10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2016

Filing Information

Form Type	10-Q
Accession Number	`0001052918-16-001012`
Period End Date	20160331
Filing Date	20160510
Fiscal Year	2016
Fiscal Period	Q1
XBRL Instance	ree-20160331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 22 Cash Flow Statement 32

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`	$3.88M	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.50M	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.30M	USD	Point-in-time
Interest receivable	`InterestReceivable`	-	USD	Point-in-time
Interest receivable	`InterestReceivable`	-	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	52.94M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	52.94M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$10.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$11.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$162.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$110.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.42M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.05M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$161.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$227.00K	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`	$3.59M	USD	Point-in-time
Total assets	`Assets`	$5.29M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$909.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$1.01M	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	$152.00K	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	$152.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.17M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.06M	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$205.00K	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$205.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.37M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.27M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2016 - 52,941,880, December 31, 2015 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2016 - 52,941,880, December 31, 2015 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.53M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.56M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-123.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-124.98M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.02M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.29M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.59M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$1.12M	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$127.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.75M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.01M	USD	1 Quarter
Depreciation	`Depreciation`	$13.00K	USD	1 Quarter
Depreciation	`Depreciation`	$45.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.17M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.89M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$9.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$17.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-311.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$33.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$51.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-302.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.48M	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.03	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	47.71M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter

Cash Flow Statement 32 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-1.84M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.48M	USD	1 Quarter
Depreciation	`Depreciation`	$13.00K	USD	1 Quarter
Depreciation	`Depreciation`	$45.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$33.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$33.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$1.00K	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$4.00K	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	-	USD	1 Quarter
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$8.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-52.00K	USD	1 Quarter
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-133.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$105.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-398.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.63M	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.67M	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$86.00K	USD	1 Quarter
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	-	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`	$86.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.63M	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.58M	USD	1 Quarter
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.88M	USD	Point-in-time
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`	$2.30M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	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`	$3.88M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.30M	USD	Point-in-time

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