Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 11

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 11
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 is typically
included in our contract costs estimates (and by extension, in the contract price).

Cash and Cash Equivalents

The Company considers all highly liquid investments
with an original maturity of three months or less at the date of acquisition to be cash equivalents. From time to time, the Company’s
cash account balances exceed the balances covered by the Federal Deposit Insurance Corporation. The Company has never suffered a loss
due to such excess balances.

Accounts Receivable

Included as a component of accounts
receivable are contract receivables that represent the Company’s unconditional right, subject only to the passage of time, to
receive consideration arising from performance obligations under reclamation contracts with customers. Billed contract receivables
have been invoiced to customers based on contracted amounts. There were no
contract receivables at March 31, 2025 or at December 31, 2024. Trade accounts receivable are stated at the amount management
expects to collect from the balances outstanding as of March 31, 2025 or December 31, 2024 in the consolidated balance sheets. Based
on management’s assessment, it has concluded that losses on balances outstanding as of those dates will be immaterial and
therefore, no
allowances were recorded for the three months ended March 31, 2025 or the three months ended March 31, 2024. Accounts receivable were $153,938
and $3,209,070 at March 31, 2025 and
December 31, 2024, respectively. No
credit loss expense was accrued in either the three months ended March 31, 2025 or the three months ended March 31, 2024 and there
is no allowance for expected
credit losses as of March 31, 2025 or December 31, 2024.

Contract Assets

Billing practices are governed by the contract
terms of each project based upon costs 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