Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 865

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 9
Chunk 865
---

     13,301,902 
  
    Depreciation expense 
    $1,868,997  
    $1,781,573 

See
Note 2 for more details on the change in buildings, property and equipment.

The
Company provides for depreciation of property and equipment using the straight-line method for both financial reporting and federal income
tax purposes over the estimated six-year useful lives of the equipment. All of the Company’s buildings were acquired in the purchase
of Collins Building and are also being depreciated over an estimated six-year useful life due to their age at the date of acquisition.

    F-10

The
Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining
lives can be recovered through projected future cash flows generated by the assets. There was a group of five assets identified for impairment.
See Equipment Held for Sale below.

Land

Land
is carried at cost. The Company assesses the recoverability of its land by determining whether the cost of the land can be recovered
through projected future cash flows generated by the land. No land was identified for impairment.

Equipment
Held for Sale

Following
the completion of specific projects in the fourth quarter of 2024, Management concluded that certain pieces of equipment would no longer
be required for future projects. Consequently, these items were separated and prepared for sale. The company is expecting to sell these
assets to a private party within six months of the filing date of this report. It is not yet known whether there will be a gain or loss
on the disposal, but Management believes the assets are currently held at fair value. The Company recorded an impairment loss of $738,913
as of December 31, 2024. These assets are reported within the Range Reclaim segment.

Goodwill 

U.S.
GAAP requires that goodwill be tested for impairment annually and more frequently if events or changes in circumstances indicate that
it is more likely than not (i.e., a likelihood greater than 50%) that the reporting unit is impaired. During interim periods, ASC 350
requires companies to focus on those events and circumstances that affect the significant inputs used to determine the fair value of
the reporting unit to determine whether an interim quantitative impairment test is required.

The
Company performed its annual impairment test for goodwill on December 31, 2024 which was the annual assessment date. The Company
first assessed certain qualitative factors to determine whether it is more likely