10-K Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 FY 2019

Filing Information

Form Type	10-K
Accession Number	`0001052918-20-000052`
Period End Date	20191231
Filing Date	20200317
Fiscal Year	2019
Fiscal Period	FY
XBRL Instance	ree-20191231.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 24 Cash Flow Statement 34 Stockholders Equity 15

Balance Sheet 42 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	103.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$37.00K	USD	Point-in-time
Prepaid expenses	`PrepaidExpenseCurrent`	$40.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.56M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.70M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$56.00K	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`	$6.36M	USD	Point-in-time
Total assets	`Assets`	$3.22M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$470.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$386.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$470.00K	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 6)	`DeferredRevenue`	$706.00K	USD	Point-in-time
Deferred intellectual property license income (Note 6)	`DeferredRevenue`	-	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesCurrent`	-	USD	Point-in-time
Option liability (Note 6)	`DerivativeLiabilitiesCurrent`	$331.00K	USD	Point-in-time
Repurchase option (Note 5)	`OtherLiabilities`	$600.00K	USD	Point-in-time
Repurchase option (Note 5)	`OtherLiabilities`	$600.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$2.15M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2019 103,966,880 and 2018 - 79,591,880	`CommonStockValue`	$112.21M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2019 103,966,880 and 2018 - 79,591,880	`CommonStockValue`	$106.49M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.83M	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`	$-130.88M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.07M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.16M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$3.22M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$6.36M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$1.27M	USD	Annual
Exploration and evaluation	`ExplorationExpense`	$1.15M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$979.00K	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$1.07M	USD	Annual
Depreciation	`Depreciation`	$14.00K	USD	Annual
Depreciation	`Depreciation`	$5.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.13M	USD	Annual
Total operating expenses	`OperatingExpenses`	$2.35M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$58.00K	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$40.00K	USD	Annual
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$257.00K	USD	Annual
Recognized deferred income on the sale of intellectual property (Note 6)	`DeferredRevenueRevenueRecognized1`	$650.00K	USD	Annual
Gain on revaluation of option liability (Note 6)	`UnrealizedGainLossOnDerivatives`	$19.00K	USD	Annual
Gain on revaluation of option liability (Note 6)	`UnrealizedGainLossOnDerivatives`	$285.00K	USD	Annual
Other expense	`OtherExpenses`	$12.00K	USD	Annual
Other expense	`OtherExpenses`	$16.00K	USD	Annual
Total non-operating expenses	`NonoperatingIncomeExpense`	$697.00K	USD	Annual
Total non-operating expenses	`NonoperatingIncomeExpense`	$584.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-1.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-1.76M	USD	Annual
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
LOSS PER SHARE - BASIC AND DILUTED	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	84.63M	shares	Annual

Cash Flow Statement 34 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-1.43M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-1.76M	USD	Annual
Depreciation	`Depreciation`	$14.00K	USD	Annual
Depreciation	`Depreciation`	$5.00K	USD	Annual
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$19.00K	USD	Annual
Unrealized (gain)/loss on derivatives	`UnrealizedGainLossOnDerivatives`	$285.00K	USD	Annual
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$650.00K	USD	Annual
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$257.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$104.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$68.00K	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.03M	USD	Annual
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-2.19M	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$-4.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpense`	$3.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$347.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$97.00K	USD	Annual
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.84M	USD	Annual
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.94M	USD	Annual
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Net cash and cash equivalents provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	-	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	-	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	$36.00K	USD	Annual
Financing transaction, net (Note 6)	`ProceedsFromIssuanceOfCommonStock`	$5.04M	USD	Annual
Financing transaction, net (Note 6)	`ProceedsFromIssuanceOfCommonStock`	-	USD	Annual
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	Annual
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$5.08M	USD	Annual
Increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.84M	USD	Annual
Increase/(decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$3.14M	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`	$4.36M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	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
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time
Adjustment January 1, 2019 (Note 2)	`NewAccountingPronouncementOrChangeInAccountingPrincipleEffectOfAdoptionQuantification`	$56.00K	USD	Annual
Common shares issuance, amount	`StockIssuedDuringPeriodValueNewIssues`	$5.37M	USD	Annual
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	200,000.00	shares	Annual
Stock option exercises, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	0.00	shares	Annual
Stock option exercises, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$36.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$68.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$104.00K	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-1.43M	USD	Annual
Net loss for the period	`NetIncomeLoss`	$-1.76M	USD	Annual
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$2.73M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time

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