Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 754

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7A
Chunk 754
---
 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 than not that the fair value of the reporting unit
is less than its carrying amount, and whether it is therefore necessary to perform the
quantitative impairment test. At December 31, 2024, it was determined that a quantitative impairment test was required. The
Company performed a discounted cash flow analysis and determined the value of the goodwill had lapsed. As a result, the goodwill was
fully impaired and resulted in a charge against earnings in the full amount of $751,421.

Income
Taxes

The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred income tax assets and liabilities
are recognized for the estimated tax consequences attributable to differences between the financial statement carrying values and their
respective income tax basis (temporary differences). The effect on deferred income tax assets and liabilities of a change in tax rates
is recognized as income (loss) in the period that includes the enactment date.

Leases

The
Company determines whether a contract is, or contains, a lease at inception. Right-of-use assets represent the Company’s right
to use an underlying asset during the lease term, and lease liabilities represent the Company’s obligation to make lease payments
arising from the lease. Right-of-use assets and lease liabilities are recognized at lease commencement based upon the estimated present
value of unpaid lease payments over the lease term. The Company uses its incremental borrowing rate based on the information available
at lease commencement in determining the present value of unpaid lease payments. The Company had no lease commitments for longer than
one year as of December 31, 2024 or 2023. The laboratory space lease in Rocklin, California was renewed in March 2022 and ended on March
31, 2023. The space was leased on a month-to-month basis through September 2024.

Stock-Based
Compensation

The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation, whereby the
value of the award is measured on the date of grant and recognized for employees as