Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 526

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 5
Chunk 526
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3. Based on the
overall condition of the resale market for large scale equipment in 2024, the Company incurred larger-than-expected losses on
disposal of its equipment. These market conditions also contributed to management’s assessment and impairment of a group of
assets that were held for sale as of December 31, 2024. Based on the past two years of accumulated losses, changes in customers and
workstreams coupled with issues hiring and retaining qualified operations management and crews at Range Environmental, management’s analysis supports a full impairment of the goodwill that was associated with the 2022 purchase of Range
Environmental in the amount of $751,421.

The
net loss during the year ended December 31, 2024 was $(9,798,083) compared to net income of $3,131,055 for the year ended December
31, 2023 (a worsening of $12,929,138). The decline in year over year net income is primarily due to the year over year decrease in
gross profit of $7,118,937 which was primarily derived from losses incurred in the operations of the Range Reclaim segment coupled
with the loss on sale of assets, goodwill impairment, and fixed asset impairment (combined $5,167,834).

Liquidity
and Capital Resources

As
of December 31, 2024, we had an accumulated deficit of $56,879,882.

As
of December 31, 2024, we had total current assets of $4,293,046, primarily comprised of cash of $167,286, accounts receivable
of $3,209,070, and equipment held for sale of $733,613. As of December 31, 2024, we had total current liabilities of $3,543,609, primarily consisting of the current portion of
long-term debt in the amount of $789,719, accounts payable and accrued expenses of $753,890, and lines of credit of $2,000,000. As a result,
on December 31, 2024, the Company had working capital of $749,437. At December 31, 2023, the Company had working capital of $753,756.

As
of December 31, 2024, the Company had long-term assets of $1,899,669, comprised of net equipment assets. As of December 31, 2024, the
Company had long-term liabilities of $1,814,