Company: RNGE
Filing Date: 2025-08-14
Form Type: 10-Q
Source: 0001641172-25-024206
Chunk: 15

Company: RANGE IMPACT, INC.
Filing Date: 2025-08-14
Form: 10-Q
Item: Part I, Item 1
Chunk 15
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ended June 30, 2025 or the six months ended June 30, 2024. Accounts receivable were $257,207 and $3,209,070 at June 30, 2025 and December
31, 2024, respectively. No credit loss expense was accrued in either the six months ended June 30, 2025 or the six months ended June
30, 2024 and there is no allowance for expected credit losses as of June 30, 2025 or December 31, 2024.

Contract
Assets

Billing
practices are governed by the contract terms of each project based upon costs incurred, achievement of milestones or predetermined schedules.
Billings do not necessarily correlate with revenue recognized over time using the percentage-of-completion method. Contract assets include
unbilled amounts typically resulting from revenue under long-term contracts when the percentage-of-completion method of revenue recognition
is utilized, and revenue recognition exceeds the amount billed to the customer. The Company’s contract assets are reported on a
contract-by-contract basis 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 June 30, 2025 and December 31, 2024 are as follows. The Company
did not have any active abandoned mine land projects as of June 30, 2025 therefore no contract assets were recognized on that date.

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, 2024 
  
    Costs and estimated earnings in excess of billings on contracts in progress 
    $154,354 
  
    Billings in excess of costs and estimated earnings on contracts in progress 
     - 
  
    Net contract assets 
    $154,354 

Equipment
Held for Sale

Following
the completion of specific projects in the fourth quarter of 2024, management concluded that certain pieces of equipment