10-K Filing

RARE ELEMENT RESOURCES LTD CIK: 1419806 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001558370-22-004094`
Period End Date	20211231
Filing Date	20220323
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	reemf-20211231x10k_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 45 Income Statement 27 Cash Flow Statement 41 Stockholders Equity 15

Balance Sheet 45 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
Common shares, outstanding	`CommonStockSharesOutstanding`	105.31M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$22.25M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$2.71M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Due from related party	`AccountsReceivableRelatedPartiesCurrent`	$106.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$75.00K	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseAndOtherAssets`	$47.00K	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$25.13M	USD	Point-in-time
Total Current Assets	`AssetsCurrent`	$2.75M	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$16.00K	USD	Point-in-time
Equipment, net	`PropertyPlantAndEquipmentNet`	$51.00K	USD	Point-in-time
Right of use asset	`OperatingLeaseRightOfUseAsset`	$372.00K	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`	$26.12M	USD	Point-in-time
Total Assets	`Assets`	$3.40M	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$407.00K	USD	Point-in-time
Accounts payable and accrued liabilities	`AccountsPayableAndAccruedLiabilitiesCurrent`	$115.00K	USD	Point-in-time
Due to related party	`AccountsPayableRelatedPartiesCurrent`	$712.00K	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`	$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	`OperatingLeaseLiabilityNoncurrent`	$253.00K	USD	Point-in-time
Repurchase option	`DerivativeLiabilitySecuritiesSoldUnderAgreementsToResellSecuritiesLoanedGross`	$1.05M	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`	$2.67M	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and Contingencies (Note 9)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2021 and December 31, 2020 - 212,466,889 and 105,308,445, respectively	`CommonStockValue`	$136.91M	USD	Point-in-time
Common shares, no par value - unlimited shares authorized; shares outstanding December 31, 2021 and December 31, 2020 - 212,466,889 and 105,308,445, respectively	`CommonStockValue`	$111.82M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$24.22M	USD	Point-in-time
Additional paid in capital	`AdditionalPaidInCapital`	$25.75M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-133.82M	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`	$4.91M	USD	Point-in-time
Total Shareholders' Equity	`StockholdersEquity`	$2.22M	USD	Point-in-time
Total Liabilities and Shareholders' Equity	`LiabilitiesAndStockholdersEquity`	$3.40M	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 expense, net to related party	`ExplorationExpenseRelatedParty`	$606.00K	USD	Annual
Exploration and evaluation	`ExplorationExpense`	$1.35M	USD	Annual
Exploration and evaluation	`ExplorationExpense`	$2.09M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$3.11M	USD	Annual
Corporate administration	`GeneralAndAdministrativeExpense`	$1.82M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$30.00K	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$5.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	-	USD	Annual
Impairment charges	`AssetImpairmentCharges`	$30.00K	USD	Annual
Total operating expenses	`OperatingExpenses`	$3.17M	USD	Annual
Total operating expenses	`OperatingExpenses`	$5.26M	USD	Annual
Interest income	`InterestIncomeExpenseNonoperatingNet`	$27.00K	USD	Annual
Accretion expense	`AccretionExpense`	$80.00K	USD	Annual
Accretion expense	`AccretionExpense`	$114.00K	USD	Annual
Interest expense	`InterestExpense`	$25.00K	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-53.00K	USD	Annual
Total non-operating income (expense)	`NonoperatingIncomeExpense`	$-139.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.23M	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`	$-0.02	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.02	USD	Annual
LOSS PER SHARE - DILUTED (in dollars per share)	`EarningsPerShareDiluted`	$-0.03	USD	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	173.49M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING BASIC	`WeightedAverageNumberOfSharesOutstandingBasic`	167.77M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	173.49M	shares	Annual
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING DILUTED	`WeightedAverageNumberOfDilutedSharesOutstanding`	167.77M	shares	Annual

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-3.23M	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`	$2.71M	USD	Point-in-time
Restricted cash	`RestrictedCashCurrent`	$2.70M	USD	Point-in-time
Depreciation	`Depreciation`	$5.00K	USD	Annual
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`	$5.66M	USD	Point-in-time
Total of cash, cash equivalents and restricted cash - end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Depreciation	`Depreciation`	$5.00K	USD	Annual
Accretion expense	`AccretionExpense`	$114.00K	USD	Annual
Accretion expense	`AccretionExpense`	$80.00K	USD	Annual
Impairment charges	`AssetImpairmentCharges`	-	USD	Annual
Impairment charges	`AssetImpairmentCharges`	$30.00K	USD	Annual
Right of use asset amortization	`OperatingLeaseRightOfUseAssetAmortizationExpense`	$25.00K	USD	Annual
Lease liability	`ProvisionForLoanAndLeaseLosses`	$-20.00K	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$1.54M	USD	Annual
Stock-based compensation	`ShareBasedCompensation`	$386.00K	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-2.76M	USD	Annual
Total adjustments to reconcile net loss to net cash used in operating activities	`AdjustmentsToReconcileNetIncomeLossToCashUsedInProvidedByOperatingActivities`	$-3.71M	USD	Annual
Receivables	`IncreaseDecreaseInAccountsReceivable`	$106.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$7.00K	USD	Annual
Prepaid expenses and other	`IncreaseDecreaseInPrepaidExpensesOther`	$28.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$-355.00K	USD	Annual
Accounts payable and accrued liabilities	`IncreaseDecreaseInAccountsPayableAndAccruedLiabilities`	$1.00M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.12M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-2.84M	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	$133.00K	USD	Annual
Stock option exercise	`ProceedsFromStockOptionsExercised`	$161.00K	USD	Annual
Financing transaction, net (Note 7)	`ProceedsFromIssuanceOfCommonStock`	$24.95M	USD	Annual
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$25.08M	USD	Annual
Net cash and cash equivalents provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$161.00K	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$22.24M	USD	Annual
Increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$-2.96M	USD	Annual
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$2.71M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$24.95M	USD	Point-in-time
Cash and cash equivalents - beginning of the period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$5.66M	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`	$5.66M	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`	$4.91M	USD	Point-in-time
Beginning balance	`StockholdersEquity`	$2.22M	USD	Point-in-time
Financing transaction, amount	`StockIssuedDuringPeriodValueNewIssues`	$24.95M	USD	Annual
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.10M	shares	Annual
Stock option exercise, shares	`StockIssuedDuringPeriodSharesStockOptionsExercised`	1.77M	shares	Annual
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$133.00K	USD	Annual
Stock option exercise, amount	`StockIssuedDuringPeriodValueStockOptionsExercised`	$161.00K	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$1.54M	USD	Annual
Stock-based compensation	`StockIssuedDuringPeriodValueShareBasedCompensation`	$386.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-3.23M	USD	Annual
Net loss	`NetIncomeLoss`	$-5.40M	USD	Annual
Ending balance	`StockholdersEquity`	$23.44M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$4.91M	USD	Point-in-time
Ending balance	`StockholdersEquity`	$2.22M	USD	Point-in-time

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