Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 186

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 186
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 costs, and a decrease of $94,676 in legal and accounting
fees.

During
the year ended December 31, 2024, we incurred research and development expenses of $465,936 compared to $458,889 incurred during the
year ended December 31, 2023 (an increase of $7,047). All of these expenses were incurred by the Company’s (discontinued) Drug
Development business segment. The Company’s research and development personnel expenses were $295,300 during the year ended
December 31, 2024, compared to $274,912 for the year ended December 31, 2023 (an increase of $20,388). These expenses are presented
as discontinued operations.

27

During
the year ended December 31, 2024, the Company recorded other expense of $(5,714,681), consisting of a loss on sale of assets of
$3,677,500 in connection with the disposition of the Collins Building assets, goodwill impairment of $751,421, fixed asset impairment of $738,913 and interest expense of $617,422, offset by other
income of $63,170 and interest income of $7,405, compared to other income of $1,376,691 during the year ended December 31, 2023,
consisting of a gain on bargain purchase of $1,875,150 and interest income of $7,458, offset by interest expense of $505,917 during
the year ended December 31, 2023 (a decrease of $7,091,372). $3,043,799 of the loss on sale of assets in the year ended December 31,
2024 was the same group of assets which recorded a $1,875,150 gain on bargain purchase in year ended December 31, 2023. Based on the
overall condition of the resale market for large scale equipment in 2024, the Company incurred larger-than-expected losses on
disposal of its equipment. These market conditions also contributed to management’s assessment and impairment of a group of
assets that were held for sale as of December 31, 2024. Based on the past two years of accumulated losses, changes in customers and
workstreams coupled with issues hiring and retaining qualified operations management and crews at Range Environmental, management’s analysis supports a full impairment of the goodwill that was associated with the 2022 purchase of Range
Environmental in the amount of $751,421