10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2016

Filing Information

Form Type	10-Q
Accession Number	`0001052918-16-001369`
Period End Date	20160930
Filing Date	20161114
Fiscal Year	2016
Fiscal Period	Q3
XBRL Instance	ree-20160930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 48 Income Statement 48 Cash Flow Statement 50

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$10.14M	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	52.94M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$697.00K	USD	Point-in-time
Common Stock, Shares Issued	`CommonStockSharesIssued`	52.94M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$10.00K	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`	$3.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	-	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$162.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$700.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.05M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$113.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$227.00K	USD	Point-in-time
Land	`Land`	$980.00K	USD	Point-in-time
Land	`Land`	$600.00K	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`	$1.44M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$909.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$64.00K	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`	$216.00K	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`	$421.00K	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 September 30, 2016 and December 31, 2015 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding September 30, 2016 and December 31, 2015 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.60M	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`	$-126.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.02M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.02M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.44M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.29M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$338.00K	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$176.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$3.83M	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$1.52M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$2.78M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$2.35M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$850.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$235.00K	USD	1 Quarter
Depreciation	`Depreciation`	$99.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$24.00K	USD	1 Quarter
Depreciation	`Depreciation`	$8.00K	USD	1 Quarter
Depreciation	`Depreciation`	$31.00K	USD	3 Qtrs
Impairment of land	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment of land	`AssetImpairmentCharges`	-	USD	3 Qtrs
Impairment of land	`AssetImpairmentCharges`	$380.00K	USD	1 Quarter
Impairment of land	`AssetImpairmentCharges`	$380.00K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$6.71M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.39M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$3.09M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$799.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$8.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$26.00K	USD	3 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-189.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-1.00K	USD	1 Quarter
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$16.00K	USD	3 Qtrs
Gain/(loss) on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$-458.00K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$8.00K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	-	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-181.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$25.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-432.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.07M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-7.14M	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	3 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.05	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.06	USD	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	50.66M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter

Cash Flow Statement 50 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-3.07M	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-7.14M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-3.07M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-7.14M	USD	1 Quarter
Depreciation	`Depreciation`	$8.00K	USD	1 Quarter
Depreciation	`Depreciation`	$31.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$24.00K	USD	1 Quarter
Depreciation	`Depreciation`	$99.00K	USD	3 Qtrs
Asset retirement obligation	`AssetRetirementObligationAccretionExpense`	-	USD	3 Qtrs
Asset retirement obligation	`AssetRetirementObligationAccretionExpense`	$-16.00K	USD	3 Qtrs
Impairment of land	`AssetImpairmentCharges`	$380.00K	USD	3 Qtrs
Impairment of land	`AssetImpairmentCharges`	$380.00K	USD	1 Quarter
Impairment of land	`AssetImpairmentCharges`	-	USD	1 Quarter
Impairment of land	`AssetImpairmentCharges`	-	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$8.00K	USD	3 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$1.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$67.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$202.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-7.00K	USD	3 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-5.00K	USD	3 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	$20.00K	USD	3 Qtrs
Interest receivable	`IncreaseDecreaseInInterestAndDividendsReceivable`	-	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-162.00K	USD	3 Qtrs
Prepaid expenses	`IncreaseDecreaseInPrepaidExpense`	$-105.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-283.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-845.00K	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.05M	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.27M	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	-	USD	3 Qtrs
Purchases of equipment	`PaymentsToAcquireMachineryAndEquipment`	$2.00K	USD	3 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$91.00K	USD	3 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$2.00K	USD	3 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	3 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$91.00K	USD	3 Qtrs
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	$3.08M	USD	3 Qtrs
Cash received for common shares, net of share issuance costs	`ProceedsFromIssuanceOfCommonStock`	-	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$3.08M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.18M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-3.98M	USD	3 Qtrs
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`	$6.16M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$697.00K	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$6.16M	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`	$10.14M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$697.00K	USD	Point-in-time

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