Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 22

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 22
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 Company will continue to evaluate its segment disclosures in future reporting
periods to ensure continued compliance with evolving accounting guidance and disclosure best practices.

In
December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”. This ASU
enhances income tax disclosures by providing information to better assess how an entity’s operations, related tax risks, tax planning
and operational opportunities affect its tax rate and prospects for future cash flows. This ASU requires additional disclosures to the
annual effective tax rate reconciliation including specific categories and further disaggregated reconciling items that meet the quantitative
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