Company: RNGE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023395
Chunk: 171

Company: RANGE IMPACT, INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part II, Item 8
Chunk 171
---
ASB issued ASU 2024-03, “Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures
(Subtopic 220-40): Disaggregation of Income Statement Expenses”. This guidance requires tabular footnote disclosure of certain
operating expenses disaggregated into categories, such as employee compensation, depreciation, and intangible asset amortization, included
within each interim and annual income statement’s expense caption, as applicable. The effective date of this guidance is for fiscal
years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is in the process
of evaluating the impact of adopting this guidance on our consolidated financial statement disclosures.

2.
ACQUISITION OF COLLINS BUILDING & CONTRACTING

On
August 31, 2023, the Company entered into a stock purchase agreement with the owner of Collins Building & Contracting, Inc. (“Collins
Building”) pursuant to which the owner agreed to sell all of the outstanding common stock of Collins Building to the Company in
exchange for (a) cash consideration of $1,000,000,
(b) a five5-year
secured promissory note in the principal amount of $2,000,000, bearing interest at 7.0% per annum (the “First Promissory Note”),
and (c) a two2-year secured promissory note in 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