Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 23

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 23
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 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 805 “Business Combinations”. The Company
performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets
acquired in that transaction are set forth below. Because the fair values exceeded the purchase price, we recognized a gain on the purchase
of $1,875,150. The allocation of the purchase price is based on management’s estimates and a third-party assessment of the fair
value of the equipment purchased.

SCHEDULE
OF BUSINESS ACQUISITION ALLOCATION OF PURCHASE PRICE   

    Fair value of assets acquired: 

    Equipment 
    $6,156,000 
  
    Land 
     554,900 
  
    Buildings 
     199,500 
  
    Total assets acquired 
     6,910,400 
  
    Less: Gain on bargain purchase price 
     (1,875,150)
  
    Purchase price 
    $5,035,250 
  
    Cash consideration 
     1,000,000 
  
    Long-term notes issued to the seller 
     4,035,250 
  
    Total purchase price 
    $5,035,250 
  
    Acquisition transaction costs incurred 
    $167,212 

As
discussed in Note 4, on August 22, 2024, nearly all of the equipment, as well as the land and buildings were sold to the previous owner
of Collins Building in consideration of the full and complete cancellation of the First Promissory Note and the Second Promissory Note.

Collins
Building contributed $572,886 of
revenue and $1,681 of net income to the Company’s consolidated revenues and net income for the six months ended June
30, 2025. This revenue was created as a pass-through to a subcontractor who is completing contracts that belong to Collins
Building for abandoned mine sites. We anticipate these contracts will be completed by the end of 2025. Collins Building’s operations
contributed revenues of $0 and net loss of $274,081 to the Company’s consolidated revenues and net