v3.25.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT INFORMATION

13. SEGMENT INFORMATION

 

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments on a basis consistent with the Company’s internal organizational structure as well as information about services, categories, business segments and major customers in financial statements. The Company has five reportable segments that are based on the following business units: (i) Range Reclaim; (ii) Range Minerals; (iii) Range Water; (iv) Range Security; and (v) Range Land. As described in Note 2, the Company’s Graphium Biosciences segment was reported as discontinued operations during the third quarter of 2024. As such, results of this segment are excluded from the table below, which only reflects continuing operations for all periods presented. In accordance with the “Segment Reporting” Topic of the ASC, the Company’s chief operating decision-maker has been identified as the Company’s Chief Executive Officer, who reviews operating results to make decisions about allocating resources and assessing performance for the entire Company. Existing guidance, which is based on a management approach to segment reporting, establishes requirements to report selected segment information quarterly and to report annually entity-wide disclosures about products and services, major customers and the countries in which the entity holds material assets and reports revenue. All material operating units qualify for aggregation under “Segment Reporting” due to their similar customer base and similarities in (i) economic characteristics, (ii) nature of products and services, and (iii) procurement, manufacturing and distribution processes.

 

 

The five reportable segments that result from applying the aggregation criteria are as follows:

 

● Range Reclaim – land reclamation, water restoration, and land repurposing
   
● Range Minerals – subcontracted mining and reclamation activities
   
● Range Water – biochar product development and water solutions business
   
● Range Security – security services on mine land being reclaimed and repurposed for non-fossil fuel uses
   
● Range Land – mine land being acquired, reclaimed and repurposed for non-fossil fuel uses

 

The Company had no inter-segment sales for the periods presented.

 

Summarized financial information concerning the Company’s reportable segments is shown as below:

By Categories

 

                            
   For the year ended December 31, 2024 
   Range Reclaim   Range Minerals   Range Water   Range Security   Range Land   Corporate   Total 
                             
Sales  $4,676,643   $3,416,081   $-   $918,357   $-   $-   $9,011,081 
Cost of services   6,832,406    2,665,974    -    396,829    -    -    9,895,209 
Gross profit (loss)   (2,155,763)   750,107    -    521,528    -    -    (884,128)
Operating income (loss)   (3,228,747)   459,979    (38,357)   432,352    (28,341)   (1,136,984)   (3,540,098)
Net income (loss)   (7,970,303)   444,629    (36,651)   432,352    (28,341)   (2,173,833)   (9,332,147)
                                    
Total assets   2,979,185    1,714,210    -    483,279    1,008,898    7,143    6,192,715 
                                    
Depreciation   1,857,433    -    -    11,564    -    -    1,868,997 
Interest expense   361,450    -    -    -    -    255,972    617,422 

Goodwill Impairment

   

751,421

    

-

    

-

    

-

    

-

    

-

    

751,421

 
Capital expenditures for long-lived assets  $-   $-   $-   $-   $-   $-   $- 

 

                         
   For the year ended December 31, 2023 
   Range Reclaim   Range Water   Range Security   Range Land    Corporate   Total 
                          
Sales  $18,662,111   $-   $684,195   $-    $-   $19,346,306 
Cost of services   12,808,990    -    302,507    -     -    13,111,497 
Gross profit   5,853,121    -    381,688    -     -    6,234,809 
Operating income (loss)   3,784,444    (69,840)   269,772    (13,134)    (1,757,989)   2,213,253 
Net income (loss)   3,407,546    (69,840)   269,548    (13,134)    (4,176)   3,589,944 
                                
Total assets   21,079,343    13,859    155,783    1,009,794     1,520,612    23,799,391 
                                
Depreciation   1,769,766    1,706    10,101    -     -    1,781,573 
Interest expense   376,898    -    224    -     128,795    505,917 
Capital expenditures for long-lived assets  $1,050,640   $15,350   $52,674   $1,008,897    $-   $2,127,561