$REEMF
RARE ELEMENT RESOURCES LTD

2022 Q3 Form 10-Q Financial Statement

#000141980622000023 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $925.0K $1.677M $1.470M
YoY Change 11.58% 102.54% 182.69%
% of Gross Profit
Research & Development $770.0K $867.0K $630.0K
YoY Change 101.04% 107.91% 24.26%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $1.000K
YoY Change -100.0% -100.0% 0.0%
% of Gross Profit
Operating Expenses $1.720M $2.568M $2.126M
YoY Change 41.68% 106.1% 106.81%
Operating Profit
YoY Change
Interest Expense $78.00K $21.00K $1.000K
YoY Change
% of Operating Profit
Other Income/Expense, Net $15.00K -$58.00K -$70.00K
YoY Change -175.0% 190.0% 250.0%
Pretax Income -$1.705M -$2.626M -$2.196M
YoY Change 38.17% 107.42% 109.54%
Income Tax
% Of Pretax Income
Net Earnings -$1.705M -$2.626M -$2.196M
YoY Change 38.17% 107.42% 109.54%
Net Earnings / Revenue
Basic Earnings Per Share -$0.01 -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 212.5M 212.5M 212.5M
Diluted Shares Outstanding 212.5M 212.5M 212.5M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.81M $20.98M $21.47M
YoY Change 4106.94% 1364.94% 948.14%
Cash & Equivalents $18.81M $20.98M $21.47M
Short-Term Investments
Other Short-Term Assets $1.697M $722.0K $1.324M
YoY Change 1531.73% 568.52% 13140.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $20.63M $21.80M $23.14M
YoY Change 3643.92% 1315.26% 1024.25%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $15.00K $15.00K
YoY Change -68.09% -69.39% -97.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $913.0K $938.0K $962.0K
YoY Change -12.55% 44.53% 48.0%
TOTAL ASSETS
Total Short-Term Assets $20.63M $21.80M $23.14M
Total Long-Term Assets $913.0K $938.0K $962.0K
Total Assets $21.54M $22.73M $24.10M
YoY Change 1250.6% 938.51% 789.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $466.0K $454.0K $277.0K
YoY Change 42.51% -28.95% -25.94%
Accrued Expenses $124.0K $124.0K $124.0K
YoY Change 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $590.0K $578.0K $401.0K
YoY Change 30.82% -9.55% 7.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.558M $1.508M $1.458M
YoY Change 11.44% 36.47% 34.38%
Total Long-Term Liabilities $1.558M $1.508M $1.458M
YoY Change 11.44% 36.47% 34.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $590.0K $578.0K $401.0K
Total Long-Term Liabilities $1.558M $1.508M $1.458M
Total Liabilities $2.148M $2.086M $1.859M
YoY Change 16.17% 19.61% 27.42%
SHAREHOLDERS EQUITY
Retained Earnings -$145.7M -$144.0M -$141.4M
YoY Change 6.1% 5.81%
Common Stock $136.9M $136.9M $136.9M
YoY Change 22.42% 22.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.39M $20.65M $22.24M
YoY Change
Total Liabilities & Shareholders Equity $21.54M $22.73M $24.10M
YoY Change 1250.6% 938.51% 789.92%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$1.705M -$2.626M -$2.196M
YoY Change 38.17% 107.42% 109.54%
Depreciation, Depletion And Amortization $0.00 $0.00 $1.000K
YoY Change -100.0% -100.0% 0.0%
Cash From Operating Activities -$2.173M -$488.0K -$3.481M
YoY Change 120.61% -22.04% 429.03%
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 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.173M -488.0K -3.481M
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000
Net Change In Cash -2.173M -488.0K -3.481M
YoY Change 120.61% -20.78% 429.03%
FREE CASH FLOW
Cash From Operating Activities -$2.173M -$488.0K -$3.481M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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. 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, the Company’s largest and majority shareholder, 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 the 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_MGEOqx5ceUKsG0cwGaGt6g;"><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, which is to be located in Upton, Wyoming on leased facilities, 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 is using 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_4IPmYNQeeU6O7zTJ3Oj0Cg;"><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 six months ended June 30, 2022, the Company has continued its work on the Demonstration Plant project, and this work is expected to continue over the remainder of 2022 and through the Demonstration Plant project’s expected completion date in the early part of 2025 (see Note 4 for a complete discussion). Key Demonstration Plant project activities over the next six months are expected to include completion of final plant design, continuation of licensing and permitting efforts, and procurement of long lead-time equipment. Originally scheduled for later in the Demonstration Plant project’s timeline, the procurement of certain long-lead equipment has been moved earlier in the schedule due to price inflation and supply chain concerns.  This scheduling change has, in turn, necessitated a contract modification with the DoE. This modification is currently being negotiated between General Atomics and the DoE and is expected to be completed in the fourth quarter of 2022. While not expected to impact the Demonstration Plant project’s overall timeline of 40 months, the modification is expected to adjust the DoE’s first project continuation decision point from October 2022 to May 2023 to coincide with the completion of the U.S. Nuclear Regulatory Commission and the DoE National Environmental Protection Act licensing and approval processes.  For additional information on the Demonstration Plant project, including the project’s timeline, see Item 2 in our Annual Report on Form 10-K for the year ended December 31, 2021. Over the next six months, the Company also 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 June 30, 2022, the Company had cash and cash equivalents of </span><span style="font-weight:normal;">$20,978</span><span style="font-weight:normal;"> and our cash used in operations during the six months ended June 30, 2022 was </span><span style="font-weight:normal;">$3,969</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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