$REEMF
RARE ELEMENT RESOURCES LTD

2022 Q1 Form 10-Q Financial Statement

#000141980622000013 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.470M $520.0K
YoY Change 182.69% 33.33%
% of Gross Profit
Research & Development $630.0K $507.0K
YoY Change 24.26% 118.53%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $2.126M $1.028M
YoY Change 106.81% 65.01%
Operating Profit
YoY Change
Interest Expense $1.000K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$70.00K -$20.00K
YoY Change 250.0% -2100.0%
Pretax Income -$2.196M -$1.048M
YoY Change 109.54% 74.09%
Income Tax
% Of Pretax Income
Net Earnings -$2.196M -$1.048M
YoY Change 109.54% 74.09%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 212.5M 167.8M
Diluted Shares Outstanding 212.5M 167.8M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.47M $2.048M
YoY Change 948.14% -58.36%
Cash & Equivalents $21.47M $2.048M
Short-Term Investments
Other Short-Term Assets $1.324M $10.00K
YoY Change 13140.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $23.14M $2.058M
YoY Change 1024.25% -58.24%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $650.0K
YoY Change -97.69% -0.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $962.0K $650.0K
YoY Change 48.0% -0.76%
TOTAL ASSETS
Total Short-Term Assets $23.14M $2.058M
Total Long-Term Assets $962.0K $650.0K
Total Assets $24.10M $2.708M
YoY Change 789.92% -51.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $277.0K $374.0K
YoY Change -25.94% 58.47%
Accrued Expenses $124.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $401.0K $374.0K
YoY Change 7.22% 58.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.458M $1.085M
YoY Change 34.38% 48.22%
Total Long-Term Liabilities $1.458M $1.085M
YoY Change 34.38% 48.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $401.0K $374.0K
Total Long-Term Liabilities $1.458M $1.085M
Total Liabilities $1.859M $1.459M
YoY Change 27.42% 50.72%
SHAREHOLDERS EQUITY
Retained Earnings -$141.4M
YoY Change
Common Stock $136.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.24M $1.249M
YoY Change
Total Liabilities & Shareholders Equity $24.10M $2.708M
YoY Change 789.92% -51.5%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$2.196M -$1.048M
YoY Change 109.54% 74.09%
Depreciation, Depletion And Amortization $1.000K $1.000K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$3.481M -$658.0K
YoY Change 429.03% -11.8%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities
YoY Change
NET CHANGE
Cash From Operating Activities -3.481M -658.0K
Cash From Investing Activities
Cash From Financing Activities
Net Change In Cash -3.481M -658.0K
YoY Change 429.03% -11.8%
FREE CASH FLOW
Cash From Operating Activities -$3.481M -$658.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;table-layout:fixed;width:100%;border:0pt;"><tr><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">1.</td><td style="padding:0pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;"> NATURE OF OPERATIONS</b></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Rare Element Resources Ltd. (“we,” “us,” “Rare Element” or the “Company”) was incorporated under the laws of the Province of British Columbia, Canada, on June 3, 1999.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Rare Element is the 100%-holder of the Bear Lodge rare earth elements project (the “Bear Lodge REE Project”) located near the town of Sundance in northeast Wyoming. The Bear Lodge REE Project consists of several large, disseminated rare earth elements (“REE”) deposits that comprise one of the highest-grade REE deposits identified in North America and one of the highest-grade europium (Eu) deposits in the world. In addition, the Bear Lodge REE Project has a favorable distribution of the remaining critical rare earth elements. The Company also holds a 100% interest in the Sundance gold project (the “Sundance Gold Project”) that is adjacent to the Bear Lodge REE Project and contains a historical inferred mineral resource primarily composed of three gold targets within the area of the Bear Lodge property. Given the Company’s longstanding focus on the Bear Lodge REE Project and the current interest in REE, the advancement of the Sundance Gold Project has been on hold since 2011 and will likely remain so for the foreseeable future.  </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">The Company is currently focused on the advancement of a rare earth processing and separation demonstration plant (“Demonstration Plant”)  project. In January 2021, a consortium of companies, of which the Company is a part, received notice from the United States Department of Energy (“DoE”) that the consortium had been selected for negotiation of a potential financial award for the engineering, construction and operation of a Demonstration Plant. The consortium of companies is led by General Atomics, an affiliate of Synchron, and includes certain of General Atomics’ affiliates, and LNV, an Ardurra Group, Inc. company, as engineering and construction subcontractor. A formal proposal was submitted by the consortium in response to a published Funding Opportunity Announcement in mid-2020 for the construction and operation of Demonstration Plant utilizing proprietary technology to produce commercial grade products. The DoE finalized the award, and an agreement was executed by the DoE’s grants/agreement officer on September 27, 2021, with an effective date of October 1, 2021. The Company, as a subrecipient of the award, along with the other consortium members, commenced work on the planning and design of the Demonstration Plant project in November 2021, with the Company’s contractual arrangement with General Atomics finalized in December 2021. The DoE funding is in the amount of $21,900 and represents approximately <span style="-sec-ix-hidden:Hidden_vGkquhqGcki1GbFZ2ekqPg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the total estimated costs for the project. The Demonstration Plant will process already stockpiled high-grade material from the Bear Lodge REE Project.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">To address the Company’s funding needs, during December 2021, the Company completed a rights offering for gross proceeds of approximately $25,400. The Company plans to use the net proceeds from the rights offering for the permitting, licensing, engineering, construction and operation of the Demonstration Plant near the Company’s Bear Lodge Project. The previously discussed $21,900 financial award from the DoE will fund approximately <span style="-sec-ix-hidden:Hidden_109j9ikCMEG8EVNmzoXxXg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one</span></span>-half of the expected total cost of the Demonstration Plant, with the balance of the required funding being provided by the Company utilizing the proceeds of the rights offering. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="margin-bottom:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the three months ended March 31, 2022, the Company continued work on the Company’s Demonstration Plant project (see Note 4 for a complete discussion). The Company, along with the consortium members, plans to further advance the Demonstration Plant project which includes completing the final plant design, continuing the licensing and permitting, commencing procurement of long lead-time equipment, and initiating early construction activities. For additional information on the Company’s Demonstration Plant project, including the project’s timeline, readers should see Item 2 in our Annual Report on Form 10-K for the year ended December 31, 2021. The Demonstration Plant will be located in Upton, Wyoming on leased facilities. In addition, the Company plans to update its baseline environmental data for the Bear Lodge REE Project. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="font-size:12pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company does not have sufficient funds to progress with longer-term activities beyond the Demonstration Plant project, including feasibility studies, permitting and licensing, development and construction related to the Bear Lodge REE Project. Therefore, the achievement of these longer-term activities will be dependent upon securing additional funds through financings, off-take agreements, joint ventures, strategic transactions, or sales of various assets. There is no assurance, however, that the Company will be successful in completing any such other financings or transactions. Ultimately, in the event the Company cannot secure additional financial resources, or complete a strategic transaction in the longer term, it may need to suspend its operational plans or even have to liquidate its business interests, and investors may lose all or part of their investment.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:normal;">The Company has incurred losses since inception, and further losses are anticipated in the development of its business. As of March 31, 2022, the Company had cash and cash equivalents of </span><span style="font-weight:normal;">$21,466</span><span style="font-weight:normal;"> and our cash used in operations during the three months ended March 31, 2022 was </span><span style="font-weight:normal;">$3,481</span><span style="font-weight:normal;">, the majority of which was related to costs associated with the Demonstration Plant project and general and administrative expenses. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">COVID-19 Impact on Business</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;letter-spacing:-0.1pt;text-align:justify;text-indent:0pt;margin:0pt 0pt 12pt 0pt;">In response to the COVID-19 pandemic, the Company implemented travel restrictions, both domestically and internationally, and its employee and consultants abided by government guidance and orders. As a result, the Company saw delays in the metallurgical studies conducted by Umwelt-und Ingenieurtechnik GmbH Dresden (“UIT”) that slowed the progression of the prior test work. Any continued pandemic impact may be material to the completion of the design inputs needed for the Demonstration Plant. Any further economic downturn triggered by COVID-19 and any resulting direct and indirect negative impact on us could have a material adverse impact on our future activities, cash flows and liquidity. The Company may experience higher prices for the equipment and raw materials for the Demonstration Plant due to shortages, commodity inflation and supply chain issues, including transportation delays as a result of COVID-19 and other economic factors. Further, it is unknown what, if any, impact COVID-19 and any resulting economic factors will have on rare earth prices and market supply and demand fundamentals.</p>
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