Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 51

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 8
Chunk 51
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 from performance obligations under reclamation contracts with customers. Billed contract receivables
have been invoiced to customers based on contracted amounts. There were no
contract receivables at March 31, 2025 or at December 31, 2024. Trade accounts receivable are stated at the amount management
expects to collect from the balances outstanding as of March 31, 2025 or December 31, 2024 in the consolidated balance sheets. Based
on management’s assessment, it has concluded that losses on balances outstanding as of those dates will be immaterial and
therefore, no
allowances were recorded for the three months ended March 31, 2025 or the three months ended March 31, 2024. Accounts receivable were $153,938
and $3,209,070 at March 31, 2025 and
December 31, 2024, respectively. No
credit loss expense was accrued in either the three months ended March 31, 2025 or the three months ended March 31, 2024 and there
is no allowance for expected
credit losses as of March 31, 2025 or December 31, 2024.

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 March 31, 2025 and December 31, 2024 are as follows. The Company did not have any active abandoned mine land projects as of
March 31, 2025 therefore no contract assets were recognized on that date.

SCHEDULE
OF CONTRACT ASSETS

    December 31, 2024 
  
    Costs incurred on contracts in progress
     
    $1,513,306 
  
    Estimated earnings
     
     1,168