10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2016

Filing Information

Form Type	10-Q
Accession Number	`0001052918-16-001190`
Period End Date	20160630
Filing Date	20160808
Fiscal Year	2016
Fiscal Period	Q2
XBRL Instance	ree-20160630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 46 Income Statement 44 Cash Flow Statement 44

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
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$8.40M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.88M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$2.00K	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$10.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$162.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$60.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.09M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.05M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$122.00K	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`	$5.29M	USD	Point-in-time
Total assets	`Assets`	$2.22M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$56.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$909.00K	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`	$208.00K	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`	$413.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.27M	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 June 30, 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 June 30, 2016 - 52,941,880, December 31, 2015 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.59M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-123.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-125.42M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.02M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.81M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.29M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.22M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$2.32M	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$35.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$162.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$1.20M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$363.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$919.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$2.11M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$1.93M	USD	2 Qtrs
Depreciation	`Depreciation`	$23.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$75.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	1 Quarter
Depreciation	`Depreciation`	$30.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.29M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.32M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.15M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$408.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$9.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$18.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$17.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$42.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-269.00K	USD	2 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$7.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$-251.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$25.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$51.00K	USD	1 Quarter
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.27M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-434.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.57M	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.09	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	49.50M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	51.27M	shares	1 Quarter

Cash Flow Statement 44 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`	$-434.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.10M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.27M	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	1 Quarter
Depreciation	`Depreciation`	$30.00K	USD	1 Quarter
Depreciation	`Depreciation`	$75.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$23.00K	USD	2 Qtrs
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$7.00K	USD	2 Qtrs
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Loss on disposal of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$121.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$56.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-8.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$17.00K	USD	2 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	-	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-169.00K	USD	2 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-102.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-853.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-600.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.94M	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`	-	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$2.00K	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$89.00K	USD	2 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$89.00K	USD	2 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	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`	-	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.08M	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.85M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.74M	USD	2 Qtrs
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 - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.88M	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`	$1.03M	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`	$3.88M	USD	Point-in-time

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