Range Impact Files Q1 2024 10-Q Amendment

TL;DR

**RANGE IMPACT AMENDS Q1 FILING - UPDATED FINANCIALS OUT**

AI Summary

Range Impact, Inc. filed an amended 10-Q on October 15, 2024, for the period ending March 31, 2024. The filing provides updated financial information and disclosures for the first quarter of 2024. Key financial statement details, such as common stock, additional paid-in capital, and retained earnings, are presented for the periods ending March 31, 2024, December 31, 2023, and March 31, 2023.

Why It Matters

This amended filing provides updated financial transparency for investors regarding Range Impact, Inc.'s performance and financial position as of March 31, 2024.

Risk Assessment

Risk Level: low — This filing is an amendment to a quarterly report, primarily providing updated financial details rather than announcing new material events.

Key Numbers

• 2024-03-31 — Period End Date (The latest financial reporting period covered by the amended 10-Q.)
• 2023-12-31 — Previous Period End (Provides comparative financial data from the end of the prior fiscal year.)
• 2023-03-31 — Prior Year Period End (Provides comparative financial data from the same period in the prior fiscal year.)

Key Players & Entities

• RANGE IMPACT, INC. (company) — Filer of the 10-Q/A
• 20241015 (date) — Filing date of the 10-Q/A
• 20240331 (date) — Period end date for the 10-Q/A
• 200 PARK AVENUE SUITE 400 CLEVELAND OH 44122 (address) — Business and mailing address for Range Impact, Inc.

FAQ

Key Financial Figures

• $0.001 — hares of the registrant's common stock, $0.001 par value per share, outstanding. EXP

Filing Documents

• form10-qa.htm (10-Q/A) — 871KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex95.htm (EX-95) — 15KB
• 0001493152-24-041056.txt ( ) — 5641KB
• rnge-20240331.xsd (EX-101.SCH) — 39KB
• rnge-20240331_cal.xml (EX-101.CAL) — 63KB
• rnge-20240331_def.xml (EX-101.DEF) — 169KB
• rnge-20240331_lab.xml (EX-101.LAB) — 290KB
• rnge-20240331_pre.xml (EX-101.PRE) — 274KB
• form10-qa_htm.xml (XML) — 921KB

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION 3

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 3 Consolidated Unaudited Balance Sheets as of March 31, 2024 and December 31, 2023 4 Consolidated Unaudited Statements of Operations for the Three Months Ended March 31, 2024 and March 31, 2023 5 Consolidated Unaudited Statements of Changes in Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2024 and March 31, 2023 6 Consolidated Unaudited Statements of Cash Flows for the Three Months Ended March 31, 2024 and March 31, 2023 7 Notes to the Consolidated Unaudited Financial Statements 8

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 29

- OTHER INFORMATION

PART II - OTHER INFORMATION 30

Legal Proceedings

Item 1. Legal Proceedings 30

Risk Factors

Item 1A. Risk Factors 30

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30

Exhibits

Item 6. Exhibits 30

SIGNATURES

SIGNATURES 31 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements (unaudited) RANGE IMPACT, INC. CONSOLIDATED

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS (Unaudited) CONSOLIDATED UNAUDITED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 4 CONSOLIDATED UNAUDITED STATEMENTS OF OPERATIONS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023 5 CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (DEFICIT) FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023 6 CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS FOR THE THREE MONTHS ENDED MARCH 31, 2024 AND MARCH 31, 2023 7 NOTES TO THE CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS 8 3 RANGE IMPACT, INC. CONSOLIDATED BALANCE SHEETS Ma rch 31, 2024 As Restated, See Note 2 (unaudited) December 31, 2023 Assets Current Assets Cash and cash equivalents $ 667,698 $ 2,176,800 Accounts receivable 6,003,777 7,185,411 Contract assets 626,425 247,310 Prepaid expenses 90,756 115,324 Total current assets 7,388,656 9,724,845 Long-term Assets Property and equipment, net of accumulated depreciation 12,663,467 13,301,902 Goodwill 751,421 751,421 Deposits 9,976 9,976 Total long-term assets 13,424,864 14,063,299 Total Assets $ 20,813,520 $ 23,788,144 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 1,706,394 $ 3,714,014 Line of credit 2,400,000 2,400,000 Current portion of long-term debt 2,513,820 2,755,792 Contract liabilities 205,327 - Accrued expenses 534,361 101,283 Total current liabilities 7,359,902 8,971,089 Long-term Liabilities Long-term debt, net of current portion 5,095,940 5,250,027 Total long-term debt 5,095,940 5,250,027 Total liabilities 12,455,842 14,221,116 Stockholders' Equity Common stock, par value $ 0.001 per share; 1,000,000,000 shares authorized; 101,023,485 and 101,023,485 shares issued and outstanding, respectively 101,023 101,023 Additional paid-in-capital 56,552,294 56,547,804 Accumulated deficit ( 48,295,639 ) ( 47,081,799 ) Total stockholders' eq

Business

Business Combinations

Business

Business combinations are accounted for using the purchase method of accounting under ASC 805, "Business Combinations." This method requires the Company to record assets and liabilities of the businesses acquired at their estimated fair values as of the acquisition date. Any excess of the cost of the acquisition over the fair value of the net assets acquired is recorded as goodwill. Any excess of the fair value of the net assets acquired over the cost of the acquisition is accounted for as a bargain purchase gain. Determining the fair value requires management to make estimates and assumptions including discount rates, rates of return on assets, and long-term sales growth rates. Revenue Recognition The Company recognizes revenue under ASC 606, "Revenue from Contracts with Customers". The core principle of the ASC 606 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 in the contract; 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, stone and other products and recognizes revenue when the products are delivered to the customer's designated site or when control of these products is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those products. Sales taxes and other taxes that th

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