10-K Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 FY 2018

Filing Information

Form Type	10-K
Accession Number	`0001052918-19-000058`
Period End Date	20181231
Filing Date	20190329
Fiscal Year	2018
Fiscal Period	FY
XBRL Instance	ree-20181231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 26 Cash Flow Statement 36 Stockholders Equity 11

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
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$37.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$41.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.56M	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`	$61.00K	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`	$3.22M	USD	Point-in-time
Total Assets	`Assets`	$5.09M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$52.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$386.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$386.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$52.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$357.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Deferred intellectual property license income (Note 6)	`DeferredRevenue`	$963.00K	USD	Point-in-time
Deferred intellectual property license income (Note 6)	`DeferredRevenue`	$706.00K	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesCurrent`	$331.00K	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesCurrent`	$616.00K	USD	Point-in-time
Repurchase option	`OtherLiabilities`	$600.00K	USD	Point-in-time
Repurchase option	`OtherLiabilities`	$600.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.15M	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 December 31, 2018 and 2017 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2018 and 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`	$23.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-129.19M	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`	$1.07M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.22M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$5.09M	USD	Point-in-time

Income Statement 26 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$1.27M	USD	Annual
Exploration and evaluation	`ExplorationExpense`	$138.00K	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$1.18M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$1.07M	USD	Annual
Depreciation	`Depreciation`	$14.00K	USD	Annual
Depreciation	`Depreciation`	$18.00K	USD	Annual
Reclamation obligation revision	`ReclamationAndMineShutdownProvision`	-	USD	Annual
Reclamation obligation revision	`ReclamationAndMineShutdownProvision`	$-225.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$1.11M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.35M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$4.00K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$58.00K	USD	Annual
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	Annual
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$257.00K	USD	Annual
Gain on revaluation of option liability (Note 6)	`UnrealizedGainLossOnDerivatives`	$209.00K	USD	Annual
Gain on revaluation of option liability (Note 6)	`UnrealizedGainLossOnDerivatives`	$285.00K	USD	Annual
Other income	`OtherIncome`	$-16.00K	USD	Annual
Other income	`OtherIncome`	$-16.00K	USD	Annual
Total non-operating expenses	`NonoperatingIncomeExpense`	$584.00K	USD	Annual
Total non-operating expenses	`NonoperatingIncomeExpense`	$261.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.76M	USD	Annual
Net loss	`NetIncomeLoss`	$-853.00K	USD	Annual
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	59.51M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	Annual

Cash Flow Statement 36 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-1.76M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-853.00K	USD	Annual
Depreciation	`Depreciation`	$14.00K	USD	Annual
Depreciation	`Depreciation`	$18.00K	USD	Annual
Reclamation obligation	`ReclamationAndMineShutdownProvision`	-	USD	Annual
Reclamation obligation	`ReclamationAndMineShutdownProvision`	$-225.00K	USD	Annual
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$209.00K	USD	Annual
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$285.00K	USD	Annual
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$257.00K	USD	Annual
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$33.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$104.00K	USD	Annual
Adjustments Total	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.30M	USD	Annual
Adjustments Total	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.17M	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$-4.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$-40.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$334.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-13.00K	USD	Annual
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.27M	USD	Annual
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.84M	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	-	USD	Annual
Proceeds from sale of equipment	`ProceedsFromSaleOfMachineryAndEquipment`	-	USD	Annual
Net cash and cash equivalents provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash and cash equivalents provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Financing transaction, net (Note 6)	`ProceedsFromIssuanceOfCommonStock`	$4.71M	USD	Annual
Financing transaction, net (Note 6)	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Net cash and cash equivalents provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash and cash equivalents provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.71M	USD	Annual
Increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.43M	USD	Annual
Increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.84M	USD	Annual
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$927.00K	USD	Point-in-time
Cash and cash equivalents - beginning 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`	$2.52M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time

Stockholders Equity 11 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Beginning Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$692.00K	USD	Point-in-time
Common shares issuance, net, Amount	`StockIssuedDuringPeriodValueNewIssues`	$2.85M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$33.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$104.00K	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-1.76M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-853.00K	USD	Annual
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Ending Balance, Amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$692.00K	USD	Point-in-time

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