$REEMF
RARE ELEMENT RESOURCES LTD

2021 Form 10-K Financial Statement

#000155837022004094 Filed on March 23, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.114M $536.0K $1.823M
YoY Change 70.82% 47.66% 86.21%
% of Gross Profit
Research & Development $2.089M $1.347M
YoY Change 55.09% 17.54%
% of Gross Profit
Depreciation & Amortization $5.000K $1.000K $5.000K
YoY Change 0.0% -80.0% 0.0%
% of Gross Profit
Operating Expenses $5.263M $963.0K $3.175M
YoY Change 65.76% 24.74% 49.06%
Operating Profit
YoY Change
Interest Expense $25.00K $1.000K $27.00K
YoY Change -7.41% -99.79% -96.19%
% of Operating Profit
Other Income/Expense, Net -$139.0K -$21.00K -$53.00K
YoY Change 162.26% 75.0% 341.67%
Pretax Income -$5.092M -$983.0K -$2.990M
YoY Change 70.3% 229.87% 108.65%
Income Tax
% Of Pretax Income
Net Earnings -$5.402M -$983.0K -$3.228M
YoY Change 67.35% 229.87% 125.26%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03 -$0.02
Diluted Earnings Per Share -$0.03 -$9.388K -$0.02
COMMON SHARES
Basic Shares Outstanding 173.5M 104.4M shares 167.8M
Diluted Shares Outstanding 173.5M 167.8M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $22.25M $2.706M $2.706M
YoY Change 722.14% -52.22% -52.22%
Cash & Equivalents $22.25M $2.706M $2.706M
Short-Term Investments
Other Short-Term Assets $2.775M $47.00K $47.00K
YoY Change 5804.26% 17.5% 17.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $25.13M $2.753M $2.753M
YoY Change 812.75% -51.74% -51.74%
LONG-TERM ASSETS
Property, Plant & Equipment $988.0K $51.00K $651.0K
YoY Change 51.77% -92.23% -0.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $988.0K $651.0K $651.0K
YoY Change 51.77% -0.76% -0.76%
TOTAL ASSETS
Total Short-Term Assets $25.13M $2.753M $2.753M
Total Long-Term Assets $988.0K $651.0K $651.0K
Total Assets $26.12M $3.404M $3.404M
YoY Change 667.22% -46.48% -46.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $407.0K $115.0K
YoY Change 253.91% -75.53%
Accrued Expenses $124.0K
YoY Change
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 $1.243M $115.0K $115.0K
YoY Change 980.87% -75.53% -75.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.432M $1.065M $1.065M
YoY Change 34.46% 45.49% 45.49%
Total Long-Term Liabilities $1.432M $1.065M $1.065M
YoY Change 34.46% 45.49% 45.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.243M $115.0K $115.0K
Total Long-Term Liabilities $1.432M $1.065M $1.065M
Total Liabilities $2.675M $1.180M $1.180M
YoY Change 126.69% -1.83% -1.83%
SHAREHOLDERS EQUITY
Retained Earnings -$133.8M
YoY Change
Common Stock $111.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.44M $2.224M $2.224M
YoY Change
Total Liabilities & Shareholders Equity $26.12M $3.404M $3.404M
YoY Change 667.22% -46.48% -46.48%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$5.402M -$983.0K -$3.228M
YoY Change 67.35% 229.87% 125.26%
Depreciation, Depletion And Amortization $5.000K $1.000K $5.000K
YoY Change 0.0% -80.0% 0.0%
Cash From Operating Activities -$2.842M -$834.0K -$3.119M
YoY Change -8.88% 71.96% 61.19%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $24.95M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.08M 55.00K 161.0K
YoY Change 15479.5% -98.92% -96.83%
NET CHANGE
Cash From Operating Activities -2.842M -834.0K -3.119M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 25.08M 55.00K 161.0K
Net Change In Cash 22.24M -779.0K -2.958M
YoY Change -851.89% -116.97% -194.17%
FREE CASH FLOW
Cash From Operating Activities -$2.842M -$834.0K -$3.119M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. NATURE OF OPERATIONS</p><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 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 that is adjacent to the Bear Lodge REE Project and contains a historical inferred mineral resource primarily composed of <span style="-sec-ix-hidden:Hidden_h7s5eEc_Q0uSkTS0KNkKfw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">three</span></span> 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 0pt 12pt 0pt;">During the year ended December 31, 2021, the Company completed the pilot plant phase for the confirmation and enhancement of its proprietary technology for recovery and separation of rare earth elements. The work was conducted by Umwelt-und Ingenieurtechnik GmbH Dresden (“UIT”), an affiliate of Synchron, our largest shareholder and of General Atomics Corporation (“General Atomics”), per an agreement with the Company. The results are being incorporated into the demonstration plant, as described below.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">In January 2021, a consortium of companies, of which the Company is a part, received notice from the 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 rare earth separation and processing 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 a rare earth separation and processing plant utilizing proprietary technology to produce commercial grade products. The DoE funding is in the amount of $21,900 and represents approximately <span style="-sec-ix-hidden:Hidden_xljmLVqCjES38TbwDKtxmw;"><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. The DoE 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, finalized contractual arrangements with General Atomics in order to commence work on the project in November 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">However, even with the completion of the rights offering (Note 7), 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 receipt of 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 other financings or transactions. Ultimately, in the event that 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;text-align:justify;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;text-align:justify;margin:0pt;">In response to the COVID-19 pandemic, we implemented travel restrictions, both domestically and internationally, and our employee and consultants abided by government guidance and orders. As a result, we saw delays in the metallurgical studies conducted by 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. We may experience higher prices for the equipment and raw materials </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">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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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. The amounts that involve significant estimates include our reclamation obligations.</p>
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