Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 80

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 8
Chunk 80
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 incurred, achievement of milestones or predetermined schedules.
Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include
unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition
is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a
contract-by-contract basis at the end of each reporting period. The Company classifies contract assets as current or noncurrent based
on whether the revenue is expected to be recognized sooner or later than one year from the balance sheet date.

Details
of contract assets arising from reclamation contracts in process as of June 30, 2025 and December 31, 2024 are as follows. The Company
did not have any active abandoned mine land projects as of June 30, 2025 therefore no contract assets were recognized on that date.

SCHEDULE
OF CONTRACT ASSETS 

    December 31, 2024 
  
    Costs incurred on contracts in progress 
    $1,513,306 
  
    Estimated earnings 
     1,168 
  
    Revenue earned on contracts in progress 
     1,514,474 
  
    Less: Billings to date 
     (1,360,120)
  
    Total contract assets 
    $154,354 

    December 31, 2024 
  
    Costs and estimated earnings in excess of billings on contracts in progress 
    $154,354 
  
    Billings in excess of costs and estimated earnings on contracts in progress 
     - 
  
    Net contract assets 
    $154,354 

Equipment
Held for Sale

Following
the completion of specific projects in the fourth quarter of 2024, management concluded that certain pieces of equipment would no longer
be required for future projects. Consequently, these items were separated and prepared for sale. It is not yet known whether there will be a gain or loss on the disposal of the equipment
held for sale, but management believes the assets are currently held at fair value. The Company recorded an impairment loss of $738,913
as of December 31, 2024. These assets are reported within the Range Services operating business segment.

Land

Land
is carried at cost, which includes an amount of asset retirement costs equal to the amount of asset retirement obligations recognized
in connection with the Fola Acquisition. The Company assesses the recoverability of