Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 18

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 18
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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 (Topic 740): Improvements to Income Tax Disclosures”. This ASU enhances income tax
disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning and operational
opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the annual effective
tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative threshold.
Additionally, this ASU requires disclosures relating to income tax expense and payments made to federal, state, local and foreign jurisdictions.
This ASU is effective for fiscal years and interim periods beginning after December 15, 2024. The Company will make the requisite updates in the notes to the annual financial statements for the period ending December 31,
2025.

2. ACQUISITION OF COLLINS BUILDING & CONTRACTING

On August 31, 2023, the Company entered into
a stock purchase agreement with the owner of Collins Building & Contracting, Inc. (“Collins Building”) pursuant to which
the owner agreed to sell all of the outstanding common stock of Collins Building to the Company in exchange for (a) cash consideration
of $1,000,000, (b) a five-year5 secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the
“First Promissory Note”), and (c) a two-year2 secured promissory note in the principal amount of $2,035,250, bearing interest
at 8.25% per annum (the “Second Promissory Note”). The First Promissory Note was secured by the acquired real property and
quarry infrastructure, and the Second Promissory Note was secured by the acquired equipment.

The Company accounted for the transaction as
a business combination in accordance ASC