Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 97

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part II, Item 8
Chunk 97
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 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.

    12

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
method used to allocate overhead for significant segment expenses. All current required annual segment reporting disclosures under Topic
280 are now effective for interim periods. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods
within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company has adopted
this ASU. The Company will continue to evaluate its segment disclosures in future reporting periods to ensure continued compliance
with evolving accounting guidance and disclosure best practices.

In December 2023, the
FASB issued ASU 2023-09, “Income Taxes (