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Range Impact Inc Com (RNGE+1.08%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing details a net loss of $9,798,083 for the year, compared to a net income of $3,131,055 in the previous year. This decline is attributed to a significant reduction in revenue and impairments related to asset disposals.
Revenue for the year was $9,011,081, down from $19,346,306 in 2023. The decrease is primarily due to reduced mining activity and the completion of a large non-recurring project in 2023.
The company reported a gross loss of $884,128 for 2024, compared to a gross profit of $6,234,809 in 2023. This change is mainly due to increased costs of services and decreased revenue.
Operating expenses for the year totaled $2,655,970, a decrease from $4,021,556 in 2023. The reduction is largely due to decreased general and administrative expenses following asset sales and reduced activity.
Range Impact recorded a goodwill impairment of $751,421 and a fixed asset impairment of $738,913 during the year. These impairments contributed to the overall net loss.
The company completed the sale of its subsidiary, Graphium Biosciences, and its assets related to Collins Building & Contracting, resulting in a loss on sale of $3,677,500.
As of December 31, 2024, Range Impact reported total assets of $6,192,715 and total liabilities of $5,358,310, resulting in stockholders' equity of $834,405.
The company continues to focus on its impact investing strategy, with operations in land reclamation, water restoration, and security services. However, it faces challenges related to financing and operational efficiency.
Range Impact acknowledges the substantial doubt about its ability to continue as a going concern due to recurring losses and insufficient funds to operate for the next 12 months without additional financing.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Range Impact Inc Com annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.