Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 145

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 145
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 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. Land is reported within
the Range Land operating business segment. Refer to Note 3 for more details.

    11

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, 2025  
    December 31, 2024 

    Equipment 
    $1,075,942  
    $3,433,543 
  
    Accumulated depreciation 
     (689,046) 
     (2,542,771)
  
    Net book value 
     386,896  
     890,772 
  
    Depreciation expense 
    $125,043  
    $1,868,997 

The
Company provides for depreciation of its property and equipment using the straight-line method for both financial reporting and federal
income tax purposes over the estimated six6-year
useful lives of the assets.

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. These
assets are reported within the Range Services operating business segment.

Asset
Retirement Obligations

The
Company recognizes asset retirement obligations (“AROs”) in accordance with ASC 410, “Asset Retirement and Environmental
Obligations.” These obligations relate primarily to the Company’s legal and regulatory requirements to perform reclamation,
closure, and environmental remediation activities at coal mining sites currently under management by the Company.

Under
federal and state mining laws, including the Surface Mining Control and Reclamation Act of 1977 (“SMCRA”), the Company is
required to restore land and water resources disturbed by coal mining activities to their original or approved alternative condition.
AROs are recognized when the legal obligation is incurred, generally at the time mining activity commences or when the Company assumes
responsibility for a previously disturbed mine site.

The
Company records the fair value of a liability for an A