10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2017

Filing Information

Form Type	10-Q
Accession Number	`0001052918-17-000379`
Period End Date	20170630
Filing Date	20170804
Fiscal Year	2017
Fiscal Period	Q2
XBRL Instance	ree-20170630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 48 Cash Flow Statement 40

Balance Sheet 42 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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.88M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$342.00K	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$100.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$81.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$442.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.01M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$106.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$96.00K	USD	Point-in-time
Investment in land	`Land`	$600.00K	USD	Point-in-time
Investment in land	`Land`	$600.00K	USD	Point-in-time
Total assets	`Assets`	$1.71M	USD	Point-in-time
Total assets	`Assets`	$1.14M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$65.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$39.00K	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	-	USD	Point-in-time
Asset retirement obligation, current portion	`AssetRetirementObligationCurrent`	$152.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$39.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$217.00K	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$241.00K	USD	Point-in-time
Asset retirement obligation, non-current portion	`AssetRetirementObligationsNoncurrent`	$205.00K	USD	Point-in-time
Repurchase option	`OtherLiabilitiesNoncurrent`	$600.00K	USD	Point-in-time
Repurchase option	`OtherLiabilitiesNoncurrent`	$600.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$880.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.02M	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, 2017 and December 31, 2016 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2017 and December 31, 2016 - 52,941,880	`CommonStockValue`	$103.64M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.63M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-126.57M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.04M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$258.00K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$692.00K	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.71M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.14M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$2.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$162.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$20.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpenseMining`	$35.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$2.11M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$363.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$295.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$573.00K	USD	2 Qtrs
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	2 Qtrs
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	1 Quarter
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	2 Qtrs
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Depreciation	`Depreciation`	$23.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	1 Quarter
Depreciation	`Depreciation`	$10.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$487.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$408.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$186.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.29M	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Gain on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$21.00K	USD	1 Quarter
Gain on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$22.00K	USD	2 Qtrs
Gain on currency translation	`ForeignCurrencyTransactionGainLossBeforeTax`	$17.00K	USD	2 Qtrs
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$7.00K	USD	2 Qtrs
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
Gain/(loss) on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-26.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$22.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$25.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$434.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$2.27M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$465.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$165.00K	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.04	USD	2 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	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

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$434.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$2.27M	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$465.00K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$165.00K	USD	1 Quarter
Depreciation	`Depreciation`	$23.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	1 Quarter
Depreciation	`Depreciation`	$10.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-26.00K	USD	1 Quarter
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$7.00K	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	-	USD	2 Qtrs
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	2 Qtrs
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	1 Quarter
Asset retirement obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$31.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$56.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-540.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.20M	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-110.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$19.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-26.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-853.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-2.94M	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-585.00K	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	-	USD	2 Qtrs
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	$89.00K	USD	2 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$89.00K	USD	2 Qtrs
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	-	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-585.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.85M	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$342.00K	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.88M	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`	$927.00K	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`	$927.00K	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`	$342.00K	USD	Point-in-time

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