Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 16

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 16
---
 would no longer
be required for future projects. Consequently, these items were separated and prepared for sale. 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.

    11

Property
& 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 

    June 30, 2025  
    December 31, 2024 

    Equipment 
    $1,075,942  
    $3,433,543 
  
    Accumulated depreciation 
     (689,046) 
     (2,542,771)
  
    Net book value 
     386,896  
     890,772 
  
    Depreciation expense 
    $125,043  
    $1,868,997 

The
Company provides for depreciation of its property and equipment using the straight-line method for both financial reporting and federal
income tax purposes over the estimated six6-year
useful lives of the assets.

The
Company assesses the recoverability of its property and equipment by determining whether the depreciation of the assets over their remaining
lives can be recovered through projected future cash flows generated by the assets. There were no assets identified for impairment. These
assets are reported within the Range Services operating business segment.

Asset
Retirement Obligations

The
Company recognizes asset retirement obligations (“AROs”) in accordance with ASC 410, “Asset Retirement and Environmental
Obligations