Company: RNGE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001493152-25-023395
Chunk: 37

Company: RANGE IMPACT, INC.
Filing Date: 2025-11-14
Form: 10-Q
Item: Part I, Item 1
Chunk 37
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2025 and December 31, 2024, respectively. Trade accounts receivable are stated at the amount management expects to collect
from the balances outstanding as of September 30, 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 nine months ended September 30, 2025 or the nine months ended September 30, 2024. Accounts receivable were
$447,162 and
$3,209,070 at
September 30, 2025 and December 31, 2024, respectively. No
credit loss expense was accrued in either the nine months ended
September 30, 2025 or the nine months ended September 30, 2024 and there is no
allowance for expected credit losses as of September 30, 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 December 31, 2024 are as follows. The Company did not have any
active abandoned mine land projects as of September 30, 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 
  
    Revenue earned on contracts in progress 
     1,514,474 
  
    Less: Billings to date 
     (1,360,120)
  
    Total contract assets 
    $154,354 

    December 31, 2024