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RARE ELEMENT RESOURCES LTD.
CONSOLIDATED BALANCE SHEETS
(Expressed in thousands of U.S. Dollars, except shares outstanding)
December 31,
2015
2014
ASSETS:
CURRENT ASSETS:
Cash and cash equivalents
$ 3,881
$ 10,139
Interest receivable
-
6
Accounts receivable
10
21
Prepaid expenses
162
315
Total Current Assets
4,053
10,481
Equipment, net
227
344
Land
980
980
Mineral properties
27
27
Total Assets
$ 5,287
$ 11,832
LIABILITIES AND SHAREHOLDERS’ EQUITY:
CURRENT LIABILITIES:
Accounts payable and accrued liabilities
$ 909
$ 1,098
Asset retirement obligation
152
164
Total Current Liabilities
1,061
1,262
Asset retirement obligation
205
202
Total Liabilities
1,266
1,464
Commitments and Contingencies
SHAREHOLDERS’ EQUITY:
Common shares, no par value – unlimited shares authorized; shares
outstanding December 31, 2015 – 52,941,880, December 31, 2014 –
47,707,216
103,640
100,652
Additional paid in capital
23,529
23,186
Accumulated other comprehensive income/(loss)
-
-
Accumulated deficit
(123,148)
(113,470)
Total Shareholders’ Equity
4,021
10,368
Total Liabilities and Shareholders’ Equity
$ 5,287
$ 11,832
See accompanying notes to consolidated financial statements.