RARE ELEMENT RESOURCES LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Expressed in thousands of U.S. Dollars, except share and per share amounts, unless otherwise noted)
78
7. RELATED PARTY TRANSACTIONS
During the year ended December 31, 2014:
None.
During the year ended December 31, 2013:
$18 was paid to Donald E. Ranta for providing consulting services to the Company. Mr. Ranta served as
Chairman of the Company’s Board of Directors until his resignation in June 2014. As of December 31,
2013, there were no outstanding amounts owed to Mr. Ranta.
Mark Brown resigned from the Board of Directors on April 18, 2013. At that time, he ceased to be a related
party, and the company he controlled also ceased to be a related party. During the period from January 1,
2013 to April 18, 2013, $16 was charged by Mark Brown’s private company for providing consulting
services.
During the six-month period ended December 31, 2012:
$30 was paid to Donald E. Ranta for providing consulting services to the Company. As of December 31,
2012, there were no outstanding amounts owed to Mr. Ranta.
Mark Brown was re-elected to the Board of Directors on Dec 11, 2012. During the period from December
11, 2012 to December 31, 2012, less than $1 was charged by Mark Brown’s private company for providing
consulting services.
During the fiscal year ended June 30, 2012:
$83 was paid to Donald E. Ranta for providing consulting services to the Company.
$21 was paid to Paul Schlauch for providing legal services to the Company. Mr. Schlauch serves as a
director of Rare Element.
Related party expenses are included in corporate general and administrative expenses on our Consolidated
Statements of Operations and Comprehensive Loss. Related party transactions were in the normal course of
operations and are measured at fair value.
8. INCOME TAX
We recognize future tax assets and liabilities for each tax jurisdiction based on the difference between the financial
reporting and tax bases of assets and liabilities using the enacted tax rates expected to be in effect when the taxes are
paid or recovered. A valuation allowance is provided against net future tax assets for which we do not consider the
realization of such assets to meet the required "more likely than not" standard.
