Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 95

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 95
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 provision
of environmental security services on an agreed-upon hourly rate for each project.

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 within the near term.

26

Income
Taxes

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

Recent
Accounting Pronouncements

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

Results
of Operations

Years
Ended December 31, 2024 and December 31, 2023 

The
following table sets forth our results of operations for the years ended December 31, 2024 and 2023.

    Year
    Ended  December 31, 2024  
    Year
    Ended  December 31, 2023 

    Revenues 
    $9,011,081  
    $19,346,306 
  
    Cost of services 
     9,895,209  
     13,111,497 
  
    Gross profit/(loss) 
     (884,128) 
     6,234,809 

    Operating Expenses: 

    General and administrative 
     2,655,970  
     4,021,556 
  
    Total operating expenses