10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001419806-22-000013`
Period End Date	20220331
Filing Date	20220512
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	reem-20220331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 51 Income Statement 25 Cash Flow Statement 30 Stockholders Equity 12

Balance Sheet 51 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
Common shares, outstanding	`CommonStockSharesOutstanding`	212.47M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.25M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.47M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.47M	USD	Point-in-time
Restricted cash (Note 4)	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$106.00K	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$347.00K	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$1.29M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$38.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$75.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$23.14M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$25.13M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$347.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$372.00K	USD	Point-in-time
Investment in land	`InvestmentInLand`	$600.00K	USD	Point-in-time
Investment in land	`InvestmentInLand`	$600.00K	USD	Point-in-time
Total Assets	`Assets`	$24.10M	USD	Point-in-time
Total Assets	`Assets`	$26.12M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$277.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$407.00K	USD	Point-in-time
Due to related party (Note 4)	`AccountsPayableRelatedPartiesCurrent`	$712.00K	USD	Point-in-time
Lease liability, current	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Lease liability, current	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.24M	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$401.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Reclamation obligation	`MineReclamationAndClosingLiabilityNoncurrent`	$132.00K	USD	Point-in-time
Lease liability, long-term	`OperatingLeaseLiabilityNoncurrent`	$233.00K	USD	Point-in-time
Lease liability, long-term	`OperatingLeaseLiabilityNoncurrent`	$253.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.09M	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.86M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.67M	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 7)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at March 31, 2022 and December 31, 2021 - 212,466,889	`CommonStockValue`	$136.91M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at March 31, 2022 and December 31, 2021 - 212,466,889	`CommonStockValue`	$136.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$25.75M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$26.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-141.41M	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`	$22.24M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$23.44M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$26.12M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$24.10M	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Exploration expense, net to related party	`ExplorationExpenseRelatedParty`	$138.00K	USD	1 Quarter
Exploration and evaluation ($138, incurred with related party during the current period)	`ExplorationExpense`	$630.00K	USD	1 Quarter
Exploration and evaluation ($138, incurred with related party during the current period)	`ExplorationExpense`	$507.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$520.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.47M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$26.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.03M	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$1.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-70.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.20M	USD	1 Quarter
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	167.77M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	167.77M	shares	1 Quarter

Cash Flow Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.20M	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`	$71.00K	USD	1 Quarter
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$25.00K	USD	1 Quarter
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-20.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$995.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$73.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$25.00K	USD	1 Quarter
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-1.15M	USD	1 Quarter
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-954.00K	USD	1 Quarter
Receivables	`IncreaseDecreaseInAccountsReceivable`	$241.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$-37.00K	USD	1 Quarter
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$1.25M	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-842.00K	USD	1 Quarter
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$259.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-658.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.48M	USD	1 Quarter
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.48M	USD	1 Quarter
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-658.00K	USD	1 Quarter
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.47M	USD	Point-in-time
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.05M	USD	Point-in-time
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.47M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.05M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time

Stockholders Equity 12 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$1.25M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$22.24M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$995.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$73.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.20M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$1.25M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$22.24M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time

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