10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-010828`
Period End Date	20210630
Filing Date	20210806
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	reemf-20210630x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 44 Income Statement 44 Cash Flow Statement 38 Stockholders Equity 26

Balance Sheet 44 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`	$1.43M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$4.18M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	105.31M	shares	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`	$47.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$108.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$1.54M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.75M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$49.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$51.00K	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`	$2.19M	USD	Point-in-time
Total Assets	`Assets`	$3.40M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$115.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$639.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$639.00K	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	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$933.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$973.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.74M	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 June 30, 2021 and December 31, 2020 - 105,308,445 and 104,895,245, respectively	`CommonStockValue`	$111.82M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding June 30, 2021 and December 31, 2020 - 105,308,445 and 104,895,245, respectively	`CommonStockValue`	$111.83M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.74M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.22M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-133.82M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-136.13M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$4.34M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$445.00K	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`	$3.79M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.40M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$2.19M	USD	Point-in-time

Income Statement 44 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$292.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$924.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpense`	$524.00K	USD	2 Qtrs
Exploration and evaluation	`ExplorationExpense`	$417.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$454.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$844.00K	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$1.35M	USD	2 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$828.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.37M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$1.25M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$748.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.27M	USD	2 Qtrs
Interest income	`InterestIncomeOther`	$5.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Interest income	`InterestIncomeOther`	$25.00K	USD	2 Qtrs
Interest income	`InterestIncomeOther`	-	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$40.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$40.00K	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	2 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-15.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-40.00K	USD	2 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-14.00K	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.27M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-763.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.31M	USD	2 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.02	USD	2 Qtrs
Loss per share - basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.01	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	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.28M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.01M	shares	1 Quarter
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	104.00M	shares	2 Qtrs
Weighted average number of shares outstanding	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	105.09M	shares	2 Qtrs

Cash Flow Statement 38 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-2.31M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-763.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.27M	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	2 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Depreciation	`Depreciation`	$3.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$40.00K	USD	2 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$40.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$106.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$452.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$165.00K	USD	2 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$525.00K	USD	2 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-1.75M	USD	2 Qtrs
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-1.18M	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$61.00K	USD	2 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$55.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$524.00K	USD	2 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-354.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.28M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-1.59M	USD	2 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$10.00K	USD	2 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$106.00K	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.00K	USD	2 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.00K	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.48M	USD	2 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-1.27M	USD	2 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.43M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.18M	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`	$5.66M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$1.43M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$4.18M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time

Stockholders Equity 26 line items

Line Item	Tag	Value	Unit	Period
Beginning balance, amount	`StockholdersEquity`	$4.34M	USD	Point-in-time
Beginning balance, amount	`StockholdersEquity`	$445.00K	USD	Point-in-time
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`	$3.79M	USD	Point-in-time
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$10.00K	USD	1 Quarter
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$10.00K	USD	2 Qtrs
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	1 Quarter
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	2 Qtrs
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	500,000.00	shares	2 Qtrs
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	425,000.00	shares	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$106.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$165.00K	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$525.00K	USD	2 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$452.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.31M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-763.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.39M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-1.27M	USD	1 Quarter
Ending balance, amount	`StockholdersEquity`	$4.91M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$4.34M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$445.00K	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$1.25M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance, amount	`StockholdersEquity`	$3.79M	USD	Point-in-time

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