Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 223

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1A
Chunk 223
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310 as of December 31, 2023.

    F-9

The
Company recognizes an allowance for losses on accounts and contract receivables in an amount equal to the current expected credit losses.
The estimation of the allowance is based on an analysis of historical loss experience, current receivables aging and management’s
assessment of current conditions and reasonable and supportable expectations of future conditions, as well as an assessment of specific
identifiable customer accounts considered at risk or uncollectible. Based on management’s assessment, it has concluded that losses
on balances outstanding as of December 31, 2024 and 2023 will be immaterial and, therefore, no
allowances were recorded for the years ended December 31, 2024
or 2023. No bad
debt expense was accrued in either of the years ended December 31, 2024 or 2023.

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 be recognized sooner or later than one year from the balance sheet date.

Details
of contract assets arising from reclamation contracts in process as of December 31, 2024 and 2023 are as follows:

SCHEDULE
OF CONTRACT ASSETS

December
31, 2024

    Costs incurred on contracts in
    progress 
    $1,513,306 

    Estimated earnings 
     1,168 
  
    Revenue earned on contracts in progress 
     1,514,474 
  
    Less:
    Billings to date 
     (1,360,120)
  
    Total contract assets 
    $154,354 

December
31, 2023

    Costs incurred on contracts in
    progress 
    $425,634 
  
    Estimated earnings 
     340,528 
  
    Revenue earned on contracts in progress 
     766,162 
  
    Less:
    Billings to