Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 151

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part II, Item 8
Chunk 151
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threshold. Additionally, this ASU requires disclosures relating to income tax expense and payments made to federal, state, local and
foreign jurisdictions. This ASU is effective for fiscal years beginning after December 15, 2024. The Company will
make the requisite updates in the notes to the annual financial statements for the period ending December 31, 2025.

In November 2024, the FASB issued ASU 2024-03, “Income
Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses”.
This guidance requires tabular footnote disclosure of certain operating expenses disaggregated into categories, such as employee compensation,
depreciation, and intangible asset amortization, included within each interim and annual income statement’s expense caption, as
applicable. The effective date of this guidance is for fiscal years beginning after December 15, 2026, and interim periods within fiscal
years beginning after December 15, 2027. We are in the process of evaluating the impact of adopting this guidance on our consolidated
financial statement disclosures.

2.
ACQUISITION OF COLLINS BUILDING & CONTRACTING

On
August 31, 2023, the Company entered into a stock purchase agreement with the owner of Collins Building & Contracting, Inc. (“Collins
Building”) pursuant to which the owner agreed to sell all of the outstanding common stock of Collins Building to the Company in
exchange for (a) cash consideration of $1,000,000,
(b) a five5-year
secured promissory note in the principal amount of $2,000,000,
bearing interest at 7.0%
per annum (the “First Promissory Note”), and (c) a two2-year
secured promissory note in the principal amount of $2,035,250,
bearing interest at 8.25%
per annum (the “Second Promissory Note”). The
First Promissory Note was secured by the acquired real property and quarry infrastructure,
and the
Second Promissory Note was secured by the acquired equipment.

The
Company accounted for the transaction as a business combination in accordance ASC 805 “Business Combinations”. The Company
performed an allocation of the purchase price paid for the assets acquired and the liabilities assumed. The fair values of the assets
acquired in that transaction are set forth below. Because the fair values exceeded the purchase price, we recognized a