Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 1247

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 15
Chunk 1247
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 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 and 2023 are as follows:

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, 2023

    Costs incurred on contracts in
    progress 
    $425,634 
  
    Estimated earnings 
     340,528 
  
    Revenue earned on contracts in progress 
     766,162 
  
    Less:
    Billings to date 
     (518,852)
  
    Total contract assets 
    $247,310 

Property
and Equipment

Property
and equipment is carried at cost. Expenditures for maintenance and repairs are charged to cost of services. Additions and betterments
are capitalized. The cost and related accumulated depreciation of equipment sold or otherwise disposed of are removed from the accounts
and any gain or loss is reflected in the current year’s earnings.

SCHEDULE
OF PROPERTY AND EQUIPMENT

    December
    31, 2024  
    December
    31, 2023 

    Equipment 
    $3,433,543  
    $13,835,929 
  
    Land 
     1,008,897  
     1,563,797 
  
    Buildings 
     -  
     199,500 
  
    Property and equipment, gross 
     -  
     199,500 

    Accumulated depreciation 
     (2,542,771) 
     (2,297,324)
  
    Net book value 
     1,899,669  
     13,301,902 
  
    Depreciation expense 
    $1,868,997  
    $1,781,573 

See
Note 2 for more details on the change in buildings, property and