Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 13

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 13
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 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

    March 31, 2025  
    December 31, 2024 

    Equipment 
    $2,795,858  
    $3,433,543 
  
    Accumulated depreciation 
     (2,210,189) 
     (2,542,771)
  
    Net book value 
     585,669  
     890,772 
  
    Depreciation expense 
    $84,783  
    $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
six-year6 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 ARO in the period
in which it is incurred if a reasonable estimate of fair value can be made. Upon initial recognition, the Company capitalizes the cost
as part of the carrying amount of the related long-lived asset. The liability is subsequently accreted over time through charges to operating
expense, and the capitalized asset is depreciated over its useful life.

As of March 31, 2025,