10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2019

Filing Information

Form Type	10-Q
Accession Number	`0001052918-19-000327`
Period End Date	20190930
Filing Date	20191118
Fiscal Year	2019
Fiscal Period	Q3
XBRL Instance	ree-20190930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 48 Cash Flow Statement 38 Stockholders Equity 21

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`	$4.36M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.13M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Common Stock, Shares Outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$37.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$71.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.14M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.56M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$61.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$57.00K	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`	$1.80M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$241.00K	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`	$241.00K	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`	$706.00K	USD	Point-in-time
Deferred intellectual property license income (Note 4)	`DeferredRevenueNoncurrent`	$472.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$331.00K	USD	Point-in-time
Option liability (Note 4)	`DerivativeLiabilitiesNoncurrent`	$312.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$600.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$600.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$2.15M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.76M	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, 2019 and December 31, 2018 - 79,591,880	`CommonStockValue`	$106.81M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding September 30, 2019 and December 31, 2018 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.82M	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`	$-130.58M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$1.07M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$41.00K	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.80M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.22M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$738.00K	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$423.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$284.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$699.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$217.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$616.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$817.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$137.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	1 Quarter
Depreciation	`Depreciation`	$11.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$422.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$643.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.53M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.36M	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$15.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$7.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$44.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$26.00K	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`	$178.00K	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`	$60.00K	USD	1 Quarter
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.00K	USD	1 Quarter
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.00K	USD	3 Qtrs
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$16.00K	USD	1 Quarter
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$268.00K	USD	3 Qtrs
Other expense	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	$-2.00K	USD	3 Qtrs
Other expense	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other expense	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$223.00K	USD	3 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$95.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$78.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$503.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-344.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-548.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.02M	USD	3 Qtrs
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	3 Qtrs
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	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

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-344.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-548.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.14M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-1.02M	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$11.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$3.00K	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`	$11.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.00K	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$178.00K	USD	3 Qtrs
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`	$60.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$193.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$28.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.27M	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.39M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$34.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$26.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-145.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$184.00K	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`	$-1.45M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.45M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.23M	USD	3 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.36M	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`	$3.13M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	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`	$3.13M	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`	$1.07M	USD	Point-in-time

Stockholders Equity 21 line items

Line Item	Tag	Value	Unit	Period
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.31M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$41.00K	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.79M	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$365.00K	USD	Point-in-time
Beginning, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$365.00K	USD	Point-in-time
Adjustment January 1, 2019, (Note 2), amount	`AdjustmentRelatedToOptionLiabilityAmount`	$56.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$28.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$85.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-344.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-548.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.14M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.02M	USD	3 Qtrs
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$365.00K	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.31M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$41.00K	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.79M	USD	Point-in-time
Ending, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$365.00K	USD	Point-in-time

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