Cover
Cover - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 13, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q/A | |
Amendment Flag | true | |
Amendment Description | Range Impact, Inc. (the “Company”) is filing this amendment (the “Form 10-Q/A”) to the Company’s Quarterly Report for the quarter ended June 30, 2024 (the “Form 10-Q”), originally filed with the U.S. Securities and Exchange Commission (the “SEC”) on August 14, 2024, in order to add Mine Safety Disclosures as required by Item 104 of Regulation S-K and set forth below in Part II, Item 4 (Mine Safety Disclosures).Although this Form 10-Q/A amends and restates the original Form 10-Q in its entirety, except for the information described above, this Form 10-Q/A does not reflect events occurring after the filing of the original Form 10-Q and unless otherwise stated herein, the information contained in the Form 10-Q/A is current only as of the date of the original filing. Except as described above, no other changes have been made to the original Form 10-Q. Accordingly, this form should be read in conjunction with the Company’s filings made with the U.S. Securities and Exchange Commission subsequent to the filing of the original Form 10-Q. Background of Amendment In its Amendment No. 1 to Form 10-K filed on August 8, 2024, the Company disclosed that no disclosures under Item 104 (Mine Safety Disclosures) would be required in filings for periods after such date. On October 3, 2024, the Company received a letter from the staff of the SEC’s Division of Corporation Finance stating that disclosures in the Company’s Form 10-Q indicated that the Company was continuing to conduct mining activities. This Form 10-Q/A is being filed to add Mine Safety Disclosures as required by Item 104 of Regulation S-K and set forth below in Part II, Item 4 (Mine Safety Disclosures). In accordance with applicable SEC rules, this Form 10-Q/A includes an updated signature page and certifications of our Chief Executive Officer and Chief Financial Officer in Exhibits 31.1, 31.2, 32.1 and 32.2 as required by Rule 12b-15. | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2024 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2024 | |
Current Fiscal Year End Date | --12-31 | |
Entity File Number | 000-53832 | |
Entity Registrant Name | RANGE IMPACT, INC. | |
Entity Central Index Key | 0001438943 | |
Entity Tax Identification Number | 75-3268988 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 200 Park Avenue | |
Entity Address, Address Line Two | Suite 400 | |
Entity Address, City or Town | Cleveland | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44122 | |
City Area Code | (216) | |
Local Phone Number | 304-6556 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | RNGE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 104,727,189 | |
Entity Listing, Par Value Per Share | $ 0.001 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Current Assets | ||
Cash and cash equivalents | $ 123,713 | $ 2,176,800 |
Accounts receivable | 4,388,785 | 7,185,411 |
Contract assets | 1,374,962 | 247,310 |
Inventory | 725,429 | |
Prepaid expenses | 42,204 | 115,324 |
Total current assets | 6,655,093 | 9,724,845 |
Long-term Assets | ||
Property and equipment, net of accumulated depreciation | 12,025,030 | 13,301,902 |
Goodwill | 751,421 | 751,421 |
Deposits | 9,976 | 9,976 |
Total long-term assets | 12,786,427 | 14,063,299 |
Total Assets | 19,441,520 | 23,788,144 |
Current Liabilities | ||
Accounts payable | 2,036,868 | 3,714,014 |
Line of credit | 2,200,000 | 2,400,000 |
Current portion of long-term debt | 2,617,444 | 2,755,792 |
Deposits | 150,000 | |
Accrued expenses | 54,402 | 101,283 |
Total current liabilities | 7,058,714 | 8,971,089 |
Long-term Liabilities | ||
Long-term debt, net of current portion | 4,198,819 | 5,250,027 |
Total long-term debt | 4,198,819 | 5,250,027 |
Total liabilities | 11,257,533 | 14,221,116 |
Stockholders’ Equity | ||
Common stock, par value $0.001 per share; 1,000,000,000 shares authorized; 104,727,189 and 101,023,485 shares issued and outstanding, respectively | 104,727 | 101,023 |
Additional paid-in-capital | 57,600,580 | 56,547,804 |
Accumulated deficit | (49,521,320) | (47,081,799) |
Total stockholders’ equity | 8,183,987 | 9,567,028 |
Total Liabilities and Stockholders’ Equity | $ 19,441,520 | $ 23,788,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 104,727,189 | 101,023,485 |
Common stock, shares outstanding | 104,727,189 | 101,023,485 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Statement [Abstract] | ||||
Revenues | $ 2,349,738 | $ 3,998,267 | $ 6,259,631 | $ 7,013,154 |
Cost of services | 2,498,667 | 3,153,166 | 6,389,706 | 5,519,051 |
Gross profit (loss) | (148,929) | 845,101 | (130,075) | 1,494,103 |
Operating expenses: | ||||
General and administrative | 697,699 | 635,898 | 1,641,600 | 1,361,946 |
Research and development | 157,278 | 107,444 | 288,918 | 213,621 |
Total operating expenses | 854,977 | 743,342 | 1,930,518 | 1,575,567 |
Profit (loss) from operations | (1,003,906) | 101,759 | (2,060,593) | (81,464) |
Other income (expense): | ||||
Other income | 485 | 18,590 | ||
Interest expense | (165,660) | (64,997) | (340,918) | (108,634) |
Total other income (expense) | (165,175) | (64,997) | (322,328) | (108,634) |
Income tax expense | 56,600 | 56,600 | ||
Net loss | $ (1,225,681) | $ 36,762 | $ (2,439,521) | $ (190,098) |
Net loss per share - basic | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Net loss per share - diluted | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Weighted average number of common shares outstanding - basic | 101,552,586 | 80,519,745 | 101,288,035 | 79,324,917 |
Weighted average number of common shares outstanding - diluted | 101,552,586 | 80,519,745 | 101,288,035 | 79,324,917 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance at Dec. 31, 2022 | $ 78,117 | $ 53,074,180 | $ (50,212,854) | $ 2,939,443 |
Balance, shares at Dec. 31, 2022 | 78,116,814 | |||
Shares issued for cash | $ 2,733 | 407,267 | 410,000 | |
Shares issued for cash, shares | 2,733,334 | |||
Net income (loss) | (190,098) | (190,098) | ||
Fair value of vested stock options | 35,920 | 35,920 | ||
Balance at Jun. 30, 2023 | $ 80,850 | 53,517,367 | (50,402,952) | 3,195,265 |
Balance, shares at Jun. 30, 2023 | 80,850,148 | |||
Balance at Mar. 31, 2023 | $ 78,117 | 53,074,180 | (50,439,714) | 2,712,583 |
Balance, shares at Mar. 31, 2023 | 78,116,814 | |||
Shares issued for cash | $ 2,733 | 407,267 | 410,000 | |
Shares issued for cash, shares | 2,733,334 | |||
Net income (loss) | 36,762 | 36,762 | ||
Fair value of vested stock options | 35,920 | 35,920 | ||
Balance at Jun. 30, 2023 | $ 80,850 | 53,517,367 | (50,402,952) | 3,195,265 |
Balance, shares at Jun. 30, 2023 | 80,850,148 | |||
Balance at Dec. 31, 2023 | $ 101,023 | 56,547,804 | (47,081,799) | 9,567,028 |
Balance, shares at Dec. 31, 2023 | 101,023,485 | |||
Shares issued for cash | $ 3,704 | 996,296 | 1,000,000 | |
Shares issued for cash, shares | 3,703,704 | |||
Stock based compensation | 56,480 | 56,480 | ||
Net income (loss) | (2,439,521) | (2,439,521) | ||
Balance at Jun. 30, 2024 | $ 104,727 | 57,600,580 | (49,521,320) | 8,183,987 |
Balance, shares at Jun. 30, 2024 | 104,727,189 | |||
Balance at Mar. 31, 2024 | $ 101,023 | 56,552,294 | (48,295,639) | 8,357,678 |
Balance, shares at Mar. 31, 2024 | 101,023,485 | |||
Shares issued for cash | $ 3,704 | 996,296 | 1,000,000 | |
Shares issued for cash, shares | 3,703,704 | |||
Stock based compensation | 51,990 | 51,990 | ||
Net income (loss) | (1,225,681) | (1,225,681) | ||
Balance at Jun. 30, 2024 | $ 104,727 | $ 57,600,580 | $ (49,521,320) | $ 8,183,987 |
Balance, shares at Jun. 30, 2024 | 104,727,189 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (2,439,521) | $ (190,098) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Fair value of vested stock options | 56,480 | 35,920 |
Depreciation | 1,276,872 | 695,910 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,796,626 | (1,421,296) |
Contract assets | (1,127,652) | |
Inventory | (725,429) | |
Prepaid expenses and other current assets | 73,121 | (46,835) |
Accounts payable | (1,677,147) | 539,084 |
Deposits | 150,000 | |
Accrued expenses | (46,881) | |
Deposits | (11,084) | |
Net cash (used in) operating activities | (1,663,531) | (398,399) |
Cash flows from investing activities: | ||
Equipment purchases | (784,515) | |
Net cash provided by (used in) investing activities | (784,515) | |
Cash flows from financing activities: | ||
Issuance of shares for cash | 1,000,000 | 410,000 |
Proceeds from long-term debt | 383,202 | |
Repayment of long-term debt | (1,189,556) | (893,093) |
Proceeds from (repayment of) line of credit | (200,000) | 1,200,000 |
Net cash provided by (used in) financing activities | (389,556) | 1,100,109 |
Net decrease in cash and cash equivalents | (2,053,087) | (82,805) |
Cash and cash equivalents - beginning of period | 2,176,800 | 442,369 |
Cash and cash equivalents - end of period | 123,713 | 359,564 |
Supplemental disclosure of cash flow information: | ||
Interest | $ 251,348 | $ 108,634 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure [Table] | ||||
Net Income (Loss) | $ (1,225,681) | $ 36,762 | $ (2,439,521) | $ (190,098) |
Insider Trading Arrangements
Insider Trading Arrangements | 6 Months Ended |
Jun. 30, 2024 | |
Insider Trading Arrangements [Line Items] | |
No Insider Trading Flag | false |
BUSINESS OPERATIONS AND SUMMARY
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 1. BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Range Impact, Inc. (the “Company”, “we”, “us”, or “our”), was incorporated in the State of Nevada on June 29, 2007. Originally founded in 2007 as Legend Mining Inc., the Company began operations as a mineral extraction exploration business. In 2011, the Company changed its name to Stevia First Corp and pursued a new strategy focused on developing stevia-based additives for the food and beverage industry. In 2015, the Company changed its name to Vitality Biopharma, Inc. and pursued a new strategy focused on developing cannabinoid-based prodrugs anticipated to treat inflammatory conditions of the gastrointestinal tract. In October 2021, the Company changed its name to Malachite Innovations, Inc. and formed two wholly-owned operating subsidiaries: (i) Graphium Biosciences, Inc., a Nevada corporation (“Graphium”), into which the Company contributed all of its drug development assets; and (ii) Daedalus Ecosciences, Inc., a Nevada corporation (“Daedalus”), which was formed to serve as a holding company for the Company’s future impact investing businesses. In May 2022, Daedalus acquired Range Environmental Resources, Inc., a West Virginia corporation (“Range Environmental”) and Range Natural Resources, Inc., a West Virginia corporation (“Range Natural” and together with Range Environmental, the “Range Reclamation Entities”). The Range Reclamation Entities provide land reclamation and water restoration services to mining and non-mining customers throughout the Appalachian region with the goal of returning land to pre-mining conditions or repurposing the land for natural, commercial, agricultural or recreational use. The Range Reclamation Entities’ water restoration services seek to improve the water quality in rivers, streams and discharges through novel and innovative treatment applications to help customers meet their various regulatory standards and requirements. Range Natural also engages subcontractors who control and are responsible for the mining and selling of coal to third-party customers incidental to the reclamation and repurposing of mine sites. In August 2023, the Company acquired Collins Building & Contracting, Inc., a West Virginia corporation (“Collins Building”), an environmental services business primarily focusing on the reclamation of abandoned mine land sites in West Virginia, as described in more detail in Note 2. In December 2023, the Company changed its name to Range Impact, Inc., and reorganized into five operating business segments: (i) Range Reclaim; (ii) Range Water; (iii) Range Security; (iv) Range Land; and (v) Drug Development. In January 2024, the Company added Range Minerals as its sixth operating business segment. Range Minerals was previously reported within the Range Reclaim operating business segment. The Drug Development segment was also renamed Graphium Biosciences. Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: CLV Azurite Land LLC, Collins Building & Contracting, Inc., Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Business Combinations Business combinations are accounted for using the purchase method of accounting under ASC 805, “Business Combinations.” This method requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the cost of the acquisition is accounted for as a bargain purchase gain. Determining the fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales growth rates. Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the ASC 606 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 in the contract; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals, stone and other products and recognizes revenue when the products are delivered to the customer’s designated site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. Sales taxes and other taxes that the Company collects concurrent with revenue producing activities are excluded from revenue. 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 at an agreed-upon hourly rate for each project. All revenue is recognized at a point in time. The Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the continuous transfer of control to the customer. The Company’s contracts are generally accounted for as a single performance obligation since the Company is providing a significant service of integrating components into a single project. The Company recognizes 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 is applied to the contract 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. Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one or more of these variables could affect the profitability of contracts, the Company reviews and updates contract-related estimates regularly through a review process in which the Company reviews the progress and execution of performance obligations and the estimated cost at completion. The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. Contract Modifications Contract modifications can occur during the performance of the Company’s contracts. Contracts may be modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and, therefore, are accounted for as part of the existing contract. Cost and Expense Recognition Contract costs include all direct labor, materials, equipment mobilization, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. Costs are recognized as incurred. The Company recognizes revenue from contracts for financial reporting purposes over time. Progress toward completion of the Company’s contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s performance. Revenue earned over time compared to a point in time is as follows for the three and six months ended June 30, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Three Months Ended Three Months Ended Earned over time $ 1,179,341 $ - Point in time 1,170,397 3,998,267 Total revenue 2,349,738 3,998,267 Six Months Ended Six Months Ended Earned over time $ 2,049,835 $ - Point in time 4,209,796 7,013,154 Total revenue 6,259,631 7,013,154 Cost of Services Contract costs include all direct labor, materials, subcontractor, and equipment costs and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may be capitalized. Costs incurred that do not contribute to satisfying performance obligations are excluded from the cost input calculation for revenue recognition. Excluded costs include both uninstalled materials and abnormal costs. Abnormal costs comprise wasted materials, wasted or rework labor and other resources to fulfill a contract that were not reflected in the price of the contract. A limited allowance for material overages and labor inefficiencies is typically included in our contract costs estimates (and by extension, in the contract price). Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation. The Company has never suffered a loss due to such excess balances. Accounts Receivable Included as a component of accounts receivable are contract receivables that represent the Company’s unconditional right, subject only to the passage of time, to receive consideration arising from performance obligations under reclamation contracts with customers. Billed contract receivables have been invoiced to customers based on contracted amounts. Contract receivables were $ 0 2,100,255 no 4,388,785 7,185,411 No no Contract Assets Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a contract-by-contract basis at the end of each reporting period. The Company classifies contract assets as current or noncurrent based on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date. Details of contract assets arising from reclamation contracts in process as of June 30, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS June 30, 2024 December 31, 2023 Costs incurred on contracts in progress $ 1,623,680 $ 425,634 Estimated earnings 1,192,317 340,528 Revenue earned on contracts in progress 2,815,997 766,162 Less: Billings to date (1,441,035 ) (518,852 ) Total contract assets $ 1,374,962 $ 247,310 Inventory On May 1, 2024, Range Minerals (“Range Minerals”) contracted with a mining contractor (“Contractor”) at the Fola mining site in West Virginia. Contractor subcontracted the mining work to a subcontractor (“Subcontractor”). As of June 30, 2024, Contractor failed to perform. On June 30, 2024, Range Minerals agreed to assume the liability of $ 725,429 725,429 SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 Saleable coal inventory $ 725,429 $ - Total coal inventory $ 725,429 $ - Property & Equipment Property and equipment is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized. The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in the current year’s earnings. SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross Accumulated depreciation (3,574,196 ) (2,297,324 ) Net book value 12,025,030 13,301,902 Depreciation expense $ 1,276,872 $ 1,781,573 The Company provides for depreciation of its buildings, property and equipment using the straight-line method for both financial reporting and federal income tax purposes over the estimated six The Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining lives can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment. Land Land is carried at cost. The Company assesses the recoverability of its land by determining whether the cost of the land can be recovered through projected future cash flows generated by the land. No land was identified for impairment. Delivery Costs Delivery costs are classified as cost of sales. Goodwill U.S. GAAP requires that goodwill be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not (i.e., a likelihood greater than 50%) that the reporting unit is impaired. During interim periods, ASC 350 requires companies to focus on those events and circumstances that affect the significant inputs used to determine the fair value of the reporting unit to determine whether an interim quantitative impairment test is required. The Company performed its quarterly impairment test for goodwill on June 30, 2024. The Company first assessed certain qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, and whether it is therefore necessary to perform the quantitative impairment test. The qualitative analysis indicated that a quantitative impairment test was not necessary Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. Leases The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. As of June 30, 2024, the Company had no material lease commitments for longer than one year. Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions for services. 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 expense for non-employees is in the same period and manner as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations with classification depending on the nature of the services rendered. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. Basic and Diluted Income (Loss) Per Share Basic income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, 2024 December 31, 2023 Options 11,619,210 11,392,544 Warrants 3,313,335 3,313,335 Total 14,932,545 14,705,879 Anti-dilutive loss per share 14,932,545 14,705,879 Patents and Patent Application Costs Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Accordingly, patent costs are expensed as incurred. Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value. Segments As of June 30, 2024, the Company has six In accordance with the “Segment Reporting” Topic of the ASC 280, the Company’s chief operating decision-maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing, and distribution processes. Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, and the method used to allocate overhead for significant segment expenses. All current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
ACQUISITION OF COLLINS BUILDING
ACQUISITION OF COLLINS BUILDING & CONTRACTING | 6 Months Ended |
Jun. 30, 2024 | |
Collins Building And Contracting [Member] | |
Business Acquisition [Line Items] | |
ACQUISITION OF COLLINS BUILDING & CONTRACTING | 2. ACQUISITION OF COLLINS BUILDING & CONTRACTING On August 31, 2023, the Company entered into a stock purchase agreement with the owner of Collins Building & Contracting, Inc. (“Collins Building”) pursuant to which the owner agreed to sell all of the outstanding common stock of Collins Building to the Company in exchange for (a) cash consideration of $1,000,000, (b) a five-year secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”), and (c) a two-year secured promissory note in the principal amount of $2,035,250, bearing interest at 8.25% per annum (the “Second Promissory Note”). The Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company has performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets acquired are set forth below. Because the fair values exceeded the purchase price, a gain on the purchase of $ 1,875,150 SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE Fair value of assets acquired: Equipment $ 6,156,000 Land 554,900 Buildings 199,500 Total assets acquired 6,910,400 Less: Gain on bargain purchase price (1,875,150 ) Purchase price $ 5,035,250 Cash consideration 1,000,000 Long-term notes issued to the seller 4,035,250 Total purchase price $ 5,035,250 Acquisition transaction costs incurred $ 167,212 Collins Building’s operations contributed revenues of $ 0 274,081 no 544,836 |
GOODWILL
GOODWILL | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL | 3. GOODWILL Goodwill is $ 751,421 SCHEDULE OF GOODWILL June 30, 2024 December 31, 2023 Environmental Services: Beginning Balance $ 751,421 $ 751,421 Acquisitions - - Adjustments - - Ending Balance $ 751,421 $ 751,421 |
STOCK OPTIONS
STOCK OPTIONS | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
STOCK OPTIONS | 4. STOCK OPTIONS Stock options issued during the three months ended June 30, 2024 and the three months ended June 30, 2023 During the three months ended June 30, 2024, the Company granted options to an officer to purchase 250,000 0.38 ten years 125,000 125,000 267.24 4.70 zero 10 95,000 47,500 During the three months ended June 30, 2023, the Company granted options to two outside advisors to purchase an aggregate of 400,000 0.18 five years 200,000 200,000 273.24 273.87 1.4 1.55 zero 5 71,840 35,920 During the three months ended June 30, 2024, the Company recorded $ 51,990 35,920 60,970 A summary of the Company’s stock option activity during the six months ended June 30, 2024 is as follows: SUMMARY OF STOCK OPTION ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at December 31, 2023 11,392,544 $ 0.47 Granted 250,000 0.38 Exchanged - - Exercised - - Expired (23,334 ) 4.09 Forfeited - - Balance outstanding at June 30, 2024 11,619,210 $ 0.45 Balance exercisable at June 30, 2024 11,394,210 $ 0.46 At June 30, 2024, the 11,619,210 875,480 A summary of the Company’s stock options outstanding as of June 30, 2024 is as follows: SCHEDULE OF STOCK OPTION OUTSTANDING Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding, June 30, 2024 100,000 $ 0.1337 $ 0.1337 3,050,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 250,000 $ 0.38 $ 0.38 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 28,334 $ 3.10 3.50 $ 3.10 3.50 11,619,210 A summary of the Company’s stock options outstanding and exercisable as of June 30, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding and Exercisable, June 30, 2024 100,000 $ 0.1337 $ 0.1337 2,950,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 125,000 $ 0.38 $ 0.38 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 28,334 $ 3.10 3.50 $ 3.10 3.50 11,394,210 |
WARRANTS
WARRANTS | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
WARRANTS | 5. WARRANTS A summary of warrants to purchase common stock issued during the six months ended June 30, 2024 is as follows: SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding and exercisable at December 31, 2023 3,313,335 $ 0.66 Granted - - Exercised - - Expired - - Balance outstanding and exercisable at June 30, 2024 3,313,335 $ 0.66 At June 30, 2024, the 3,313,335 15,000 |
NOTES PAYABLE
NOTES PAYABLE | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
NOTES PAYABLE | 6. NOTES PAYABLE The Company had no |
LINE OF CREDIT
LINE OF CREDIT | 6 Months Ended |
Jun. 30, 2024 | |
Line Of Credit | |
LINE OF CREDIT | 7. LINE OF CREDIT In November 2022, the Company secured a bank line of credit with a limit of $ 1,000,000 November 30, 2024 1 prime rate plus one percent margin 9.50 1,000,000 1,000,000 In June 2023, Range Environmental secured a bank loan with a limit of $ 1,000,000 . In November 2023, the loan amount was increased to $ 1,400,000 pursuant to which principal and accrued interest payments are required in March, June, September and December 2024. The loan has a maturity date of December 31, 2024 , and bears interest at the bank’s prime rate (prime rate equaled 8.50 % at June 30, 2024). As of June 30, 2024, the balance due under the loan was $ 1,200,000 . As of December 31, 2023, the balance due under the loan was $ 1,400,000 . |
LONG-TERM DEBT OBLIGATIONS
LONG-TERM DEBT OBLIGATIONS | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
LONG-TERM DEBT OBLIGATIONS | 8. LONG-TERM DEBT OBLIGATIONS Long-term debt consists of debt on vehicles and equipment, which serves as the collateral, and debt issued as part of the acquisition of Collins Building. Interest rates on the equipment financings range from 3.69 9.95 mature between 2025 through 2029 The Collins Building debt consists of a five-year secured promissory note with an original principal amount of $ 2,000,000 7.0 2,035,250 8.25 1,713,505 1,227,331 A summary of payments due under the long-term debt by year is as follows: SCHEDULE OF MATURITIES OF LONG TERM DEBT Equipment Collins Promissory Notes 2024 – due between July 1, 2024 and June 30, 2025 $ 1,206,455 $ 1,410,989 2025 – due between July 1, 2025 and June 30, 2026 869,454 576,105 2026 – due between July 1, 2026 and June 30, 2027 791,242 422,587 2027 – due between July 1, 2027 and June 30, 2028 644,147 452,644 2028 and later – due on July 1, 2028 and thereafter 364,129 78,511 Total long-term debt $ 3,875,427 $ 2,940,836 |
MAJOR CUSTOMER AND CONCENTRATIO
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK | 6 Months Ended |
Jun. 30, 2024 | |
Risks and Uncertainties [Abstract] | |
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK | 9. MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK Sales to the Company’s two largest customers constituted 92 89 94 92 Accounts receivable from the same customers were 99 70 |
EARNINGS PER COMMON SHARE
EARNINGS PER COMMON SHARE | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
EARNINGS PER COMMON SHARE | 10. EARNINGS PER COMMON SHARE The following table sets forth the computation of basic and diluted earnings per share. SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings Per Share - Basic Net (loss)/income $ (1,225,681 ) $ 36,762 $ (2,439,521 ) $ (190,098 ) Weighted average shares of common stock outstanding - Basic 101,552,586 80,519,745 101,288,035 79,324,917 Earnings Per Share - Basic $ (0.01 ) $ 0.00 $ (0.02 ) $ (0.00 ) Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 101,552,586 80,519,745 101,288,035 79,324,917 Unvested Restricted Stock Awards - - - - Weighted average shares of common stock - Diluted 101,552,586 80,519,745 101,288,035 79,324,917 Earnings Per Share - Diluted $ (0.01 ) $ 0.00 $ (0.02 ) $ (0.00 ) |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES From time to time, the Company is involved in legal matters arising in the ordinary course of business. While the Company believes that such matters are currently not material, there can be no assurance that matters arising in the ordinary course of business for which the Company is, or could be, involved in litigation, will not have an adverse effect on its business, financial condition or results of operations. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SEGMENT INFORMATION | 12. SEGMENT INFORMATION ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about services, categories, business segments and major customers in financial statements. The Company has six reportable segments that are based on the following business units: (i) Range Reclaim; (ii) Range Minerals; (iii) Range Water; (iv) Range Security; (v) Range Land; and (vi) Graphium Biosciences. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision-maker has been identified as the Company’s Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in (i) economic characteristics, (ii) nature of products and services, and (iii) procurement, manufacturing and distribution processes. The six ● Range Reclaim – land reclamation, water restoration and land repurposing ● Range Minerals – subcontracted mining and reclamation activities ● Range Water – biochar product development and water solutions business ● Range Security – security services on mine land being reclaimed and repurposed for non-fossil fuel uses ● Range Land – mine land being acquired, reclaimed and repurposed for non-fossil fuel uses ● Graphium Biosciences – glycosylated cannabinoid drug development program The Company had no inter-segment sales for the periods presented. Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT By Categories For the Three Months Ended June 30, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 2,050,958 $ 138,118 $ - 160,662 $ - $ - $ - $ 2,349,738 Gross profit (252,848 ) 20,842 - 83,077 - - - (148,929 ) Net income (loss) (579,928 ) (84,121 ) (5,154 ) 57,302 - (157,275 ) (456,505 ) (1,225,681 ) Total assets 12,966,495 4,453,028 12,579 226,846 1,008,940 9,147 764,485 19,441,520 Depreciation 634,906 - 639 2,892 - - - 638,437 Interest expense 61,195 - - - - - 104,465 165,660 Tax expense - - - - - 56,600 56,600 Capital expenditures for long-lived assets $ - $ - $ - - $ - $ - $ - $ - For the Three Months Ended June 30, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 3,882,492 $ - $ 115,775 $ - $ - $ - $ 3,998,267 Gross profit 789,687 - 55,414 - - - 845,101 Net income (loss) 433,922 (19,116 ) 37,550 - (107,444 ) (308,150 ) 36,762 Total assets 9,440,020 15,138 94,610 - 8,784 156,928 9,715,480 Depreciation 338,409 426 2,891 - - - 341,726 Interest expense 63,061 - 224 - - 1,712 64,997 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 38,289 $ - $ - $ - $ - $ - $ 38,289 For the Six Months Ended June 30, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 3,556,941 $ 2,120,233 $ - $ 582,457 $ - $ - $ - $ 6,259,631 Gross profit (832,531 ) 357,654 - 344,802 - - - (130,075 ) Net income (loss) (1,626,300 ) 152,455 (38,736 ) 289,542 - (288,915 ) (927,567 ) (2,439,521 ) Total assets 12,966,495 4,453,028 12,579 226,846 1,008,940 9,147 764,485 19,441,520 Depreciation 1,269,811 - 1,279 5,782 - - - 1,276,872 Interest expense 154,173 - - - - - 186,745 340,918 Tax expense - - - - - 56,600 56,600 Capital expenditures for long-lived assets $ - $ - $ - $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 6,870,979 $ - $ 142,175 $ - $ - $ - $ 7,013,154 Gross profit 1,428,266 - 65,837 - - - 1,494,103 Net income (loss) 620,565 (38,280 ) 20,445 - (213,621 ) (579,207 ) (190,098 ) Total assets 9,440,020 15,138 94,610 - 8,784 156,928 9,715,480 Depreciation 691,165 426 4,319 - - - 695,910 Interest expense 105,811 - 224 - - 2,599 108,634 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 716,491 $ 15,350 $ 52,674 $ - $ - $ - $ 784,515 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2024 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | 13. SUBSEQUENT EVENTS None. |
BUSINESS OPERATIONS AND SUMMA_2
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: CLV Azurite Land LLC, Collins Building & Contracting, Inc., |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. |
Business Combinations | Business Combinations Business combinations are accounted for using the purchase method of accounting under ASC 805, “Business Combinations.” This method requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the cost of the acquisition is accounted for as a bargain purchase gain. Determining the fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales growth rates. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the ASC 606 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 in the contract; and (5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals, stone and other products and recognizes revenue when the products are delivered to the customer’s designated site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. Sales taxes and other taxes that the Company collects concurrent with revenue producing activities are excluded from revenue. 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 at an agreed-upon hourly rate for each project. All revenue is recognized at a point in time. The Company recognizes revenue on reclamation contracts over time as performance obligations are satisfied due to the continuous transfer of control to the customer. The Company’s contracts are generally accounted for as a single performance obligation since the Company is providing a significant service of integrating components into a single project. The Company recognizes 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 is applied to the contract 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. |
Contract Estimates | Contract Estimates Due to the nature of the Company’s performance obligations, the estimation of total revenue and cost at completion is subject to many variables and requires significant judgment. Since a significant change in one or more of these variables could affect the profitability of contracts, the Company reviews and updates contract-related estimates regularly through a review process in which the Company reviews the progress and execution of performance obligations and the estimated cost at completion. The Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified. |
Contract Modifications | Contract Modifications Contract modifications can occur during the performance of the Company’s contracts. Contracts may be modified to account for changes in contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and, therefore, are accounted for as part of the existing contract. |
Cost and Expense Recognition | Cost and Expense Recognition Contract costs include all direct labor, materials, equipment mobilization, subcontractor, and equipment costs, and those indirect costs related to contract performance, such as indirect labor, tools and supplies. Costs are recognized as incurred. The Company recognizes revenue from contracts for financial reporting purposes over time. Progress toward completion of the Company’s contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s performance. Revenue earned over time compared to a point in time is as follows for the three and six months ended June 30, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Three Months Ended Three Months Ended Earned over time $ 1,179,341 $ - Point in time 1,170,397 3,998,267 Total revenue 2,349,738 3,998,267 Six Months Ended Six Months Ended Earned over time $ 2,049,835 $ - Point in time 4,209,796 7,013,154 Total revenue 6,259,631 7,013,154 |
Cost of Services | Cost of Services Contract costs include all direct labor, materials, subcontractor, and equipment costs and those indirect costs related to contract performance, such as indirect labor, tools and supplies. For construction contracts, costs are generally recognized as incurred. Under certain circumstances, costs incurred in the period related to future activity on contracts may be capitalized. Costs incurred that do not contribute to satisfying performance obligations are excluded from the cost input calculation for revenue recognition. Excluded costs include both uninstalled materials and abnormal costs. Abnormal costs comprise wasted materials, wasted or rework labor and other resources to fulfill a contract that were not reflected in the price of the contract. A limited allowance for material overages and labor inefficiencies is typically included in our contract costs estimates (and by extension, in the contract price). |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation. The Company has never suffered a loss due to such excess balances. |
Accounts Receivable | Accounts Receivable Included as a component of accounts receivable are contract receivables that represent the Company’s unconditional right, subject only to the passage of time, to receive consideration arising from performance obligations under reclamation contracts with customers. Billed contract receivables have been invoiced to customers based on contracted amounts. Contract receivables were $ 0 2,100,255 no 4,388,785 7,185,411 No no |
Contract Assets | Contract Assets Billing practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules. Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a contract-by-contract basis at the end of each reporting period. The Company classifies contract assets as current or noncurrent based on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date. Details of contract assets arising from reclamation contracts in process as of June 30, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS June 30, 2024 December 31, 2023 Costs incurred on contracts in progress $ 1,623,680 $ 425,634 Estimated earnings 1,192,317 340,528 Revenue earned on contracts in progress 2,815,997 766,162 Less: Billings to date (1,441,035 ) (518,852 ) Total contract assets $ 1,374,962 $ 247,310 |
Inventory | Inventory On May 1, 2024, Range Minerals (“Range Minerals”) contracted with a mining contractor (“Contractor”) at the Fola mining site in West Virginia. Contractor subcontracted the mining work to a subcontractor (“Subcontractor”). As of June 30, 2024, Contractor failed to perform. On June 30, 2024, Range Minerals agreed to assume the liability of $ 725,429 725,429 SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 Saleable coal inventory $ 725,429 $ - Total coal inventory $ 725,429 $ - |
Property & Equipment | Property & Equipment Property and equipment is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments are capitalized. The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts and any gain or loss is reflected in the current year’s earnings. SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross Accumulated depreciation (3,574,196 ) (2,297,324 ) Net book value 12,025,030 13,301,902 Depreciation expense $ 1,276,872 $ 1,781,573 The Company provides for depreciation of its buildings, property and equipment using the straight-line method for both financial reporting and federal income tax purposes over the estimated six The Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining lives can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment. |
Land | Land Land is carried at cost. The Company assesses the recoverability of its land by determining whether the cost of the land can be recovered through projected future cash flows generated by the land. No land was identified for impairment. |
Delivery Costs | Delivery Costs Delivery costs are classified as cost of sales. |
Goodwill | Goodwill U.S. GAAP requires that goodwill be tested for impairment annually and more frequently if events or changes in circumstances indicate that it is more likely than not (i.e., a likelihood greater than 50%) that the reporting unit is impaired. During interim periods, ASC 350 requires companies to focus on those events and circumstances that affect the significant inputs used to determine the fair value of the reporting unit to determine whether an interim quantitative impairment test is required. The Company performed its quarterly impairment test for goodwill on June 30, 2024. The Company first assessed certain qualitative factors to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount, and whether it is therefore necessary to perform the quantitative impairment test. The qualitative analysis indicated that a quantitative impairment test was not necessary |
Income Taxes | Income Taxes The Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates is recognized as income (loss) in the period that includes the enactment date. |
Leases | Leases The Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available at lease commencement in determining the present value of unpaid lease payments. As of June 30, 2024, the Company had no material lease commitments for longer than one year. |
Stock-Based Compensation | Stock-Based Compensation The Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions for services. 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 expense for non-employees is in the same period and manner as if the Company had paid cash for the services. The Company recognizes the fair value of stock-based compensation within its Consolidated Statements of Operations with classification depending on the nature of the services rendered. The fair value of the Company’s stock options is estimated using the Black-Scholes-Merton Option Pricing model, which uses certain assumptions related to risk-free interest rates, expected volatility, expected life of the stock options or restricted stock, and future dividends. Compensation expense is recorded based upon the value derived from the Black-Scholes-Merton Option Pricing model and based on actual experience. The assumptions used in the Black-Scholes-Merton Option Pricing model could materially affect compensation expense recorded in future periods. |
Basic and Diluted Income (Loss) Per Share | Basic and Diluted Income (Loss) Per Share Basic income (loss) per share is computed by dividing the net income (loss) applicable to common stockholders by the weighted average number of outstanding common shares during the period. Shares of restricted stock are included in the basic weighted average number of common shares outstanding from the time they vest. Diluted income (loss) per share is computed by dividing net income (loss) applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. Diluted income (loss) per share excludes all potential common shares if their effect is anti-dilutive. The following potentially dilutive shares were excluded from the shares used to calculate diluted earnings per share as their inclusion would be anti-dilutive: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, 2024 December 31, 2023 Options 11,619,210 11,392,544 Warrants 3,313,335 3,313,335 Total 14,932,545 14,705,879 Anti-dilutive loss per share 14,932,545 14,705,879 |
Patents and Patent Application Costs | Patents and Patent Application Costs Although the Company believes that its patents and underlying technology have continuing value, the amount of future benefits to be derived from the patents is uncertain. Accordingly, patent costs are expensed as incurred. |
Research and Development | Research and Development Research and development costs consist primarily of fees paid to consultants and outside service providers, patent fees and costs, and other expenses relating to the acquisition, design, development and testing of the Company’s treatments and product candidates. Research and development costs are expensed as incurred. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments FASB ASC 825, “Financial Instruments” requires that the Company disclose estimated fair values of financial instruments. Financial instruments held by the Company include, among others, accounts receivable, accounts payable and long-term debt. The carrying amounts reported in the balance sheets for assets and liabilities qualifying as financial instruments are a reasonable estimate of fair value. |
Segments | Segments As of June 30, 2024, the Company has six In accordance with the “Segment Reporting” Topic of the ASC 280, the Company’s chief operating decision-maker has been identified as the Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in: economic characteristics; nature of products and services; and procurement, manufacturing, and distribution processes. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (CODM) and included within the reported measure(s) of segment profit or loss. In addition, the ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative information describing the composition, nature and type of each item. The ASU also expands disclosure requirements related to the CODM, including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, and the method used to allocate overhead for significant segment expenses. All current required annual segment reporting disclosures under Topic 280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact of adopting this ASU. In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures.” This ASU enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold. Additionally, the ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions. This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of adopting this ASU. |
BUSINESS OPERATIONS AND SUMMA_3
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accounting Policies [Abstract] | |
SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME | Revenue earned over time compared to a point in time is as follows for the three and six months ended June 30, 2024 and 2023. SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME Three Months Ended Three Months Ended Earned over time $ 1,179,341 $ - Point in time 1,170,397 3,998,267 Total revenue 2,349,738 3,998,267 Six Months Ended Six Months Ended Earned over time $ 2,049,835 $ - Point in time 4,209,796 7,013,154 Total revenue 6,259,631 7,013,154 |
SCHEDULE OF CONTRACT ASSETS | Details of contract assets arising from reclamation contracts in process as of June 30, 2024 and December 31, 2023 are as follows: SCHEDULE OF CONTRACT ASSETS June 30, 2024 December 31, 2023 Costs incurred on contracts in progress $ 1,623,680 $ 425,634 Estimated earnings 1,192,317 340,528 Revenue earned on contracts in progress 2,815,997 766,162 Less: Billings to date (1,441,035 ) (518,852 ) Total contract assets $ 1,374,962 $ 247,310 |
SCHEDULE OF INVENTORY | SCHEDULE OF INVENTORY June 30, 2024 December 31, 2023 Saleable coal inventory $ 725,429 $ - Total coal inventory $ 725,429 $ - |
SCHEDULE OF PROPERTY AND EQUIPMENT | SCHEDULE OF PROPERTY AND EQUIPMENT June 30, 2024 December 31, 2023 Equipment $ 13,835,929 $ 13,835,929 Land 1,563,797 1,563,797 Buildings 199,500 199,500 Property and equipment, gross Accumulated depreciation (3,574,196 ) (2,297,324 ) Net book value 12,025,030 13,301,902 Depreciation expense $ 1,276,872 $ 1,781,573 |
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE | SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE June 30, 2024 December 31, 2023 Options 11,619,210 11,392,544 Warrants 3,313,335 3,313,335 Total 14,932,545 14,705,879 Anti-dilutive loss per share 14,932,545 14,705,879 |
ACQUISITION OF COLLINS BUILDI_2
ACQUISITION OF COLLINS BUILDING & CONTRACTING (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Collins Building And Contracting [Member] | |
Business Acquisition [Line Items] | |
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE | SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE Fair value of assets acquired: Equipment $ 6,156,000 Land 554,900 Buildings 199,500 Total assets acquired 6,910,400 Less: Gain on bargain purchase price (1,875,150 ) Purchase price $ 5,035,250 Cash consideration 1,000,000 Long-term notes issued to the seller 4,035,250 Total purchase price $ 5,035,250 Acquisition transaction costs incurred $ 167,212 |
GOODWILL (Tables)
GOODWILL (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
SCHEDULE OF GOODWILL | SCHEDULE OF GOODWILL June 30, 2024 December 31, 2023 Environmental Services: Beginning Balance $ 751,421 $ 751,421 Acquisitions - - Adjustments - - Ending Balance $ 751,421 $ 751,421 |
STOCK OPTIONS (Tables)
STOCK OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Share-Based Payment Arrangement [Abstract] | |
SUMMARY OF STOCK OPTION ACTIVITY | A summary of the Company’s stock option activity during the six months ended June 30, 2024 is as follows: SUMMARY OF STOCK OPTION ACTIVITY Shares Weighted Average Exercise Price Balance outstanding at December 31, 2023 11,392,544 $ 0.47 Granted 250,000 0.38 Exchanged - - Exercised - - Expired (23,334 ) 4.09 Forfeited - - Balance outstanding at June 30, 2024 11,619,210 $ 0.45 Balance exercisable at June 30, 2024 11,394,210 $ 0.46 |
SCHEDULE OF STOCK OPTION OUTSTANDING | A summary of the Company’s stock options outstanding as of June 30, 2024 is as follows: SCHEDULE OF STOCK OPTION OUTSTANDING Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding, June 30, 2024 100,000 $ 0.1337 $ 0.1337 3,050,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 250,000 $ 0.38 $ 0.38 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 28,334 $ 3.10 3.50 $ 3.10 3.50 11,619,210 |
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE | A summary of the Company’s stock options outstanding and exercisable as of June 30, 2024 is as follows: SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE Number of Options Weighted Average Exercise Price Weighted Average Grant- Date Stock Price Options Outstanding and Exercisable, June 30, 2024 100,000 $ 0.1337 $ 0.1337 2,950,000 $ 0.18 $ 0.18 1,550,000 $ 0.212 $ 0.212 1,150,000 $ 0.277 $ 0.277 750,000 $ 0.30 $ 0.30 2,000,000 $ 0.35 $ 0.35 125,000 $ 0.38 $ 0.38 1,664,542 $ 0.50 $ 0.50 128,000 $ 0.96 $ 0.96 350,834 $ 1.50 1.95 $ 1.50 1.95 597,500 $ 2.00 2.79 $ 2.00 2.79 28,334 $ 3.10 3.50 $ 3.10 3.50 11,394,210 |
WARRANTS (Tables)
WARRANTS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Warrants | |
SCHEDULE OF WARRANTS ACTIVITY | A summary of warrants to purchase common stock issued during the six months ended June 30, 2024 is as follows: SCHEDULE OF WARRANTS ACTIVITY Shares Weighted Average Exercise Price Balance outstanding and exercisable at December 31, 2023 3,313,335 $ 0.66 Granted - - Exercised - - Expired - - Balance outstanding and exercisable at June 30, 2024 3,313,335 $ 0.66 |
LONG-TERM DEBT OBLIGATIONS (Tab
LONG-TERM DEBT OBLIGATIONS (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
SCHEDULE OF MATURITIES OF LONG TERM DEBT | A summary of payments due under the long-term debt by year is as follows: SCHEDULE OF MATURITIES OF LONG TERM DEBT Equipment Collins Promissory Notes 2024 – due between July 1, 2024 and June 30, 2025 $ 1,206,455 $ 1,410,989 2025 – due between July 1, 2025 and June 30, 2026 869,454 576,105 2026 – due between July 1, 2026 and June 30, 2027 791,242 422,587 2027 – due between July 1, 2027 and June 30, 2028 644,147 452,644 2028 and later – due on July 1, 2028 and thereafter 364,129 78,511 Total long-term debt $ 3,875,427 $ 2,940,836 |
EARNINGS PER COMMON SHARE (Tabl
EARNINGS PER COMMON SHARE (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE | The following table sets forth the computation of basic and diluted earnings per share. SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Earnings Per Share - Basic Net (loss)/income $ (1,225,681 ) $ 36,762 $ (2,439,521 ) $ (190,098 ) Weighted average shares of common stock outstanding - Basic 101,552,586 80,519,745 101,288,035 79,324,917 Earnings Per Share - Basic $ (0.01 ) $ 0.00 $ (0.02 ) $ (0.00 ) Earnings Per Share - Diluted Weighted average shares of common stock outstanding - Basic 101,552,586 80,519,745 101,288,035 79,324,917 Unvested Restricted Stock Awards - - - - Weighted average shares of common stock - Diluted 101,552,586 80,519,745 101,288,035 79,324,917 Earnings Per Share - Diluted $ (0.01 ) $ 0.00 $ (0.02 ) $ (0.00 ) |
SEGMENT INFORMATION (Tables)
SEGMENT INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT | Summarized financial information concerning the Company’s reportable segments is shown as below: SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT By Categories For the Three Months Ended June 30, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 2,050,958 $ 138,118 $ - 160,662 $ - $ - $ - $ 2,349,738 Gross profit (252,848 ) 20,842 - 83,077 - - - (148,929 ) Net income (loss) (579,928 ) (84,121 ) (5,154 ) 57,302 - (157,275 ) (456,505 ) (1,225,681 ) Total assets 12,966,495 4,453,028 12,579 226,846 1,008,940 9,147 764,485 19,441,520 Depreciation 634,906 - 639 2,892 - - - 638,437 Interest expense 61,195 - - - - - 104,465 165,660 Tax expense - - - - - 56,600 56,600 Capital expenditures for long-lived assets $ - $ - $ - - $ - $ - $ - $ - For the Three Months Ended June 30, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 3,882,492 $ - $ 115,775 $ - $ - $ - $ 3,998,267 Gross profit 789,687 - 55,414 - - - 845,101 Net income (loss) 433,922 (19,116 ) 37,550 - (107,444 ) (308,150 ) 36,762 Total assets 9,440,020 15,138 94,610 - 8,784 156,928 9,715,480 Depreciation 338,409 426 2,891 - - - 341,726 Interest expense 63,061 - 224 - - 1,712 64,997 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 38,289 $ - $ - $ - $ - $ - $ 38,289 For the Six Months Ended June 30, 2024 Range Reclaim Range Minerals Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 3,556,941 $ 2,120,233 $ - $ 582,457 $ - $ - $ - $ 6,259,631 Gross profit (832,531 ) 357,654 - 344,802 - - - (130,075 ) Net income (loss) (1,626,300 ) 152,455 (38,736 ) 289,542 - (288,915 ) (927,567 ) (2,439,521 ) Total assets 12,966,495 4,453,028 12,579 226,846 1,008,940 9,147 764,485 19,441,520 Depreciation 1,269,811 - 1,279 5,782 - - - 1,276,872 Interest expense 154,173 - - - - - 186,745 340,918 Tax expense - - - - - 56,600 56,600 Capital expenditures for long-lived assets $ - $ - $ - $ - $ - $ - $ - $ - For the Six Months Ended June 30, 2023 Range Reclaim Range Water Range Security Range Land Graphium Biosciences Corporate Total Sales $ 6,870,979 $ - $ 142,175 $ - $ - $ - $ 7,013,154 Gross profit 1,428,266 - 65,837 - - - 1,494,103 Net income (loss) 620,565 (38,280 ) 20,445 - (213,621 ) (579,207 ) (190,098 ) Total assets 9,440,020 15,138 94,610 - 8,784 156,928 9,715,480 Depreciation 691,165 426 4,319 - - - 695,910 Interest expense 105,811 - 224 - - 2,599 108,634 Tax expense - - - - - - - Capital expenditures for long-lived assets $ 716,491 $ 15,350 $ 52,674 $ - $ - $ - $ 784,515 |
SCHEDULE OF REVENUE EARNED OVER
SCHEDULE OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 2,349,738 | $ 3,998,267 | $ 6,259,631 | $ 7,013,154 |
Transferred over Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | 1,179,341 | 2,049,835 | ||
Transferred at Point in Time [Member] | ||||
Disaggregation of Revenue [Line Items] | ||||
Total revenue | $ 1,170,397 | $ 3,998,267 | $ 4,209,796 | $ 7,013,154 |
SCHEDULE OF CONTRACT ASSETS (De
SCHEDULE OF CONTRACT ASSETS (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Costs incurred on contracts in progress | $ 1,623,680 | $ 425,634 |
Estimated earnings | 1,192,317 | 340,528 |
Revenue earned on contracts in progress | 2,815,997 | 766,162 |
Less: Billings to date | (1,441,035) | (518,852) |
Total contract assets | $ 1,374,962 | $ 247,310 |
SCHEDULE OF INVENTORY (Details)
SCHEDULE OF INVENTORY (Details) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Accounting Policies [Abstract] | ||
Saleable coal inventory | $ 725,429 | |
Total coal inventory | $ 725,429 |
SCHEDULE OF PROPERTY AND EQUIPM
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Property, Plant and Equipment [Line Items] | ||
Accumulated depreciation | $ (3,574,196) | $ (2,297,324) |
Net book value | 12,025,030 | 13,301,902 |
Depreciation expense | 1,276,872 | 1,781,573 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 13,835,929 | 13,835,929 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,563,797 | 1,563,797 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 199,500 | $ 199,500 |
SCHEDULE OF ANTI-DILUTIVE SECUR
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 14,932,545 | 14,705,879 |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 11,619,210 | 11,392,544 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive loss per share | 3,313,335 | 3,313,335 |
BUSINESS OPERATIONS AND SUMMA_4
BUSINESS OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) | 6 Months Ended | ||
Jun. 30, 2024 USD ($) Segment | Jun. 30, 2023 USD ($) | Dec. 31, 2023 USD ($) | |
Accounting Policies [Abstract] | |||
Contract receivables | $ 0 | $ 2,100,255 | |
Allowances for doubtful accounts receivable | 0 | $ 0 | |
Accounts receivable | 4,388,785 | 7,185,411 | |
Bad debt expense | 0 | $ 0 | |
Allowances for credit losses | 0 | 0 | |
Due from contractor | 725,429 | ||
Inventory value | $ 725,429 | ||
Equipment estimated useful lives | 6 years | ||
Number of operating segments | Segment | 6 |
SCHEDULE OF BUSINESS ACQUISITIO
SCHEDULE OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE (Details) | Aug. 31, 2023 USD ($) |
Business Acquisition [Line Items] | |
Equipment | $ 6,156,000 |
Land | 554,900 |
Buildings | 199,500 |
Total assets acquired | 6,910,400 |
Collins Building And Contracting [Member] | |
Business Acquisition [Line Items] | |
Less: Gain on bargain purchase price | (1,875,150) |
Purchase price | 5,035,250 |
Cash consideration | 1,000,000 |
Total purchase price | 5,035,250 |
Acquisition transaction costs incurred | 167,212 |
Range Reclamation Entities [Member] | |
Business Acquisition [Line Items] | |
Long-term notes issued to the seller | $ 4,035,250 |
ACQUISITION OF COLLINS BUILDI_3
ACQUISITION OF COLLINS BUILDING & CONTRACTING (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Business Acquisition [Line Items] | |||||
Net loss | $ (1,225,681) | $ 36,762 | $ (2,439,521) | $ (190,098) | |
Collins Building And Contracting [Member] | |||||
Business Acquisition [Line Items] | |||||
Purchase gain recognized amount | $ 1,875,150 | ||||
Revenues | 0 | 0 | |||
Net loss | $ 274,081 | $ 544,836 | |||
Separation Agreement [Member] | Collins Building And Contracting [Member] | |||||
Business Acquisition [Line Items] | |||||
Agreement, description | (a) cash consideration of $1,000,000, (b) a five-year secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”), and (c) a two-year secured promissory note in the principal amount of $2,035,250, bearing interest at 8.25% per annum (the “Second Promissory Note”). |
SCHEDULE OF GOODWILL (Details)
SCHEDULE OF GOODWILL (Details) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2024 | Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 751,421 | $ 751,421 |
Acquisitions | ||
Adjustments | ||
Ending Balance | $ 751,421 | $ 751,421 |
GOODWILL (Details Narrative)
GOODWILL (Details Narrative) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Goodwill | $ 751,421 | $ 751,421 | $ 751,421 |
SUMMARY OF STOCK OPTION ACTIVIT
SUMMARY OF STOCK OPTION ACTIVITY (Details) | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Share-Based Payment Arrangement [Abstract] | |
Shares Outstanding, Balance | shares | 11,392,544 |
Weighted Average Exercise Price, Outstanding Balance | $ / shares | $ 0.47 |
Shares, Granted | shares | 250,000 |
Weighted Average Exercise Price, Granted | $ / shares | $ 0.38 |
Shares, Exchanged | shares | |
Weighted Average Exercise Price, Exchanged | $ / shares | |
Shares, Exercised | shares | |
Weighted Average Exercise Price, Exercised | $ / shares | |
Shares, Expired | shares | (23,334) |
Weighted Average Exercise Price, Expired | $ / shares | $ 4.09 |
Shares, Forfeited | shares | |
Weighted Average Exercise Price, Forfeited | $ / shares | |
Shares Outstanding, Balance | shares | 11,619,210 |
Weighted Average Exercise Price, Outstanding Balance | $ / shares | $ 0.45 |
Shares, Balance Exercisable | shares | 11,394,210 |
Weighted Average Exercise Price, Balance Exercisable | $ / shares | $ 0.46 |
SCHEDULE OF STOCK OPTION OUTSTA
SCHEDULE OF STOCK OPTION OUTSTANDING (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 11,619,210 | 11,392,544 |
Weighted Average Exercise Price, Outstanding Balance | $ 0.45 | $ 0.47 |
Stock Options One [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 100,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.1337 | |
Weighted Average Exercise Price, Granted | $ 0.1337 | |
Stock Options Two [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 3,050,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.18 | |
Weighted Average Exercise Price, Granted | $ 0.18 | |
Stock Options Three [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,550,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.212 | |
Weighted Average Exercise Price, Granted | $ 0.212 | |
Stock Options Four [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,150,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.277 | |
Weighted Average Exercise Price, Granted | $ 0.277 | |
Stock Options Five [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 750,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.30 | |
Weighted Average Exercise Price, Granted | $ 0.30 | |
Stock Options Six [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 2,000,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.35 | |
Weighted Average Exercise Price, Granted | $ 0.35 | |
Stock Options Seven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 250,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.38 | |
Weighted Average Exercise Price, Granted | $ 0.38 | |
Stock Options Eight [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 1,664,542 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.50 | |
Weighted Average Exercise Price, Granted | $ 0.50 | |
Stock Options Nine [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 128,000 | |
Weighted Average Exercise Price, Outstanding Balance | $ 0.96 | |
Weighted Average Exercise Price, Granted | $ 0.96 | |
Stock Options Ten [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 350,834 | |
Stock Options Ten [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 1.50 | |
Weighted Average Exercise Price, Granted | 1.50 | |
Stock Options Ten [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 1.95 | |
Weighted Average Exercise Price, Granted | $ 1.95 | |
Stock Options Eleven [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 597,500 | |
Stock Options Eleven [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 2 | |
Weighted Average Exercise Price, Granted | 2 | |
Stock Options Eleven [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 2.79 | |
Weighted Average Exercise Price, Granted | $ 2.79 | |
Stock Options Twelve [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Shares outstanding balance | 28,334 | |
Stock Options Twelve [Member] | Minimum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | $ 3.10 | |
Weighted Average Exercise Price, Granted | 3.10 | |
Stock Options Twelve [Member] | Maximum [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Weighted Average Exercise Price, Outstanding Balance | 3.50 | |
Weighted Average Exercise Price, Granted | $ 3.50 |
SCHEDULE OF STOCK OPTIONS OUTST
SCHEDULE OF STOCK OPTIONS OUTSTANDING AND EXERCISABLE (Details) | Jun. 30, 2024 $ / shares shares |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 11,394,210 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.46 |
Stock Options One [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 100,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.1337 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.1337 |
Stock Options Two [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 2,950,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.18 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.18 |
Stock Options Three [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,550,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.212 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.212 |
Stock Options Four [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,150,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.277 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.277 |
Stock Options Five [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 750,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.30 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.30 |
Stock Options Six [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 2,000,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.35 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.35 |
Stock Options Seven [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 125,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.38 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.38 |
Stock Options Eight [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 1,664,542 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.50 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.50 |
Stock Options Nine [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 128,000 |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 0.96 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 0.96 |
Stock Options Ten [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 350,834 |
Stock Options Ten [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 1.50 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 1.50 |
Stock Options Ten [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 1.95 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 1.95 |
Stock Options Eleven [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 597,500 |
Stock Options Eleven [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 2 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 2 |
Stock Options Eleven [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 2.79 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 2.79 |
Stock Options Twelve [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Number of Options, Options Outstanding and exercisable | shares | 28,334 |
Stock Options Twelve [Member] | Minimum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | $ 3.10 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | 3.10 |
Stock Options Twelve [Member] | Maximum [Member] | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Weighted Average Exercise Price, Options Outstanding and exercisable | 3.50 |
Weighted Average Grant-date Stock Price, Options Outstanding and exercisable | $ 3.50 |
STOCK OPTIONS (Details Narrativ
STOCK OPTIONS (Details Narrative) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Dec. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Share based compensation arrangement by share based payment award options grants in period gross | 250,000 | |||
Stock based compensation expense | $ 51,990 | $ 35,920 | ||
Unamortized cost of outstanding stock-based awards | $ 60,970 | $ 60,970 | ||
Stock options outstanding | 11,619,210 | 11,619,210 | 11,392,544 | |
Stock options, intrinsic value | $ 875,480 | $ 875,480 | ||
Directors And Employees [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Fair value of the option grants to employees | $ 250,000 | $ 400,000 | ||
Share based compensation arrangements by share based payment award options grants in period weighted average exercise price | $ 0.38 | $ 0.18 | ||
Options expiration period | 10 years | 5 years | ||
Share based compensation arrangement by share based payment award options grants in period gross | 125,000 | 200,000 | ||
Volatility rate | 267.24% | |||
Discount rate | 4.70% | |||
Expected dividend yield | 0% | 0% | ||
Expected life | 10 years | 5 years | ||
Directors And Employees [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Volatility rate | 273.24% | |||
Discount rate | 1.40% | |||
Directors And Employees [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Volatility rate | 273.87% | |||
Discount rate | 1.55% | |||
Employees [Member] | Minimum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Fair value of the option grants to employees | $ 95,000 | $ 71,840 | ||
Employees [Member] | Maximum [Member] | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
Fair value of the option grants to employees | $ 47,500 | $ 35,920 |
SCHEDULE OF WARRANTS ACTIVITY (
SCHEDULE OF WARRANTS ACTIVITY (Details) - Warrant [Member] | 6 Months Ended |
Jun. 30, 2024 $ / shares shares | |
Number of Shares, Warrants Outstanding and Exercisable, Beginning Balance | shares | 3,313,335 |
Weighted Average Exercise Price, Warrants Outstanding and Exercisable, Beginning Balance | $ / shares | $ 0.66 |
Number of Shares, Warrants Granted | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Granted | $ / shares | |
Number of Shares, Warrants Exercised | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Exercised | $ / shares | |
Number of Shares, Warrants Expired | shares | |
Weighted Average Exercise Price, Warrants Outstanding, Expired | $ / shares | |
Number of Shares, Warrants Outstanding and Exercisable Ending | shares | 3,313,335 |
Weighted Average Exercise Price, Warrants Outstanding, Outstanding and Exercisable, Ending Balance | $ / shares | $ 0.66 |
WARRANTS (Details)
WARRANTS (Details) | Jun. 30, 2024 USD ($) shares |
Common Stock [Member] | |
Warrants outstanding | shares | 3,313,335 |
Warrant [Member] | |
Warrants intrinsic value | $ | $ 15,000 |
NOTES PAYABLE (Details Narrativ
NOTES PAYABLE (Details Narrative) - USD ($) | Jun. 30, 2024 | Dec. 31, 2023 |
Debt Disclosure [Abstract] | ||
Notes payable outstanding | $ 0 | $ 0 |
LINE OF CREDIT (Details Narrati
LINE OF CREDIT (Details Narrative) - USD ($) | 1 Months Ended | ||||
Nov. 30, 2023 | Jun. 30, 2023 | Nov. 30, 2022 | Jun. 30, 2024 | Dec. 31, 2023 | |
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||
Line of credit maturity date | Nov. 30, 2024 | ||||
Bears interest percentage | 1% | ||||
Line of credit facility interest rate description | prime rate plus one percent margin | ||||
Prime rate percentage | 9.50% | ||||
Line of credit | $ 1,000,000 | $ 1,000,000 | |||
Secured Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Line of credit facility, maximum borrowing capacity | $ 1,000,000 | ||||
Line of credit maturity date | Dec. 31, 2024 | ||||
Prime rate percentage | 8.50% | ||||
Line of credit | $ 1,200,000 | $ 1,400,000 | |||
Line of Credit Facility, Increase (Decrease), Net | $ 1,400,000 |
SCHEDULE OF MATURITIES OF LONG
SCHEDULE OF MATURITIES OF LONG TERM DEBT (Details) | Jun. 30, 2024 USD ($) |
Equipment Financing [Member] | |
Short-Term Debt [Line Items] | |
2024 – due between July 1, 2024 and June 30, 2025 | $ 1,206,455 |
2025 – due between July 1, 2025 and June 30, 2026 | 869,454 |
2026 – due between July 1, 2026 and June 30, 2027 | 791,242 |
2027 – due between July 1, 2027 and June 30, 2028 | 644,147 |
2028 and later – due on July 1, 2028 and thereafter | 364,129 |
Total long-term debt | 3,875,427 |
Collins Promissory Notes [Member] | |
Short-Term Debt [Line Items] | |
2024 – due between July 1, 2024 and June 30, 2025 | 1,410,989 |
2025 – due between July 1, 2025 and June 30, 2026 | 576,105 |
2026 – due between July 1, 2026 and June 30, 2027 | 422,587 |
2027 – due between July 1, 2027 and June 30, 2028 | 452,644 |
2028 and later – due on July 1, 2028 and thereafter | 78,511 |
Total long-term debt | $ 2,940,836 |
LONG-TERM DEBT OBLIGATIONS (Det
LONG-TERM DEBT OBLIGATIONS (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Debt Instrument [Line Items] | |
Long term debt, maturity description | mature between 2025 through 2029 |
Intrest rate | 9.50% |
First Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Principal amount | $ 2,000,000 |
Intrest rate | 7% |
Outstanding balance | $ 1,713,505 |
Second Promissory Note [Member] | |
Debt Instrument [Line Items] | |
Principal amount | $ 2,035,250 |
Intrest rate | 8.25% |
Outstanding balance | $ 1,227,331 |
Minimum [Member] | |
Debt Instrument [Line Items] | |
Long term debt, interest rates | 3.69% |
Maximum [Member] | |
Debt Instrument [Line Items] | |
Long term debt, interest rates | 9.95% |
MAJOR CUSTOMER AND CONCENTRAT_2
MAJOR CUSTOMER AND CONCENTRATION OF CREDIT RISK (Details Narrative) - Customer Concentration Risk [Member] | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue Benchmark [Member] | Two Largest Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 92% | 89% | |||
Revenue Benchmark [Member] | Largest Customers [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 94% | 92% | |||
Accounts Receivable [Member] | Largest Customer [Member] | |||||
Concentration Risk [Line Items] | |||||
Concentration risk percentage | 99% | 70% |
SCHEDULE OF BASIC AND DILUTED E
SCHEDULE OF BASIC AND DILUTED EARNINGS PER SHARE (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (1,225,681) | $ 36,762 | $ (2,439,521) | $ (190,098) |
Weighted average shares of common stock outstanding - Basic | 101,552,586 | 80,519,745 | 101,288,035 | 79,324,917 |
Earnings Per Share - Basic | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Unvested Restricted Stock Awards | ||||
Weighted average shares of common stock - Diluted | 101,552,586 | 80,519,745 | 101,288,035 | 79,324,917 |
Earnings Per Share - Diluted | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
SCHEDULE OF FINANCIAL INFORMATI
SCHEDULE OF FINANCIAL INFORMATION OF REPORTABLE SEGMENT (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||||
Sales | $ 2,349,738 | $ 3,998,267 | $ 6,259,631 | $ 7,013,154 | |
Gross profit | (148,929) | 845,101 | (130,075) | 1,494,103 | |
Net income (loss) | (1,225,681) | 36,762 | (2,439,521) | (190,098) | |
Assets | 19,441,520 | 9,715,480 | 19,441,520 | 9,715,480 | $ 23,788,144 |
Depreciation | 638,437 | 341,726 | 1,276,872 | 695,910 | |
Interest expense | 165,660 | 64,997 | 340,918 | 108,634 | |
Tax expense | 56,600 | 56,600 | |||
Capital expenditures for long-lived assets | 38,289 | 784,515 | |||
Range Reclaim [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 2,050,958 | 3,882,492 | 3,556,941 | 6,870,979 | |
Gross profit | (252,848) | 789,687 | (832,531) | 1,428,266 | |
Net income (loss) | (579,928) | 433,922 | (1,626,300) | 620,565 | |
Assets | 12,966,495 | 9,440,020 | 12,966,495 | 9,440,020 | |
Depreciation | 634,906 | 338,409 | 1,269,811 | 691,165 | |
Interest expense | 61,195 | 63,061 | 154,173 | 105,811 | |
Tax expense | |||||
Capital expenditures for long-lived assets | 38,289 | 716,491 | |||
Range Minerals [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 138,118 | 2,120,233 | |||
Gross profit | 20,842 | 357,654 | |||
Net income (loss) | (84,121) | 152,455 | |||
Assets | 4,453,028 | 4,453,028 | |||
Depreciation | |||||
Interest expense | |||||
Capital expenditures for long-lived assets | |||||
Range Water [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Gross profit | |||||
Net income (loss) | (5,154) | (19,116) | (38,736) | (38,280) | |
Assets | 12,579 | 15,138 | 12,579 | 15,138 | |
Depreciation | 639 | 426 | 1,279 | 426 | |
Interest expense | |||||
Tax expense | |||||
Capital expenditures for long-lived assets | 15,350 | ||||
Range Security [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | 160,662 | 115,775 | 582,457 | 142,175 | |
Gross profit | 83,077 | 55,414 | 344,802 | 65,837 | |
Net income (loss) | 57,302 | 37,550 | 289,542 | 20,445 | |
Assets | 226,846 | 94,610 | 226,846 | 94,610 | |
Depreciation | 2,892 | 2,891 | 5,782 | 4,319 | |
Interest expense | 224 | 224 | |||
Tax expense | |||||
Capital expenditures for long-lived assets | 52,674 | ||||
Range Land [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Gross profit | |||||
Net income (loss) | |||||
Assets | 1,008,940 | 1,008,940 | |||
Depreciation | |||||
Interest expense | |||||
Tax expense | |||||
Capital expenditures for long-lived assets | |||||
Graphium Biosciences [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Gross profit | |||||
Net income (loss) | (157,275) | (107,444) | (288,915) | (213,621) | |
Assets | 9,147 | 8,784 | 9,147 | 8,784 | |
Depreciation | |||||
Interest expense | |||||
Tax expense | |||||
Capital expenditures for long-lived assets | |||||
Corporate Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Sales | |||||
Gross profit | |||||
Net income (loss) | (456,505) | (308,150) | (927,567) | (579,207) | |
Assets | 764,485 | 156,928 | 764,485 | 156,928 | |
Depreciation | |||||
Interest expense | 104,465 | 1,712 | 186,745 | 2,599 | |
Tax expense | 56,600 | 56,600 | |||
Capital expenditures for long-lived assets |
SEGMENT INFORMATION (Details Na
SEGMENT INFORMATION (Details Narrative) | 6 Months Ended |
Jun. 30, 2024 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 6 |