10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2018

Filing Information

Form Type	10-Q
Accession Number	`0001052918-18-000303`
Period End Date	20180630
Filing Date	20180807
Fiscal Year	2018
Fiscal Period	Q2
XBRL Instance	ree-20180630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 52 Cash Flow Statement 40

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`	$0.07	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$342.00K	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
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$73.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$41.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.75M	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`	$80.00K	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`	$4.43M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$193.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$52.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$193.00K	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 4)	`DeferredRevenueNoncurrent`	$963.00K	USD	Point-in-time
Deferred intellectual property license income (Note 4)	`DeferredRevenueNoncurrent`	$834.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$616.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$364.00K	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`	$2.12M	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, 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 June 30, 2018 and December 31, 2017 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.72M	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`	$-127.90M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.31M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$4.43M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.09M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$20.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpense`	$2.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$276.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpense`	$188.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$600.00K	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$295.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$274.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$573.00K	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	1 Quarter
Depreciation	`Depreciation`	$8.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$10.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$466.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$186.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$487.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$884.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$16.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$29.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	-	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	$129.00K	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	$65.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$252.00K	USD	2 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	2 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$21.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$22.00K	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$408.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$102.00K	USD	1 Quarter
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$22.00K	USD	2 Qtrs
Total non-operating income/(expenses)	`NonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$476.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$165.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$465.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$364.00K	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	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
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	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	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	2 Qtrs

Cash Flow Statement 40 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$476.00K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$165.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$465.00K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$364.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$5.00K	USD	1 Quarter
Depreciation	`Depreciation`	$10.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$8.00K	USD	2 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$21.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$252.00K	USD	2 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$65.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$129.00K	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	1 Quarter
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	2 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$31.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$57.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-540.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-792.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$19.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$32.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$141.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-26.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-585.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-683.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-585.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-683.00K	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.68M	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`	$342.00K	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`	$3.68M	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`	$342.00K	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.