10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001052918-21-000159`
Period End Date	20210331
Filing Date	20210507
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	ree-20210331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 42 Income Statement 22 Cash Flow Statement 24 Stockholders Equity 13

Balance Sheet 42 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`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.92M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.90M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.05M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.90M	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$10.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$47.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$2.75M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$50.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$51.00K	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`	$3.40M	USD	Point-in-time
Total assets	`Assets`	$2.71M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$374.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$115.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$374.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$115.00K	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`	$953.00K	USD	Point-in-time
Repurchase option (Note 2)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$933.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$1.18M	USD	Point-in-time
Total liabilities	`Liabilities`	$1.46M	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 4)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2021 and December 31, 2020 - 104,895,245 and 104,895,245, respectively	`CommonStockValue`	$111.82M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding March 31, 2021 and December 31, 2020 - 104,895,245 and 104,895,245, respectively	`CommonStockValue`	$111.82M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.22M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.29M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-133.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-134.86M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$1.25M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.91M	USD	Point-in-time
Total shareholders' equity	`StockholdersEquity`	$4.34M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$3.40M	USD	Point-in-time
Total liabilities and shareholders' equity	`LiabilitiesAndStockholdersEquity`	$2.71M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$232.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$507.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$390.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$520.00K	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`	$1.03M	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-622.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	USD	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.90M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	103.97M	shares	1 Quarter

Cash Flow Statement 24 line items

Line Item	Tag	Value	Unit	Period
Net loss for the period	`NetIncomeLoss`	$-622.00K	USD	1 Quarter
Net loss for the period	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$59.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-37.00K	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`	$259.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-746.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-658.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-658.00K	USD	1 Quarter
Decrease in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-746.00K	USD	1 Quarter
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.92M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.05M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.05M	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
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time

Stockholders Equity 13 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$1.25M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$2.22M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$4.91M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$4.34M	USD	Point-in-time
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	-	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$59.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-622.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$1.25M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$4.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$4.34M	USD	Point-in-time

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