10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2022

Filing Information

Form Type	10-Q
Accession Number	`0001419806-22-000045`
Period End Date	20220930
Filing Date	20221109
Fiscal Year	2022
Fiscal Period	Q3
XBRL Instance	reemf-20220930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 53 Income Statement 49 Cash Flow Statement 39 Stockholders Equity 22

Balance Sheet 53 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`	$18.80M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.25M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.47M	shares	Point-in-time
Restricted cash (Note 4)	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$127.00K	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$106.00K	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$1.50M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$201.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$75.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$25.13M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$20.63M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$372.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$298.00K	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`	$21.54M	USD	Point-in-time
Total Assets	`Assets`	$26.12M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$466.00K	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`	$590.00K	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`	$191.00K	USD	Point-in-time
Lease liability, long-term	`OperatingLeaseLiabilityNoncurrent`	$253.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.05M	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.24M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.15M	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 September 30, 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 September 30, 2022 and December 31, 2021 - 212,466,889	`CommonStockValue`	$136.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.23M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$25.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-145.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$19.39M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$445.00K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$-254.00K	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$20.65M	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`	$21.54M	USD	Point-in-time

Income Statement 49 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$770.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$1.31M	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$2.27M	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$383.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$4.07M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$2.18M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$829.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$925.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$4.00K	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$2.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$25.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$75.00K	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$6.41M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$3.49M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$1.72M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.21M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$100.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$78.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$213.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Other income	`OtherNonoperatingIncomeExpense`	$8.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$15.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-60.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-113.00K	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.71M	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`	$-0.02	USD	3 Qtrs
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
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`	$-0.03	USD	3 Qtrs
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	3 Qtrs
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	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	168.19M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	168.04M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	168.04M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	168.19M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	1 Quarter

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.71M	USD	1 Quarter
Depreciation	`Depreciation`	$1.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$213.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$74.00K	USD	3 Qtrs
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-62.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.48M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.06M	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$535.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$452.00K	USD	1 Quarter
Other	`OtherNoncashIncomeExpense`	$25.00K	USD	3 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-2.42M	USD	3 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-3.85M	USD	3 Qtrs
Receivables	`IncreaseDecreaseInAccountsReceivable`	$21.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$57.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$1.62M	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-653.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$212.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.27M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.14M	USD	3 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$10.00K	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.00K	USD	3 Qtrs
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-6.14M	USD	3 Qtrs
Decrease in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.26M	USD	3 Qtrs
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$447.00K	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`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$18.80M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$447.00K	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Right of use asset - operating lease capitalized	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$397.00K	USD	3 Qtrs

Stockholders Equity 22 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$19.39M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$445.00K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-254.00K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$20.65M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	425,000.00	shares	3 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$10.00K	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$452.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$535.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.48M	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.06M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-6.53M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.71M	USD	1 Quarter
Ending balance	`StockholdersEquity`	$20.65M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$19.39M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$445.00K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-254.00K	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.