Range Impact, Inc. and Subsidiaries Pro Forma Consolidated Financial Statements (Unaudited) for June 30, 2024 and December 31, 2023
Summary
This document presents the unaudited pro forma consolidated balance sheet and income statements for Range Impact, Inc. and its subsidiaries as of June 30, 2024, and for the six and twelve months ended June 30, 2024, and December 31, 2023. It shows the company's financial position and results, including adjustments for recent or proposed transactions. The statements detail assets, liabilities, equity, revenues, expenses, and net income, providing a snapshot of the company's adjusted financial performance and condition for investors and stakeholders.
EX-10.2 3 ex10-2.htm
Exhibit 10.2
RANGE IMPACT, INC. AND SUBSIDIARIES
Pro Forma Consolidated Balance Sheet - Unaudited
| June 30, 2024 | ||||||||||||
| As Filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| Assets | ||||||||||||
| Current Assets | ||||||||||||
| Cash | $ | 123,713 | $ | - | $ | 123,713 | ||||||
| Accounts receivable | 4,388,785 | - | 4,388,785 | |||||||||
| Contract assets | 1,374,962 | - | 1,374,962 | |||||||||
| Inventory | 725,429 | - | 725,429 | |||||||||
| Prepaid expenses | 42,204 | - | 42,204 | |||||||||
| Total Current Assets | 6,655,093 | - | 6,655,093 | |||||||||
| Long-Term Assets | ||||||||||||
| PP&E, Net | 12,025,030 | (5,984,635 | ) | 6,040,395 | ||||||||
| Goodwill | 751,421 | - | 751,421 | |||||||||
| Deposits | 9,976 | - | 9,976 | |||||||||
| Total Long-Term Assets | 12,786,427 | (5,984,635 | ) | 6,801,792 | ||||||||
| Total Assets | $ | 19,441,520 | $ | (5,984,635 | ) | $ | 13,456,885 | |||||
| Liabilities and Shareholders’ Equity | ||||||||||||
| Current Liabilities | ||||||||||||
| Accounts payable | $ | 2,036,868 | $ | - | $ | 2,036,868 | ||||||
| Accrued expenses | 54,402 | - | 54,402 | |||||||||
| Line of credit | 2,200,000 | - | 2,200,000 | |||||||||
| Current portion long-term debt | 2,617,444 | (1,410,989 | ) | 1,206,455 | ||||||||
| Deposits | 150,000 | - | 150,000 | |||||||||
| Total Current Liabilities | 7,058,714 | (1,410,989 | ) | 5,647,725 | ||||||||
| Long-Term Liabilities | ||||||||||||
| Long-term debt, net of current | 4,198,819 | (1,529,847 | ) | 2,668,972 | ||||||||
| Shareholders’ Equity | 8,183,987 | (3,043,799 | ) | 5,140,188 | ||||||||
| Total Liabilities and Shareholders’ Equity | $ | 19,441,520 | $ | (5,984,635 | ) | $ | 13,456,885 | |||||
RANGE IMPACT, INC. AND SUBSIDIARIES
Pro Forma Consolidated Income Statements - Unaudited
| For the 6-Months Ended June 30, 2024 | ||||||||||||
| As Filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| Revenues | $ | 6,259,631 | $ | - | $ | 6,259,631 | ||||||
| Cost of services | 6,389,706 | (529,626 | ) | 5,860,080 | ||||||||
| Gross profit (loss) | (130,075 | ) | 529,626 | 399,551 | ||||||||
| Operating expenses: | ||||||||||||
| General and administrative | 1,641,600 | - | 1,641,600 | |||||||||
| Research and development | 288,918 | - | 288,918 | |||||||||
| Total operating expenses | 1,930,518 | - | 1,930,518 | |||||||||
| Profit (loss) from operations | (2,060,593 | ) | 529,626 | (1,530,967 | ) | |||||||
| Other income (expense): | ||||||||||||
| Other income | 18,590 | - | 18,590 | |||||||||
| Loss on sale of assets | - | (3,711,816 | ) | (3,711,816 | ) | |||||||
| Interest expense | (340,918 | ) | 138,391 | (202,527 | ) | |||||||
| Total other income (expense) | (322,328 | ) | (3,573,425 | ) | (3,895,753 | ) | ||||||
| Income tax expense | 56,600 | 56,600 | ||||||||||
| Net income (loss) | $ | (2,439,521 | ) | $ | (3,043,799 | ) | $ | (5,483,320 | ) | |||
| For the 12-Months Ended December 31, 2023 | ||||||||||||
| As Filed | Pro Forma Adjustments | Pro Forma | ||||||||||
| Revenues | $ | 19,346,306 | $ | - | $ | 19,346,306 | ||||||
| Cost of services | 13,111,497 | (353,084 | ) | 12,758,413 | ||||||||
| Gross profit | 6,234,809 | 353,084 | 6,587,893 | |||||||||
| Operating expenses: | ||||||||||||
| General and administrative | 4,021,556 | - | 4,021,556 | |||||||||
| Research and development | 458,889 | - | 458,889 | |||||||||
| Total operating expenses | 4,480,445 | - | 4,480,445 | |||||||||
| Profit (loss) from operations | 1,754,364 | 353,084 | 2,107,448 | |||||||||
| Other income (expense): | ||||||||||||
| Gain on bargain purchase | 1,875,150 | - | 1,875,150 | |||||||||
| Loss on sale of assets | - | (3,263,180 | ) | (3,263,180 | ) | |||||||
| Interest expense | (505,917 | ) | 86,030 | (419,887 | ) | |||||||
| Interest income | 7,458 | - | 7,458 | |||||||||
| Total other income (expense) | 1,376,691 | (3,177,150 | ) | (1,800,459 | ) | |||||||
| Net income (loss) | $ | 3,131,055 | $ | (2,824,066 | ) | $ | 306,989 | |||||
