10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2018

Filing Information

Form Type	10-Q
Accession Number	`0001052918-18-000408`
Period End Date	20180930
Filing Date	20181107
Fiscal Year	2018
Fiscal Period	Q3
XBRL Instance	ree-20180930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 52 Cash Flow Statement 44

Balance Sheet 44 line items

Line Item	Tag	Value	Unit	Period
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	$0.07	USD	Point-in-time
Common Stock, Par Value	`CommonStockParOrStatedValuePerShare`	-	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$544.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$41.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$67.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$4.40M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$3.20M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$77.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$88.00K	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`	$3.87M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$236.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$236.00K	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 4)	`DeferredRevenueNoncurrent`	$963.00K	USD	Point-in-time
Deferred intellectual property license income (Note 4)	`DeferredRevenueNoncurrent`	$770.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$616.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$348.00K	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`	$2.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.36M	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, 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 September 30, 2018 and December 31, 2017 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.66M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-128.45M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-127.43M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.73M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.79M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.87M	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`	$228.00K	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$423.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$208.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$699.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$723.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$217.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$817.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$150.00K	USD	1 Quarter
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	3 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	3 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Depreciation	`Depreciation`	$14.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$3.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$11.00K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$643.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$362.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.53M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$849.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$15.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$44.00K	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	$193.00K	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	-	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	3 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$16.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$268.00K	USD	3 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$23.00K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$23.00K	USD	3 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$95.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$503.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$826.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$1.02M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$361.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$548.00K	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	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	3 Qtrs

Cash Flow Statement 44 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$826.00K	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$1.02M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$361.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$548.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$11.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$3.00K	USD	1 Quarter
Depreciation	`Depreciation`	$14.00K	USD	3 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$268.00K	USD	3 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$16.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$193.00K	USD	3 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	3 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	$116.00K	USD	3 Qtrs
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Reclamation obligation revision	`AssetRetirementObligationRevisionOfEstimate`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$31.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-897.00K	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.39M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$26.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-3.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$184.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$11.00K	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.23M	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-883.00K	USD	3 Qtrs
Advance payment for common share issuance	`PaymentsOfStockIssuanceCosts`	-	USD	3 Qtrs
Advance payment for common share issuance	`PaymentsOfStockIssuanceCosts`	$-500.00K	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$500.00K	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.23M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-383.00K	USD	3 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$544.00K	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`	$3.13M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$544.00K	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`	$927.00K	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time

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