Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 132

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1
Chunk 132
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 in accordance with accounting principles generally accepted in the United States of America. Intercompany balances and
transactions have been eliminated in consolidation.

Reclassifications

Certain
prior period amounts have been reclassified to conform with the current period’s presentation.

    F-7

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.

Discontinued
Operations

During
the third quarter of 2024, the Company sold its wholly-owned subsidiary Graphium Biosciences, Inc. In accordance with GAAP, assets and
liabilities of discontinued operations are presented separately in the Consolidated Balance Sheets, and results of discontinued operations
are reported as a separate component of consolidated net loss or net income in the Consolidated Statements of Operations, for all periods
presented, resulting in changes to the presentation of certain prior period amounts.

Refer
to Note 2 for additional discussion of discontinued operations and disposition of assets. All other notes to these consolidated financial
statements present the results of continuing operations and exclude amounts related to discontinued operations for all periods presented.

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
recognition 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; and (5) recognize revenue when (or as)