10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2023

Filing Information

Form Type	10-Q
Accession Number	`0001419806-23-000030`
Period End Date	20230630
Filing Date	20230809
Fiscal Year	2023
Fiscal Period	Q2
XBRL Instance	reemf-20230630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 52 Income Statement 53 Cash Flow Statement 45 Stockholders Equity 24

Balance Sheet 52 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`	$15.52M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.52M	shares	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	212.61M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$11.45M	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$278.00K	USD	Point-in-time
Due from related party (Note 4)	`AccountsReceivableRelatedPartiesCurrent`	$174.00K	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$1.63M	USD	Point-in-time
Prepaid to related party (Note 4)	`RelatedPartyTransactionDueFromToRelatedPartyCurrent`	$2.14M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$143.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$140.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$17.98M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$13.51M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$31.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$15.00K	USD	Point-in-time
Right of use asset (Note 5)	`OperatingLeaseRightOfUseAsset`	$223.00K	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`	$14.36M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$227.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$253.00K	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`	$377.00K	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 (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$122.00K	USD	Point-in-time
Lease liability, long-term (Note 5)	`OperatingLeaseLiabilityNoncurrent`	$168.00K	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.42M	USD	Point-in-time
Repurchase option (Note 7)	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.28M	USD	Point-in-time
Total Liabilities	`Liabilities`	$2.05M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.93M	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 June 30, 2023 and December 31, 2022 of 212,613,451 and 212,515,951, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding at June 30, 2023 and December 31, 2022 of 212,613,451 and 212,515,951, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$29.00M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$28.67M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-148.64M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-153.61M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$12.31M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$22.24M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$14.88M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$16.93M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$23.44M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$20.65M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$14.36M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$18.87M	USD	Point-in-time

Income Statement 53 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$2.17M	USD	1 Quarter
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$1.50M	USD	2 Qtrs
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$3.67M	USD	2 Qtrs
Exploration and evaluation (See Note 4 for related party costs)	`ExplorationExpense`	$867.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$1.68M	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$3.15M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$1.35M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$613.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$24.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$50.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$51.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$26.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.80M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.08M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$4.69M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$2.57M	USD	1 Quarter
Interest income	`InterestIncomeOther`	$139.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$261.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$21.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	$22.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$142.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$142.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$8.00K	USD	2 Qtrs
Interest expense	`InterestExpense`	$8.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$8.00K	USD	1 Quarter
Interest expense	`InterestExpense`	$16.00K	USD	2 Qtrs
Gain on sale of equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$12.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-58.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$60.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-128.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$115.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.97M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.82M	USD	2 Qtrs
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	2 Qtrs
LOSS PER SHARE - BASIC (in dollars per share)	`EarningsPerShareBasic`	$-0.02	USD	2 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`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	2 Qtrs
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.56M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.61M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.56M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	2 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.47M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING, DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	212.61M	shares	1 Quarter

Cash Flow Statement 45 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.97M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.82M	USD	2 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$71.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$142.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$142.00K	USD	2 Qtrs
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$49.00K	USD	2 Qtrs
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$50.00K	USD	2 Qtrs
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-46.00K	USD	2 Qtrs
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-41.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$2.03M	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$1.03M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$331.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$159.00K	USD	1 Quarter
Repurchase Option	`PaymentsForRepurchaseOfEquity`	$49.00K	USD	2 Qtrs
Repurchase Option	`PaymentsForRepurchaseOfEquity`	$14.00K	USD	2 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-4.50M	USD	2 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-2.69M	USD	2 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$545.00K	USD	2 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$-407.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$3.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$67.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$26.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-665.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-4.07M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.97M	USD	2 Qtrs
Proceeds from the sale of equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$12.00K	USD	2 Qtrs
Purchase of equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	2 Qtrs
Net cash provided by investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	2 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$7.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$7.00K	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-4.07M	USD	2 Qtrs
Net change in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-3.97M	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.98M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.45M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.98M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.45M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.52M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$12.31M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$22.24M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$20.65M	USD	Point-in-time
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	100,000.00	shares	2 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$7.00K	USD	1 Quarter
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$7.00K	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$159.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.03M	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$2.03M	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$331.00K	USD	2 Qtrs
Common shares cancelled	`ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod`	0.00	shares	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.63M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.97M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-2.74M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-4.82M	USD	2 Qtrs
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$12.31M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$22.24M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$14.88M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$16.93M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$20.65M	USD	Point-in-time

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