10-Q Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001558370-21-015067`
Period End Date	20210930
Filing Date	20211108
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	reemf-20210930x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 47 Income Statement 52 Cash Flow Statement 39 Stockholders Equity 24

Balance Sheet 47 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`	105.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$447.00K	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Common shares, outstanding	`CommonStockSharesOutstanding`	104.90M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$3.48M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$47.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$104.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$551.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.75M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$47.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$51.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$397.00K	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`	$1.59M	USD	Point-in-time
Total Assets	`Assets`	$3.40M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$327.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$115.00K	USD	Point-in-time
Lease liability, current	`OperatingLeaseLiabilityCurrent`	$124.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$115.00K	USD	Point-in-time
Total Current Liabilities	`LiabilitiesCurrent`	$451.00K	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`	$273.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$993.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$933.00K	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.18M	USD	Point-in-time
Total Liabilities	`Liabilities`	$1.85M	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 5)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding September 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 September 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`	$25.28M	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`	$-137.36M	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$3.79M	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$4.91M	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$-254.00K	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$445.00K	USD	Point-in-time
Total Shareholders' Equity (Deficit)	`StockholdersEquity`	$3.04M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.40M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$1.59M	USD	Point-in-time

Income Statement 52 line items

Line Item	Tag	Value	Unit	Period
Exploration and evaluation	`ExplorationExpense`	$921.00K	USD	3 Qtrs
Exploration and evaluation	`ExplorationExpense`	$397.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$383.00K	USD	1 Quarter
Exploration and evaluation	`ExplorationExpense`	$1.31M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$1.29M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$829.00K	USD	1 Quarter
Corporate administration	`GeneralAndAdministrativeExpense`	$2.18M	USD	3 Qtrs
Corporate administration	`GeneralAndAdministrativeExpense`	$443.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$841.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$1.21M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$2.21M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$3.49M	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$26.00K	USD	3 Qtrs
Interest income	`InterestIncomeOther`	$1.00K	USD	1 Quarter
Interest income	`InterestIncomeOther`	-	USD	3 Qtrs
Interest income	`InterestIncomeOther`	-	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	$1.00K	USD	3 Qtrs
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	1 Quarter
Other income (expense)	`OtherNonoperatingIncomeExpense`	-	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-33.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-60.00K	USD	3 Qtrs
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-20.00K	USD	1 Quarter
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-19.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
LOSS PER SHARE - BASIC	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - BASIC	`EarningsPerShareBasic`	$-0.02	USD	3 Qtrs
LOSS PER SHARE - BASIC	`EarningsPerShareBasic`	$-0.03	USD	3 Qtrs
LOSS PER SHARE - BASIC	`EarningsPerShareBasic`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED	`EarningsPerShareDiluted`	$-0.03	USD	3 Qtrs
LOSS PER SHARE - DILUTED	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
LOSS PER SHARE - DILUTED	`EarningsPerShareDiluted`	$-0.02	USD	3 Qtrs
LOSS PER SHARE - DILUTED	`EarningsPerShareDiluted`	$-0.01	USD	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	104.08M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	105.31M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	104.30M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	105.16M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.31M	shares	1 Quarter
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.08M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	105.16M	shares	3 Qtrs
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	104.30M	shares	1 Quarter

Cash Flow Statement 39 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$1.00K	USD	1 Quarter
Depreciation	`Depreciation`	$4.00K	USD	3 Qtrs
Depreciation	`Depreciation`	$2.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$20.00K	USD	1 Quarter
Accretion expense	`AccretionExpense`	$60.00K	USD	3 Qtrs
Stock-based compensation	`ShareBasedCompensation`	$277.00K	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`	$112.00K	USD	1 Quarter
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`	$-1.90M	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$57.00K	USD	3 Qtrs
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$44.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$212.00K	USD	3 Qtrs
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-337.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.29M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.27M	USD	3 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$10.00K	USD	3 Qtrs
Stock option exercise	`ProceedsFromStockOptionsExercised`	$106.00K	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$106.00K	USD	3 Qtrs
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$10.00K	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.18M	USD	3 Qtrs
Decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.26M	USD	3 Qtrs
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$447.00K	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$5.66M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashAndCashEquivalentsAtCarryingValue`	$3.48M	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`	$3.48M	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$447.00K	USD	Point-in-time
Cash and cash equivalents - end of the period	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Right of use asset - operating lease capitalized	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$397.00K	USD	3 Qtrs

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Beginning balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.79M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$4.91M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$-254.00K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$445.00K	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$3.04M	USD	Point-in-time
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$10.00K	USD	3 Qtrs
Stock option exercises	`StockIssuedDuringPeriodValueStockOptionsExercised`	$106.00K	USD	3 Qtrs
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	500,000.00	shares	3 Qtrs
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	425,000.00	shares	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.06M	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$277.00K	USD	3 Qtrs
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$535.00K	USD	1 Quarter
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$112.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.55M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-860.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-1.23M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.25M	USD	3 Qtrs
Ending balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.79M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$4.91M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$-254.00K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$445.00K	USD	Point-in-time
Ending balance	`StockholdersEquity`	$3.04M	USD	Point-in-time

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