10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001052918-15-000363`
Period End Date	20150630
Filing Date	20150807
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	ree-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 60 Cash Flow Statement 46

Balance Sheet 46 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`	$16.08M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$23.90M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	47.71M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.40M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Interest receivable	`InterestReceivable`	$6.00K	USD	Point-in-time
Interest receivable	`InterestReceivable`	$23.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$21.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$16.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$315.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$146.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$8.58M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$10.48M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$344.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$269.00K	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`	$9.86M	USD	Point-in-time
Total assets	`Assets`	$11.83M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$498.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.10M	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`	$662.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.26M	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`	$1.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$864.00K	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216	`CommonStockValue`	$100.65M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2015 - 52,940,838, December 31, 2014 - 47,707,216	`CommonStockValue`	$103.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.40M	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`	$-118.04M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$10.37M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$8.99M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$11.83M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$9.86M	USD	Point-in-time

Income Statement 60 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$2.32M	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$2.04M	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$4.86M	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$1.20M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.93M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$919.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.20M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$2.55M	USD	2 Qtrs
Depreciation	`Depreciation`	$75.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$30.00K	USD	1 Quarter
Depreciation	`Depreciation`	$51.00K	USD	1 Quarter
Depreciation	`Depreciation`	$103.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$7.51M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.15M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.32M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$3.29M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$9.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$18.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$22.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$51.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$197.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-149.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-269.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$42.00K	USD	1 Quarter
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	$116.00K	USD	2 Qtrs
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	$9.00K	USD	1 Quarter
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	-	USD	1 Quarter
Gain/(loss) on derivatives	`GainLossOnSaleOfDerivatives`	-	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-251.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$18.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$51.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$228.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.57M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.06M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.49M	USD	2 Qtrs
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	2 Qtrs
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	1 Quarter
Realized loss on available-for-sale securities	`AvailableForSaleSecuritiesGrossRealizedGainLossNet`	-	USD	2 Qtrs
Unrealized (gain)/loss on available-for-sale securities	`AvailableforsaleSecuritiesGrossUnrealizedGainLoss1`	-	USD	2 Qtrs
Unrealized (gain)/loss on available-for-sale securities	`AvailableforsaleSecuritiesGrossUnrealizedGainLoss1`	-	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	2 Qtrs
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	2 Qtrs
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	1 Quarter
Total other comprehensive income/(loss)	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	-	USD	2 Qtrs
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-3.06M	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-7.49M	USD	2 Qtrs
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-2.10M	USD	1 Quarter
COMPREHENSIVE LOSS	`ComprehensiveIncomeNetOfTax`	$-4.57M	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.71M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.50M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.27M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.71M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-4.57M	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-3.06M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-7.49M	USD	2 Qtrs
Depreciation	`Depreciation`	$75.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$30.00K	USD	1 Quarter
Depreciation	`Depreciation`	$51.00K	USD	1 Quarter
Depreciation	`Depreciation`	$103.00K	USD	2 Qtrs
Asset retirement obligation	`AssetRetirementObligationAccretionExpense`	-	USD	2 Qtrs
Asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$17.00K	USD	2 Qtrs
Realized gain on derivatives	`DerivativeGainOnDerivative`	$-14.00K	USD	2 Qtrs
Realized gain on derivatives	`DerivativeGainOnDerivative`	-	USD	2 Qtrs
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$103.00K	USD	2 Qtrs
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$121.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$318.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-2.00K	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$-4.00K	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$17.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-116.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-169.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-703.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-600.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.75M	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.82M	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	$2.00K	USD	2 Qtrs
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	$33.00K	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	-	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$2.00K	USD	2 Qtrs
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	2 Qtrs
Net cash and cash equivalents used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-33.00K	USD	2 Qtrs
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	$3.08M	USD	2 Qtrs
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	$-42.00K	USD	2 Qtrs
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-42.00K	USD	2 Qtrs
Net cash and cash equivalents used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.08M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.74M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-7.83M	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$16.08M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$23.90M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$8.40M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$16.08M	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`	$8.40M	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.