Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 224

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 224
---
 date 
     (518,852)
  
    Total contract assets 
    $247,310 

Property
and 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

    December
    31, 2024  
    December
    31, 2023 

    Equipment 
    $3,433,543  
    $13,835,929 
  
    Land 
     1,008,897  
     1,563,797 
  
    Buildings 
     -  
     199,500 
  
    Property and equipment, gross 
     -  
     199,500 

    Accumulated depreciation 
     (2,542,771) 
     (2,297,324)
  
    Net book value 
     1,899,669  
     13,301,902 
  
    Depreciation expense 
    $1,868,997  
    $1,781,573 

See
Note 2 for more details on the change in buildings, property and equipment.

The
Company provides for depreciation of property and equipment using the straight-line method for both financial reporting and federal income
tax purposes over the estimated six-year useful lives of the equipment. All of the Company’s buildings were acquired in the purchase
of Collins Building and are also being depreciated over an estimated six-year useful life due to their age at the date of acquisition.

    F-10

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 was a group of five assets identified for impairment.
See Equipment Held for Sale below.

Land

Land
is carried at cost. The Company assesses the recoverability of 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.

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