890 | | |
| 1,428 | | |
| 11,563 | | |
| 1,428 | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| - | | |
| - | | |
| - | | |
| - | |
| Total Depreciation | |
$ | 638,435 | | |
$ | 354,184 | | |
$ | 2,065,824 | | |
$ | 749,727 | |
| | |
| | | |
| | | |
| | | |
| | |
| Non-Cash Charges | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | - | | |
$ | - | | |
$ | - | | |
$ | - | |
| Range Minerals | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Water | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Security | |
| - | | |
| - | | |
| - | | |
| - | |
| Range Land | |
| - | | |
| - | | |
| - | | |
| - | |
| Graphium Biosciences | |
| - | | |
| - | | |
| - | | |
| - | |
| Corporate | |
| 4,490 | | |
| - | | |
| (1,484,130 | ) | |
| 393,260 | |
| Total Non-Cash Charges | |
$ | 4,490 | | |
$ | - | | |
$ | (1,484,130 | ) | |
$ | 393,260 | |
| | |
| | | |
| | | |
| | | |
| | |
| Adjusted EBITDA | |
| | | |
| | | |
| | | |
| | |
| Range Reclaim | |
$ | (318,489 | ) | |
$ | 582,149 | | |
$ | 4,653,572 | | |
$ | 1,869,275 | |
| Range Minerals | |
| 699,267 | | |
| - | | |
| 699,267 | | |
| - | |
| Range Water | |
| (32,942 | ) | |
| (19,164 | ) | |
| (81,912 | ) | |
| (19,164 | ) |
| Range Security | |
| 235,130 | | |
| (15,677 | ) | |
| 530,680 | | |
| (15,677 | ) |
| Range Land | |
| - | | |
| - | | |
| (13,134 | ) | |
| - | |
| Graphium Biosciences | |
| (131,640 | ) | |
| (106,177 | ) | |
| (484,352 | ) | |
| (451,250 | ) |
| Corporate | |
| (384,292 | ) | |
| (270,170 | ) | |
| (1,478,123 | ) | |
| (970,752 | ) |
| Total Adjusted EBITDA | |
$ | 67,034 | | |
$ | 170,961 | | |
$ | 3,825,998 | | |
$ | 412,432 | |
Non-GAAP
Financial Information
In
addition to our results under Generally Accepted Accounting Principles (“GAAP”), in this release we also present certain
other supplemental measures of financial performance that are not required by or presented in accordance with GAAP, including Adjusted
Earnings Before Interest Taxes Depreciation and Amortization (“Adjusted EBITDA”). We calculate Adjusted EBITDA as net income
(loss) before interest expense, income tax expense, depreciation and amortization, non-cash stock-based compensation expenses related
to restricted stock grants and stock options issued to directors and employees and consultants, and any one-time non-recurring items.
Adjusted EBITDA is one of the primary metrics used by management to evaluate our financial performance, analyze the effectiveness of
our business strategies, and make budgeting and capital allocation decisions. However, this non-GAAP measure does have certain limitations
and should not be considered as an alternative to net income (loss), earnings (loss) per share or any other performance measures derived
in accordance with GAAP.
About
Range Impact, Inc.
Headquartered
in Cleveland, Ohio, Range Impact is a public company (OTC: RNGE) dedicated to improving the health and wellness of people and the planet
through a novel and innovative approach to impact investing. Range Impact owns and operates several complementary operating businesses
focused on developing long-term solutions to environmental, social, and health challenges, with a particular focus on acquiring, reclaiming
and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. Range Impact takes
an opportunistic approach to impact investing by leveraging its competitive advantages and looking at solving old problems in new ways.
Range Impact seeks to thoughtfully allocate its capital into strategic opportunities that are expected to make a positive impact on the
people-planet ecosystem and generate strong investment returns for its shareholders.
Notice
Regarding Forward-Looking Statements
This
press release contains “forward-looking statements” as that term is defined in Section 27(a) of the Securities Act of 1933,
as amended and Section 21(e) of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely
historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the
future. Although we believe that these statements are based on reasonable assumptions, they are subject to numerous factors that could
cause actual outcomes and results to be materially different from those indicated in such statements. Such factors include, among others,
the inherent uncertainties associated with new projects and development stage companies, timing of clinical trials and product development,
business strategy and new lines of business. These forward-looking statements are made as of the date of this press release, and we assume
no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected
in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release
are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors
should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report
on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with
the Securities and Exchange Commission.
Range
Impact, Inc.
Investor
Relations: (216) 304-6556 and ir@rangeimpact.com
Corporate
Website: www.rangeimpact.com
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