Company: RNGE
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010872
Chunk: 12

Company: RANGE IMPACT, INC.
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 12
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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 
  
    Revenue earned on contracts in progress
     
     1,514,474 
  
    Less: Billings to date
     
     (1,360,120)
  
    Total contract assets
     
    $154,354 

    December 31, 2024 
  
    Costs and estimated earnings in excess of billings on contracts in progress
     
    $154,354 
  
    Billings in excess of costs and estimated earnings on contracts in progress
     
     - 
  
    Net contract assets
     
    $154,354 

Equipment Held for Sale

Following the completion of specific
projects in the fourth quarter of 2024, management concluded that certain pieces of equipment would no longer be required for future
projects. Consequently, these items were separated and prepared for sale. The Company is expecting to sell these assets to a private
party by September 30, 2025. It is not yet known whether there will be a gain or loss on the disposal of the equipment held for sale, but management believes the
assets are currently held at fair value. The Company recorded an impairment loss of $738,913
as of December 31, 2024. These assets are reported within the Range Services operating business segment.

Land

Land is carried at cost, which includes an amount of asset retirement costs equal to the amount
of asset retirement obligations recognized in connection with the Fola Acquisition. The Company assesses
the recoverability of its land by determining whether the cost of the land can be recovered through projected future cash flows generated
by the land. No land was identified for impairment. Land is reported within the Range Land operating business segment. Refer to Note 3 for more details.

    10

Property & Equipment

Property and equipment is carried at cost. Expenditures
for maintenance and repairs are charged