10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2019

Filing Information

Form Type	10-Q
Accession Number	`0001052918-19-000118`
Period End Date	20190331
Filing Date	20190503
Fiscal Year	2019
Fiscal Period	Q1
XBRL Instance	ree-20190331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 24 Cash Flow Statement 28 Stockholders Equity 12

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`	$2.52M	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`	$1.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$37.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$9.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.97M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.56M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$60.00K	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`	$2.63M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$386.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$248.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$248.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$386.00K	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 4)	`DeferredRevenueNoncurrent`	$642.00K	USD	Point-in-time
Deferred intellectual property license income (Note 4)	`DeferredRevenueNoncurrent`	$706.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$331.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$316.00K	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`	$1.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.15M	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, 2019 and December 31, 2018 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2019 and December 31, 2018 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.78M	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`	$-129.58M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.07M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$696.00K	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.22M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.63M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$88.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$230.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$326.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$241.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$418.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$472.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$13.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$8.00K	USD	1 Quarter
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`	$64.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$15.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$231.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$306.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$87.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-112.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-385.00K	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	-	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	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`	$-385.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$15.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$231.00K	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`	$64.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$29.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-374.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-448.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-28.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-25.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$20.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-138.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-558.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-329.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-329.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-558.00K	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`	$2.52M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	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`	$1.97M	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`	$2.52M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.64M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time
Stock-based compensation	`ShareBasedCompensation`	$29.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-112.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-385.00K	USD	1 Quarter
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.64M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time

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