Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 13

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 13
---
 judgment. Since a significant change in one or more of these variables could affect the profitability
of contracts, the Company reviews and updates contract-related estimates regularly through a review process in which the Company reviews
the progress and execution of performance obligations and the estimated cost at completion.

The
Company recognizes adjustments in estimated profit on contracts under the cumulative catch-up method. Under this method, the impact of
the adjustment on profit recorded to date is recognized in the period the adjustment is identified. Revenue and profit in future periods
of contract performance is recognized using the adjusted estimate. If at any time the estimate of contract profitability indicates an
anticipated loss on the contract, a provision for the entire loss is recognized in the period it is identified.

    9

Contract
Modifications

Contract
modifications can occur during the performance of the Company’s contracts. Contracts may be modified to account for changes in
contract specifications or requirements. In most instances, contract modifications are for goods or services that are not distinct, and,
therefore, are accounted for as part of the existing contract.

Cost
and Expense Recognition

Contract
costs include all direct labor, materials, equipment mobilization, subcontractor, and equipment costs, and those indirect costs related
to contract performance, such as indirect labor, tools and supplies. Costs are recognized as incurred.

The
Company recognizes revenue from contracts for financial reporting purposes over time. Progress toward completion of the Company’s
contracts is measured by the percentage of cost incurred to date compared to estimated total costs for each contract. This method is
used because management considers total cost to be the best available measure of progress on contracts. Because of inherent uncertainties
in estimating costs, it is at least reasonably possible that the estimates used will change significantly over the course of the contract’s
performance.

Revenue
earned over time compared to a point in time is as follows for the three and six months ended June 30, 2025 and 2024.

SCHEDULE
OF REVENUE EARNED OVERTIME COMPARED TO A POINT IN TIME 

    Three Months Ended June 30, 2025  
    Three Months Ended June 30, 2024 

    Earned over time 
    $-  
    $1,179,341 
  
    Point in time 
     1,391,482  
     1,170,397 
  
    Total revenue 
     1,391,482  
     2,349,738 

    Six