10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001052918-20-000292`
Period End Date	20200930
Filing Date	20201116
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	ree-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 40 Income Statement 52 Cash Flow Statement 46 Stockholders Equity 22

Balance Sheet 40 line items

Line Item	Tag	Value	Unit	Period
Common shares, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common shares, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	103.97M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.30M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.52M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.48M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$84.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$40.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$5.70M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$3.57M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$52.00K	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`	$4.22M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$470.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$133.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$470.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$133.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Repurchase option (Note 2)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$913.00K	USD	Point-in-time
Repurchase option (Note 2)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$853.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.46M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.18M	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding September 30, 2020 and December 31, 2019 - 104,301,767 and 103,966,880, respectively	`CommonStockValue`	$112.31M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding September 30, 2020 and December 31, 2019 - 104,301,767 and 103,966,880, respectively	`CommonStockValue`	$112.21M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.11M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$23.83M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-131.13M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-133.38M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.91M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$3.04M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$4.22M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$6.36M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$397.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$738.00K	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$284.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$921.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$616.00K	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$137.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$443.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.29M	USD	3 Qtrs
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$422.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$841.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.36M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$2.21M	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$26.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$7.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$26.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$1.00K	USD	1 Quarter
Accretion expense (Note 2)	`AccretionExpense`	$60.00K	USD	3 Qtrs
Accretion expense (Note 2)	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense (Note 2)	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense (Note 2)	`AccretionExpense`	$60.00K	USD	3 Qtrs
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`	-	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$178.00K	USD	3 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.00K	USD	1 Quarter
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.00K	USD	3 Qtrs
Gain on revaluation of option liability (Note 4)	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Other income	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$-19.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$58.00K	USD	1 Quarter
Total non-operating income	`NonoperatingIncomeExpense`	$-33.00K	USD	3 Qtrs
Total non-operating income	`NonoperatingIncomeExpense`	$163.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-364.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.20M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	-	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	3 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	3 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.08M	shares	3 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	3 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.30M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.59M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-364.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.20M	USD	3 Qtrs
Net loss for the period	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	3 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$19.00K	USD	3 Qtrs
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	-	USD	1 Quarter
Gain on revaluation of option liability	`ForeignCurrencyTransactionGainLossBeforeTax`	$11.00K	USD	1 Quarter
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`	-	USD	1 Quarter
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	-	USD	3 Qtrs
Recognized deferred income on the sale of intellectual property	`DeferredRevenueRevenueRecognized1`	$60.00K	USD	1 Quarter
Noncash accretion expense - repurchase option	`AccretionExpense`	$60.00K	USD	3 Qtrs
Noncash accretion expense - repurchase option	`AccretionExpense`	$60.00K	USD	3 Qtrs
Noncash accretion expense - repurchase option	`AccretionExpense`	$20.00K	USD	1 Quarter
Noncash accretion expense - repurchase option	`AccretionExpense`	$20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$277.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$112.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$20.00K	USD	1 Quarter
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.90M	USD	3 Qtrs
Total adjustments	`AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivities`	$-1.27M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$44.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$34.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-337.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-145.00K	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.29M	USD	3 Qtrs
Net cash and cash equivalents used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.45M	USD	3 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$106.00K	USD	3 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	-	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	-	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.00K	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-1.45M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-2.18M	USD	3 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	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`	$3.48M	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`	$3.48M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.07M	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`	$152.00K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.79M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-192.00K	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.04M	USD	Point-in-time
Adjustment January 1, 2019 (Note 2)	`QuantifyingMisstatementInCurrentYearFinancialStatementsAmount`	$-117.00K	USD	3 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$277.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$54.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$112.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$20.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-364.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.20M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$1.07M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$152.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.79M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$4.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$-192.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest`	$3.04M	USD	Point-in-time

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