10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2018

Filing Information

Form Type	10-Q
Accession Number	`0001052918-18-000161`
Period End Date	20180331
Filing Date	20180509
Fiscal Year	2018
Fiscal Period	Q1
XBRL Instance	ree-20180331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 24 Cash Flow Statement 28

Balance Sheet 44 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`	$4.03M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$679.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$41.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$16.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.05M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.40M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$88.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$84.00K	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`	$5.09M	USD	Point-in-time
Total assets	`Assets`	$4.73M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$72.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$72.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$52.00K	USD	Point-in-time
Reclamation obligation	`AssetRetirementObligationsNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`AssetRetirementObligationsNoncurrent`	$132.00K	USD	Point-in-time
Deferred intellectual property license income (Note 6)	`DeferredRevenueNoncurrent`	$963.00K	USD	Point-in-time
Deferred intellectual property license income (Note 6)	`DeferredRevenueNoncurrent`	$899.00K	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesNoncurrent`	$616.00K	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesNoncurrent`	$385.00K	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`	$2.36M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.09M	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, 2018 and December 31, 2017 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2018 and December 31, 2017 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.69M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.66M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.43M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.54M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.64M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.73M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.09M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.73M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpenseMining`	$88.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpenseMining`	$18.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$278.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$326.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$418.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$301.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$13.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$231.00K	USD	1 Quarter
Other income	`OtherIncome`	$1.00K	USD	1 Quarter
Other income	`OtherIncome`	$-2.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$306.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$112.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$300.00K	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	52.94M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	1 Quarter

Cash Flow Statement 28 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$112.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$300.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$231.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$29.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$20.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-374.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-275.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$106.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-25.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$133.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$20.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-329.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-248.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-329.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-248.00K	USD	1 Quarter
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.03M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$679.00K	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	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`	$4.36M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.03M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$679.00K	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time

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