Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 17

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 17
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 Range Land and (ii) Range Services. The Fola Mine, including the royalty and lease agreements
assigned in connection with the Fola Acquisition, and the Hobet Mine are reported in the Range Land operating business segment.
Effective January 1, 2025, the business activities of the Range Reclaim, Range Security and Range Water operating business segments,
which had been previously-reported as separate operating business segments, are now captured as part of the Range
Services operating business segment. This change was implemented as each of these business segments now serve to support the reclamation and improvement
of the land holdings of Range Land and not as businesses serving other customers. The change in the segment reporting is shown retrospectively
in this filing. Graphium Biosciences was sold in September 2024 and therefore the drug
development business segment named Graphium Biosciences is no longer reported as an operating business segment of the Company.

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In accordance with the “Segment Reporting”
Topic of the ASC 280, the Company’s chief operating decision-maker has been identified as the Chief Executive Officer, who reviews
operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which
is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and
to report annually entity-wide disclosures about products and services, major customers, and the countries in which the entity holds
material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to
their similar customer base and similarities in economic characteristics, nature of products and services, and procurement, manufacturing,
and distribution processes.

Recent Accounting Pronouncements

In November 2023, the FASB issued ASU 2023-07,
“Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures.” This ASU enhances reportable segment disclosures
on both an annual and interim basis primarily in regards to the disclosure of significant segment expenses that are regularly provided
to the chief operating decision maker (“CODM”) and included within the reported measure(s) of segment profit or loss. In addition, this
ASU requires disclosure, by segment, of other items included in the reported measure(s) of segment profit or loss, including qualitative
information describing the composition, nature and type of each item. This ASU also expands disclosure requirements related to the CODM,
including how the reported measure(s) of segment profit or loss are used to assess segment performance and allocate resources, and the