10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001052918-20-000209`
Period End Date	20200630
Filing Date	20200814
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	ree-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 40 Income Statement 48 Cash Flow Statement 42 Stockholders Equity 22

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
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.18M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.30M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	103.97M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.49M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$40.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$95.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$4.28M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$53.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$56.00K	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`	$4.93M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$116.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$470.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$116.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$470.00K	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`	$1.20M	USD	Point-in-time
Total liabilities	`Liabilities`	$848.00K	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 June 30, 2020 and December 31, 2019 104,301,767 and 103,966,880, respectively	`CommonStockValue`	$112.21M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2020 and December 31, 2019 104,301,767 and 103,966,880, respectively	`CommonStockValue`	$112.31M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.00M	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`	$-132.23M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.08M	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`	$4.93M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$292.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$524.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpense`	$224.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$454.00K	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$238.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$479.00K	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$844.00K	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$454.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$464.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$936.00K	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$748.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.37M	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$19.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$11.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$25.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$5.00K	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	$128.00K	USD	2 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`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property (Note 4)	`DeferredRevenueRevenueRecognized1`	-	USD	2 Qtrs
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	2 Qtrs
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$8.00K	USD	2 Qtrs
Gain (loss) on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-7.00K	USD	1 Quarter
Gain (loss) 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	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$5.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$155.00K	USD	2 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$26.00K	USD	2 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$68.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-781.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-396.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-743.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.34M	USD	2 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	2 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.00M	shares	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.01M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-781.00K	USD	2 Qtrs
Net loss for the period	`NetIncomeLoss`	$-396.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-743.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.34M	USD	2 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$-7.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	2 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$8.00K	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$128.00K	USD	2 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$64.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$34.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$165.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$106.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$19.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-880.00K	USD	2 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.18M	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$55.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$40.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-354.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-110.00K	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	2 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.03M	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	-	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$106.00K	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.00K	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.48M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.03M	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.18M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.49M	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`	$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`	$4.18M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.49M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$319.00K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.08M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.62M	USD	Point-in-time
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	1 Quarter
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$34.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$19.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$165.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$106.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-781.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-396.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-743.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.34M	USD	2 Qtrs
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.08M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$5.16M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$696.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$319.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.62M	USD	Point-in-time

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