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Range Impact Inc (RNGE-11.78%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $2,171,655 from $5,455,633 in the same quarter the previous year. The decrease is attributed to a reduction in revenue from the Range Reclaim and Range Minerals segments.
General and administrative expenses for the quarter were $473,942, down from $1,057,055 in the same quarter of the previous year. This decrease is primarily due to reduced employee, consultant, and legal fees.
Net loss for the quarter was $4,920,338, compared to a net income of $3,404,175 in the previous year. The loss is attributed to a decrease in revenue and a $3,043,799 loss on the sale of Collins Building assets.
Cash used in operating activities was $1,859,370, while cash provided by investing activities was $430,100, primarily from the sale of assets.
Range Impact reported a working capital of $335,307 as of September 30, 2024. The company acknowledges its dependence on additional financing to meet future obligations.
The filing details the company's operating segments, including Range Reclaim, Range Minerals, Range Water, Range Security, and Range Land.
Range Impact highlights its focus on impact investing, aiming to improve environmental and social outcomes while generating financial returns.
The company identified a material weakness in its internal controls over financial reporting due to issues with expense recording and accruals.
Range Impact continues to seek additional financing to support its operations and strategic initiatives.
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 quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.