10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001052918-20-000116`
Period End Date	20200331
Filing Date	20200511
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	ree-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 40 Income Statement 24 Cash Flow Statement 28 Stockholders Equity 13

Balance Sheet 40 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common shares, par value	`CommonStockParOrStatedValuePerShare`	-	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.01M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	103.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.92M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$10.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$40.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.93M	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`	$55.00K	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`	$5.58M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$470.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$236.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$470.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$236.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	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`	$968.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.20M	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, 2020 and December 31, 2019 - 104,007,066 and 103,966,880, respectively	`CommonStockValue`	$112.21M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2020 and December 31, 2019 - 104,007,066 and 103,966,880, respectively	`CommonStockValue`	$112.21M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.89M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-130.88M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-131.48M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.62M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$5.16M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$6.36M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$5.58M	USD	Point-in-time

Income Statement 24 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$232.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$230.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$390.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$241.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$623.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$472.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$20.00K	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`	-	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`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$87.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$21.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-602.00K	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`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	103.97M	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`	$-602.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-385.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	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`	-	USD	1 Quarter
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
Stock-based compensation	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$59.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-448.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-542.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-28.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-30.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-234.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-138.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-746.00K	USD	1 Quarter
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-558.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-746.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-558.00K	USD	1 Quarter
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.97M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	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`	$4.92M	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`	$1.97M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.92M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.62M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$15.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$59.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-602.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-385.00K	USD	1 Quarter
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.62M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time

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