Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 390

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 3
Chunk 390
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, fixed asset impairment of $738,913 and interest expense of $617,422, offset by other
income of $63,170 and interest income of $7,405, compared to other income of $1,376,691 during the year ended December 31, 2023,
consisting of a gain on bargain purchase of $1,875,150 and interest income of $7,458, offset by interest expense of $505,917 during
the year ended December 31, 2023 (a decrease of $7,091,372). $3,043,799 of the loss on sale of assets in the year ended December 31,
2024 was the same group of assets which recorded a $1,875,150 gain on bargain purchase in year ended December 31, 2023. Based on the
overall condition of the resale market for large scale equipment in 2024, the Company incurred larger-than-expected losses on
disposal of its equipment. These market conditions also contributed to management’s assessment and impairment of a group of
assets that were held for sale as of December 31, 2024. Based on the past two years of accumulated losses, changes in customers and
workstreams coupled with issues hiring and retaining qualified operations management and crews at Range Environmental, management’s analysis supports a full impairment of the goodwill that was associated with the 2022 purchase of Range
Environmental in the amount of $751,421.

The
net loss during the year ended December 31, 2024 was $(9,798,083) compared to net income of $3,131,055 for the year ended December
31, 2023 (a worsening of $12,929,138). The decline in year over year net income is primarily due to the year over year decrease in
gross profit of $7,118,937 which was primarily derived from losses incurred in the operations of the Range Reclaim segment coupled
with the loss on sale of assets, goodwill impairment, and fixed asset impairment (combined $5,167,834).

Liquidity
and Capital Resources

As
of December 31, 2024, we had an accumulated deficit of $56,879,882.

As
of December 31, 2024, we had total current assets of $4,293,046, primarily comprised of cash of $167,286, accounts receivable
of $3,209,070, and equipment held for sale of $733