Pro Forma Financial Statements
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 | |||||
