10-K Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 FY 2022

Filing Information

Form Type	10-K
Accession Number	`0001419806-23-000005`
Period End Date	20221231
Filing Date	20230328
Fiscal Year	2022
Fiscal Period	FY
XBRL Instance	reemf-20221231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 50 Income Statement 27 Cash Flow Statement 43 Stockholders Equity 15

Balance Sheet 50 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`	$22.25M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.47M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.52M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Restricted cash (Note 4)	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$106.00K	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$2.14M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$75.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$140.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$25.13M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.98M	USD	Point-in-time
Equipment, net (Note 7)	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Equipment, net (Note 7)	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Right of use asset (Note 5)	`OperatingLeaseRightOfUseAsset`	$372.00K	USD	Point-in-time
Right of use asset (Note 5)	`OperatingLeaseRightOfUseAsset`	$273.00K	USD	Point-in-time
Investment in land (Note 7)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Investment in land (Note 7)	`InvestmentInLand`	$600.00K	USD	Point-in-time
Total Assets	`Assets`	$18.87M	USD	Point-in-time
Total Assets	`Assets`	$26.12M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$227.00K	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 (Note 5)	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Lease liability, current (Note 5)	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$351.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$1.24M	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 (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$253.00K	USD	Point-in-time
Lease liability, long-term (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$168.00K	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.28M	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.67M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.93M	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 10)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at December 31, 2022 and 2021 of 212,515,951 and 212,466,889, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at December 31, 2022 and 2021 of 212,515,951 and 212,466,889, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.67M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$25.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-139.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$23.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.93M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$26.12M	USD	Point-in-time

Income Statement 27 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$2.09M	USD	Annual
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$4.16M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$3.11M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$5.21M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$30.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	$30.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	-	USD	Annual
Total operating expenses	`OperatingExpenses`	$9.36M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.26M	USD	Annual
Interest income	`InterestIncomeOther`	$258.00K	USD	Annual
Accretion expense	`AccretionExpense`	$114.00K	USD	Annual
Accretion expense	`AccretionExpense`	$284.00K	USD	Annual
Interest expense	`InterestExpense`	$25.00K	USD	Annual
Interest expense	`InterestExpense`	$39.00K	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-65.00K	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-139.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-9.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.40M	USD	Annual
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.03	USD	Annual
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.04	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.04	USD	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	173.49M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.48M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.48M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	173.49M	shares	Annual

Cash Flow Statement 43 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-9.43M	USD	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.25M	USD	Point-in-time
Net loss	`NetIncomeLoss`	$-5.40M	USD	Annual
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.52M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Depreciation	`Depreciation`	$1.00K	USD	Annual
Depreciation	`Depreciation`	$5.00K	USD	Annual
Accretion expense	`AccretionExpense`	$284.00K	USD	Annual
Accretion expense	`AccretionExpense`	$114.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	$30.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	-	USD	Annual
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$99.00K	USD	Annual
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$25.00K	USD	Annual
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-20.00K	USD	Annual
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-85.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.54M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$2.92M	USD	Annual
Repurchase Option	`PaymentsForRepurchaseOfEquity`	$50.00K	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-6.26M	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-3.71M	USD	Annual
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$106.00K	USD	Annual
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$68.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$28.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$2.21M	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-892.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.00M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-9.42M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.84M	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	$133.00K	USD	Annual
Financing transaction, net (Note 8)	`ProceedsFromIssuanceOfCommonStock`	$24.95M	USD	Annual
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.08M	USD	Annual
Increase (Decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-9.42M	USD	Annual
Increase (Decrease) in cash, cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$22.24M	USD	Annual
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`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	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`	$24.95M	USD	Point-in-time
Cash, cash equivalents and restricted cash - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Right of use asset - operating lease capitalized	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$397.00K	USD	Annual

Stockholders Equity 15 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.77M	shares	Annual
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	100,000.00	shares	Annual
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$133.00K	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.54M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.92M	USD	Annual
Financing transaction, shares	`StockIssuedDuringPeriodSharesNewIssues`	105.81M	shares	Point-in-time
Financing transaction, amount	`StockIssuedDuringPeriodValueNewIssues`	$24.95M	USD	Annual
Net loss	`NetIncomeLoss`	$-9.43M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.40M	USD	Annual
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.93M	USD	Point-in-time

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