10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2015

Filing Information

Form Type	10-Q
Accession Number	`0001052918-15-000217`
Period End Date	20150331
Filing Date	20150511
Fiscal Year	2015
Fiscal Period	Q1
XBRL Instance	ree-20150331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 28 Cash Flow Statement 40

Balance Sheet 48 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	0.00	shares	Point-in-time
Common Stock, Shares Authorized	`CommonStockSharesAuthorized`	0.00	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	47.71M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$19.77M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.90M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	47.71M	shares	Point-in-time
Interest receivable	`InterestReceivable`	$14.00K	USD	Point-in-time
Interest receivable	`InterestReceivable`	$6.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$25.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$21.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$182.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$315.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.48M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$7.73M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$344.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$299.00K	USD	Point-in-time
Land	`Land`	$980.00K	USD	Point-in-time
Land	`Land`	$980.00K	USD	Point-in-time
Mineral properties	`MineralPropertiesNet`	$27.00K	USD	Point-in-time
Mineral properties	`MineralPropertiesNet`	$27.00K	USD	Point-in-time
Total assets	`Assets`	$9.03M	USD	Point-in-time
Total assets	`Assets`	$11.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.10M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$700.00K	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	$164.00K	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	$164.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.26M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$864.00K	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$202.00K	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$202.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.07M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.46M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2015 - 47,707,216, December 31, 2014 - 47,707,216	`CommonStockValue`	$100.65M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2015 - 47,707,216, December 31, 2014 - 47,707,216	`CommonStockValue`	$100.65M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.26M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.19M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-113.47M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-115.94M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$10.37M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$7.97M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.83M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$9.03M	USD	Point-in-time

Income Statement 28 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$-1.12M	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$-2.82M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$-1.35M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$-1.01M	USD	1 Quarter
Depreciation	`Depreciation`	$-52.00K	USD	1 Quarter
Depreciation	`Depreciation`	$-45.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$-4.22M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$-2.17M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$9.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$29.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-346.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-311.00K	USD	1 Quarter
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	-	USD	1 Quarter
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	$107.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-302.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-210.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.48M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.43M	USD	1 Quarter
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Unrealized (gain)/loss on available-for-sale securities	`AvailableforsaleSecuritiesGrossUnrealizedGainLoss1`	-	USD	1 Quarter
Unrealized (gain)/loss on available-for-sale securities	`AvailableforsaleSecuritiesGrossUnrealizedGainLoss1`	-	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.48M	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-4.43M	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.70M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.71M	shares	1 Quarter

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-2.48M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-4.43M	USD	1 Quarter
Depreciation	`Depreciation`	$-52.00K	USD	1 Quarter
Depreciation	`Depreciation`	$-45.00K	USD	1 Quarter
Realized gain on derivatives	`DerivativeGainOnDerivative`	-	USD	1 Quarter
Realized gain on derivatives	`DerivativeGainOnDerivative`	$5.00K	USD	1 Quarter
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$103.00K	USD	1 Quarter
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$188.00K	USD	1 Quarter
Adjustments Total	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.24M	USD	1 Quarter
Adjustments Total	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-4.30M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-9.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$-4.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$8.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-89.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-133.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-398.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$135.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.06M	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.63M	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	$33.00K	USD	1 Quarter
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	1 Quarter
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	1 Quarter
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.00K	USD	1 Quarter
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	$-42.00K	USD	1 Quarter
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-42.00K	USD	1 Quarter
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-4.14M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.63M	USD	1 Quarter
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$19.77M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$23.90M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$19.77M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$23.90M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.