Company: RNGE
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001641172-25-001343
Chunk: 1035

Company: RANGE IMPACT, INC.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 10
Chunk 1035
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 base and similarities in: economic characteristics; nature of products
and services; and procurement, manufacturing, and distribution processes.

    F-12

Recent
Accounting Pronouncements

In
November 2023, the FASB issued ASU 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment
Disclosures.” This update requires public entities
to disclose significant segment expenses regularly provided to the Chief Operating Decision Maker (CODM) and to provide additional qualitative
and quantitative disclosures regarding how segments are managed. The Company adopted ASU 2023-07 as of December 31, 2024, in accordance
with the required adoption timeline for public entities. The adoption of this ASU did not materially impact its financial statement disclosures,
as the Company’s existing segment reporting practices were already in alignment with the new requirements. The Company will continue
to evaluate its segment disclosures in future reporting periods to ensure 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, the 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 and interim periods beginning after December 15, 2024.
The Company continues to evaluate the impact of adopting this ASU.

2.
DISPOSALS AND DISCONTINUED OPERATIONS

On
August 22, 2024, substantially all assets of Collins Building were sold to its previous owner in exchange for the cancellation of all
remaining debt owed to him by the Company arising from the Company’s acquisition of Collins Building in August 2023.
Any projects related to Collins Building will be completed either by subcontractors or with equipment and resources of Range Environmental.
The Company recognized a net loss on the Collins Building sale of $3,043,799. This sale did not constitute a discontinued operation as
the Company has ongoing business and is still operating with active contracts and completion of work in progress. Only certain assets
were sold and