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