Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 656

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 7
Chunk 656
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 the
value of consideration transferred, (2) the value of any noncontrolling interest in the acquiree, and (3) the fair value of any previously
held equity interest in the acquiree. ASC 805 requires the recognition of a gain for a bargain purchase. The FASB believes that
a bargain purchase represents an economic gain, which should be immediately recognized by the acquirer in earnings. When a bargain purchase
gain is recognized in a business combination, no goodwill is recognized.

Goodwill

As
referenced by ASC 350 “Intangibles- Goodwill and other” (“ASC 350”), management performs its annual test for
goodwill at least annually or more frequently, if impairment indicators arise. At December 31, 2024, it was determined that the goodwill
was fully impaired and resulted in a charge against earnings in the full amount of $751,421.

Stock-Based
Compensation

The
Company periodically issues stock options and restricted stock awards to employees and non-employees in non-capital raising transactions
for services and for financing costs. The Company accounts for such grants issued and vesting based on ASC 718, Compensation-Stock Compensation
whereby the value of the award is measured on the date of grant and recognized for employees as compensation expense on the straight-line
basis over the vesting period. Recognition of compensation expense for non-employees is in the same period and manner as if the Company
had paid cash for the services.

Revenue
Recognition

The
Company recognizes revenue under ASC 606, “Revenue from Contracts with Customers”. The core principle of the revenue standard
is that a company should recognize revenue by analyzing the following five steps; (1) identify the contract with the customer; 2) identify
the performance obligations in the contract; 3) determine the transaction price; 4) allocate the transaction price to the performance
obligations; and 5) recognize revenue when (or as) each performance obligation is satisfied. The Company primarily invoices customers
and recognizes revenue on a periodic basis for equipment and labor hours provided to a customer on a particular job based on an agreed-upon
hourly rate sheet or a fixed amount for a project. The Company also invoices customers and recognizes revenue for equipment mobilization
fees and materials and supplies required to complete a project. The Company invoices for the sales of chemicals and recognizes revenue
when the products are delivered to the customer’s designated site. Costs for equipment, labor and chemicals are generally expensed