Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 181

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 181
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 Note 2 to the Consolidated Financial
Statements. During the year ended December 31, 2024, the Company sold substantially all of the assets of Collins Building to its
previous owner in exchange for the cancellation of all remaining debt owed to him, as described in more detail in Note 2.

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 in the Consolidated Statements of Operations, for all periods presented,
resulting in changes to the presentation of certain prior period amounts.

Plan
of Operations

We
are a public company dedicated to improving the health and wellness of people and the planet through a novel and innovative approach
to impact investing. We own and operate several complementary operating businesses focused on developing long-term solutions to environmental,
social, and health challenges, with a particular focus on acquiring, reclaiming and repurposing mine sites and other undervalued land
in economically disadvantaged communities throughout Appalachia. We take an opportunistic approach to impact investing by leveraging
our competitive advantages and looking at solving old problems in new ways. We seek to thoughtfully allocate our capital into strategic
opportunities that are expected to make a positive impact on the people-planet ecosystem and generate strong investment returns for our
shareholders.

25

Critical
Accounting Policies

Preparation
of financial statements in conformity with U.S. generally accepted accounting principles requires management to make certain estimates
and assumptions which affect amounts reported in our consolidated financial statements. On an ongoing basis, we evaluate the accounting
policies and estimates that are used to prepare financial statements. Management has made their best estimates and judgments of certain
amounts included in the financial statements, giving due consideration to materiality. We do not believe that there is great likelihood
that materially different amounts would be reported under different conditions or using different assumptions related to the accounting
policies described below. However, application of these accounting policies involves the exercise of judgment and use of assumptions
as to future uncertainties and, as a result, actual results could differ from these estimates.

Use
of Estimates and Assumptions

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