Rare Element Resources (REEMF) 10-K 29 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Mar. 29, 2016	Jun. 30, 2015
Document And Entity Information
Entity Registrant Name	Rare Element Resources Ltd
Entity Central Index Key	1,419,806
Document Type	10-K
Document Period End Date	Dec. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Entity Filer Category	Smaller Reporting Company
Entity Public Float			$ 21,969,679
Entity Common Stock, Shares Outstanding		52,941,880
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 3,881	$ 10,139
Interest receivable	0	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
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)	0	0
Accumulated deficit	(123,148)	(113,470)
Total Shareholders' Equity	4,021	10,368
Total Liabilities and Shareholders' Equity	$ 5,287	$ 11,832

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares		Dec. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Common Stock, Par Value		$ 0	$ 0
Common Stock, Shares Authorized	[1]	0	0
Common Stock, Shares Outstanding		52,941,880	47,707,216
[1]	unlimited shares

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Operating income and (expenses):
Exploration and evaluation	$ (5,070)	$ (8,558)
Corporate administration	(4,042)	(4,946)
Depreciation	(118)	(210)
Total operating expenses	(9,230)	(13,714)
Non-operating income and (expenses):
Interest income	28	76
Loss on currency translation	(476)	(507)
Gain/(loss) on derivatives	0	116
Total non-operating expenses	(448)	(315)
Net loss	$ (9,678)	$ (14,029)
LOSS PER SHARE - BASIC AND DILUTED	$ (0.19)	$ (0.29)
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING	51,234,725	47,706,559

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss for the period	$ (9,678)	$ (14,029)
Adjustments to reconcile loss for the period to net cash and cash equivalents used in operations:
Depreciation	118	210
Asset retirement obligation	(9)	(49)
Realized gain on derivatives	0	(14)
Unrealized (gain)/loss on derivatives	0	(102)
Stock-based compensation	254	517
Adjustments Total	(9,315)	(13,467)
Changes in working capital:
Accounts receivable	11	8
Interest receivable	6	(2)
Prepaid expenses	153	87
Accounts payable and accrued liabilities	(190)	(314)
Net cash and cash equivalents used in operating activities	(9,335)	(13,688)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of equipment	(2)	(33)
Proceeds from sale of equipment	2	0
Net cash and cash equivalents provided by (used in) investing activities	0	(33)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash received for common shares, net of share issuance costs	3,077	(42)
Net cash and cash equivalents provided by (used in) financing activities	3,077	(42)
Decrease in cash and cash equivalents	(6,258)	(13,763)
Cash and cash equivalents - beginning of the period	10,139	23,902
Cash and cash equivalents - end of the period	$ 3,881	$ 10,139

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY - USD ($) $ in Thousands	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income/(Loss)	Accumulated Deficit	Total
Beginning Balance, Amount at Dec. 31, 2013	$ 100,513	$ 22,850		$ (99,441)	$ 23,922
Beginning Balance, Shares at Dec. 31, 2013	47,627,245
Exercise of options, Shares	79,971
Exercise of options, Amount	$ 139	(181)			(42)
Stock-based compensation		$ 517			517
Net loss for the period				$ (14,029)	(14,029)
Ending Balance, Amount at Dec. 31, 2014	$ 100,652	$ 23,186		$ (113,470)	10,368
Ending Balance, Shares at Dec. 31, 2014	47,707,216
Shares issued For private placement, Shares	5,230,770
Shares issued For private placement, Amount	$ 2,985	91			3,076
Exercise of options, Shares	3,894
Exercise of options, Amount	$ 3	(2)			1
Stock-based compensation		$ 254			254
Net loss for the period				$ (9,678)	(9,678)
Ending Balance, Amount at Dec. 31, 2015	$ 103,640	$ 23,529		$ (123,148)	$ 4,021
Ending Balance, Shares at Dec. 31, 2015	52,941,880

1. DESCRIPTION OF BUSINESS

1. DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS	Rare Element Resources Ltd. (collectively referred to as “Rare Element,” the “Company,” “our,” “we” or “us”) operates in the mining industry and is focused on advancing its Bear Lodge REE Project. The Company recently announced extensive cost cutting measures intended to position us to be able to move the Project forward expeditiously when market conditions improve, while allowing us in the interim to pursue potential strategic alternatives like off-take agreements, joint ventures or mergers. The financial statements have been prepared on a going concern basis, which assumes the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since inception and further losses are anticipated in the development of its business, raising substantial doubt about the Company’s ability to continue as a going concern. The ability to continue as a going concern is dependent upon the Company obtaining the necessary financing to meet its obligations and pay its liabilities arising from normal business operations when they come due. Management intends to finance operating costs over the next 12 months with existing cash on hand, asset sales and potential issuance of common stock. There can be no assurance that we will be able to raise the necessary financing or complete a strategic transaction on acceptable terms or at all.

2. BASIS OF PRESENTATION

2. BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2015
Basis Of Presentation
BASIS OF PRESENTATION	Principles of consolidation These consolidated financial statements have been prepared in accordance with U.S. GAAP and are inclusive of the accounts of Rare Element Resources Ltd. and its directly and indirectly held wholly owned subsidiaries, which consist of its wholly owned subsidiary Rare Element Holdings Ltd. (“Holdings”) and Holdings’ wholly owned subsidiary, Rare Element Resources, Inc. Certain comparative figures have been reclassified to conform to the financial statement presentation adopted for the current year. Rare Element Resources Ltd. was incorporated under the laws of the Province of British Columbia on June 3, 1999. Recent Accounting Pronouncements In August 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” (“ASU 2014-15”). ASU 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in this ASU are effective for reporting periods beginning after December 15, 2016, with early adoption permitted. We are currently assessing the impact the adoption of ASU 2014-15 will have on our financial statements and related disclosures.

3. SUMMARY OF SIGNIFICANT ACCOU

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Use of estimates The preparation of consolidated financial statements in conformity with U.S. 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 which involve significant estimates include asset retirement obligations, stock-based compensation, derivative liabilities, and impairments. Cash and cash equivalents Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. At December 31, 2015 and 2014, cash and cash equivalents consisted of $3,881 and $10,139, respectively, of funds held in bank accounts with financial institutions in both Canada and the United States. Short-term investments Short-term investments generally represent investments in guaranteed interest contracts and time deposits which have original maturities in excess of three months but less than 12 months. These investments are accounted for at amortized cost. Mineral properties Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off. Restricted cash The Company maintains at times cash deposits and/or surety bonds, as required by regulatory bodies as assurance for the funding of future reclamation costs associated with the Company’s asset retirement obligation. These funds held in cash deposits and/or used as collateral for surety bonds are restricted to that purpose and are not available for the Company’s use until the reclamation obligations have been fulfilled. Restricted cash is classified as a non-current asset. Asset retirement obligations Our mining and exploration activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the property is removed from service. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The reclamation obligation is based on when spending for an existing disturbance will occur. We reclaim the disturbance from our exploration programs on an ongoing basis; therefore, the portion of our asset retirement obligation corresponding to our exploration programs will be settled in the near term and is classified as a current liability. The remaining reclamation associated with environmental monitoring programs is classified as a long-term liability; however, because we have not declared proven and probable reserves under SEC Industry Guide 7, the timing of these reclamation activities is uncertain. The fair value of the outstanding liability at the end of the period approximates the cost of the asset retirement obligation. For exploration stage properties that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For development and production stage properties, the costs will be added to the capitalized costs of the property and amortized using the units-of-production method. We review, on a quarterly basis, unless otherwise deemed necessary, the asset retirement obligation in connection with the Bear Lodge Property. Asset retirement obligations are secured by surety bonds held for the benefit of the state of Wyoming in amounts determined by applicable federal and state regulatory agencies. Changes in our asset retirement obligations are summarized in the following table: Year ended December 31, 2015 2014 Balance, beginning of period $ 366 $ 415 Additions 16 19 Releases (25) (66) Revisions to cost estimates - (2) Balance, end of period $ 357 $ 366 Derivative instruments From time to time, the Company may use derivative financial instruments to manage its foreign currency risks. All derivative financial instruments are classified as current liabilities and are accounted for at trade date. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company re-measures all derivative financial instruments as of the date of the balance sheet based on fair values derived from option pricing models. Gains or losses arising from changes in fair value of derivatives are recognized in the Consolidated Statements of Loss, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. The Company does not have any derivatives that are highly effective and qualify for cash flow or net investment hedging. There were no derivatives outstanding as of December 31, 2015. Common shares Common shares issued for non-monetary consideration are recorded at fair market value based upon the trading price of our shares on the share issuance date. Common shares issued for monetary consideration are recorded at the amount received, less issuance costs. Foreign currency translation Our functional currency is the U.S. dollar. All of our foreign subsidiaries are direct and integral components of the Company and are dependent upon the economic environment of our functional currency. Therefore, the functional currency of our foreign entities is considered to be the U.S. dollar in accordance with ASC Topic 830, “Foreign Currency Matters,” and accordingly, translation gains and losses are reported in the loss for that period. Assets and liabilities of these foreign operations are translated using period-end exchange rates and revenues and expenses are translated using average exchange rates during each period. Depreciation Depreciation is based on the straight-line method. We depreciate computer equipment, furniture and fixtures and geological equipment over a period of three years. We depreciate vehicles over a period of five years. Stock-based compensation The fair value of share-based compensation awards issued to employees and directors of the Company is measured at the date of grant and amortized over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to calculate the fair value of awards granted. The fair value of share-based compensation awards issued to non-employees is determined on the measurement date of such awards. The measurement date is typically the vesting date. Upon vesting, the fair value of share-based compensation awards issued to non-employees is calculated using the Black-Scholes option valuation model, and the amount is recorded as an expense with a corresponding increase in additional paid-in-capital. When a share-based compensation award is exercised and the resulting common shares are issued, the fair value of such award as determined on the date of grant or date of vesting (in the case of a non-employee exercise) is transferred to common shares. In the case of a share-based compensation award that is either cancelled or forfeited prior to vesting, the amortized expense associated with the unvested awards is reversed. Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that the entire or some portion of the deferred tax asset will not be recognized. Loss per share The loss per share is computed using the weighted average number of shares outstanding during the period. To calculate diluted loss per share, the Company uses the treasury stock method and the if-converted method. Diluted loss per share is not presented, as the effect on the basic loss per share would be anti-dilutive. At December 31, 2015 and 2014, we had 8,928,181 and 5,818,057 in potentially dilutive securities, respectively. Fair value of financial instruments Our financial instruments may at times consist of cash and cash equivalents, short-term investments, marketable securities, accounts receivable, restricted cash, derivative liabilities, accounts payable and accrued liabilities. U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): • Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. • Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. The Company continually monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. The Company maintains balances in various U.S. financial institutions in excess of U.S. federally insured limits. The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2015 and 2014, and indicates the fair value hierarchy: December 31, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total Assets Cash and cash equivalents $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Total financial assets $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Liabilities Accounts payable and accrued liabilities $ 909 $ - $ 909 $ 1,098 $ - $ 1,098 Asset retirement obligation - 357 357 - 366 366 Total financial assets and liabilities $ 4,790 $ 357 $ 5,147 $ 11,237 $ 366 $ 11,603

4. MINERAL PROPERTIES

4. MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2015
Extractive Industries [Abstract]
MINERAL PROPERTIES	The amounts shown represent acquisition costs, and do not necessarily represent present or future values as these are entirely dependent upon the economic recovery of future ore reserves. A summary of current property interests is as follows: Bear Lodge Property, Wyoming, USA The Company, through our indirectly held, wholly owned subsidiary, Rare Element Resources, Inc., holds a 100% interest in a group of unpatented mining claims and owns 634 acres (257 hectares) of fee property, together which contain (1) the Bear Lodge REE Project that contains REE mineralization; and (2) the Sundance Gold Project that contains gold mineralization. The property is situated in the Bear Lodge Mountains of Crook County, in northeast Wyoming. These claims were, in part, acquired from Freeport-McMoRan Copper & Gold Inc. (“Freeport”) by way of a “Mineral Lease and Option for Deed.” On June 1, 2006, Rare Element Resources, Inc. and Newmont North America Exploration Limited (“Newmont”) On May 12, 2010, Newmont terminated the option and the Company retained its 100% interest in the mining claims of the entire property. In addition, 327 contiguous claims wholly owned by Newmont outside the Venture were transferred to the Company. In consideration for transferring these claims, Newmont was granted a 0.5% net smelter royalty (“NSR”) royalty, for precious and base metals only, on the claims transferred to the Company by Newmont. The Company also assumed certain obligations to honor an arrangement between Newmont and Bronco Creek Exploration Company, a wholly owned subsidiary of Eurasian Minerals Inc. (“Bronco Creek”), on Newmont’s formerly wholly owned claims, pursuant to which Bronco Creek will continue to receive minor payments and retain a 0.05% NSR royalty on these claims. The Bear Lodge Property comprises 499 unpatented mining claims located on land administered by the USFS and 634 acres (257 hectares) of fee property for a total of approximately 9,000 acres (3,642 hectares).

5. EQUIPMENT AND LAND

5. EQUIPMENT AND LAND	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
EQUIPMENT AND LAND	At December 31, 2015 and 2014, equipment consisted of the following: December 31, 2015 December 31, 2014 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Computer equipment $ 186 $ 178 $ 8 $ 189 $ 168 $ 21 Furniture 106 72 34 111 64 47 Geological equipment 488 371 117 488 319 169 Vehicles 221 153 68 221 114 107 $ 1,001 $ 774 $ 227 $ 1,009 $ 665 $ 344 Depreciation expense for the year ended December 31, 2015 and 2014 was $118 and $210, respectively. We evaluate the recoverability of the carrying value of equipment when events and circumstances indicate that such assets might be impaired. On April 29, 2013, we completed a land acquisition from the state of Wyoming in conjunction with a third-party land exchange, resulting in an additional 640 acres being owned by the Company and subject to a royalty retained by the state of Wyoming. The royalty is a non-participating interest at the royalty rate commensurate with the state or federal royalty rate, whichever is higher, for any such mineral(s), at the time of development. The property is immediately adjacent to our mine site, and the cash consideration paid was $980.

6. ADDITIONAL PAID IN CAPITAL

6. ADDITIONAL PAID IN CAPITAL	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
ADDITIONAL PAID IN CAPITAL	Stock-based compensation We have options outstanding and exercisable that were issued under two plans, the Fixed Stock Option Plan (“FSOP”) and the 10% Rolling Stock Option Plan (“RSOP”). The FSOP was originally approved by shareholders on December 11, 2002 and subsequently approved by shareholders on December 7, 2009, following certain amendments to the FSOP. The FSOP expired upon the adoption of the 10% Rolling Stock Option Plan, which was approved by shareholders on December 2, 2011, and as such, we may no longer grant options under the FSOP. However, the terms of the FSOP continue to govern all prior awards granted under such plan until such awards have been cancelled, forfeited or exercised in accordance with the terms thereof. Under the FSOP, we could grant stock options for up to 5,779,347 common shares to eligible directors, officers, employees or consultants. The maximum term of an option was five years. The exercise price of an option was not less than the closing price on the last trading day preceding the grant date . On December 2, 2011, at the Annual General Meeting, our shareholders approved by way of an ordinary resolution the terms of a new plan, the RSOP, which established the maximum number of common shares which may be issued under the RSOP as a variable amount equal to 10% of the issued and outstanding common shares on a non-diluted basis. Under the RSOP, our Board of Directors may from time to time grant stock options to individual eligible directors, officers, employees or consultants. The maximum term of any stock option is 10 years. The exercise price of a stock option is not less than the closing price on the last trading day preceding the grant date . The fair value of stock option awards granted to directors, officers or employees of the Company are estimated on the grant date using the Black-Scholes option pricing model and the closing price of our common shares on the grant date as quoted on the stock exchange where the majority of the trading volume and value of the shares occurs, which was the NYSE MKT during 2015. The significant assumptions used to estimate the fair value of stock option awards using the Black-Scholes model are as follows: For the years ended December 31, 2015 2014 Risk-free interest rate 1.0 – 1.1% 0.93 – 0.99% Expected volatility 73 – 80% 74 – 79% Expected dividend yield Nil Nil Expected term in years 3.4 – 3.5 3.3 Estimated forfeiture rate 3.4 – 3.6% 3.7% The fair value of stock option awards granted to consultants of the Company is estimated on the vesting date using the Black-Scholes option pricing model and the closing price of our common shares as quoted on the vesting date on the stock exchange where the majority of the trading volume and value of the shares occurs, which was the NYSE MKT during 2015. The significant assumptions used to estimate the fair value of stock option awards using the Black-Scholes models are as follows: For the years ended December 31, 2015 2014 Risk-free interest rate n/a 0.99% Expected volatility n/a 74-79% Expected dividend yield n/a Nil Expected term in years n/a 3.3 Estimated forfeiture rate n/a 3.7% The following table summarizes stock option activity for each of the years ended December 31, 2015 and 2014: For the years ended December 31, 2015 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of period 4,345,500 $5.16 4,700,500 $5.51 Granted 999,000 0.45 275,000 1.28 Exercised (12,600) 0.32 (150,000) 0.50 Cancelled/Expired (753,200) 3.17 (480,000) 4.52 Outstanding, end of period 4,578,700 $3.99 4,345,500 $5.16 Exercisable, end of period 3,896,500 $4.61 3,950,500 $5.54 Weighted-average fair value per share of options granted during period $0.24 $0.65 The following table summarizes information about stock options outstanding and exercisable at December 31, 2015: Outstanding Stock Options Exercisable Stock Options Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price $0.32 – $2.00 1,608,700 3.81 $ 0.78 926,500 3.41 $ 1.01 $2.01 – $4.00 737,000 1.90 3.30 737,000 1.90 3.30 $4.01 – $6.00 943,000 1.05 4.91 943,000 1.05 4.91 $6.01 – $8.00 1,175,000 0.27 7.41 1,175,000 0.27 7.41 $8.01 + 115,000 0.03 10.91 115,000 0.03 10.91 4,578,700 1.93 $ 3.99 3,896,500 1.51 $ 4.61 A summary of stock option activity as of December 31, 2015 and changes during the year then ended are presented below. Non-vested Stock Options Number Outstanding Weighted Average Grant Date Fair Value Non-vested at December 31, 2014 395,000 $ 0.71 Granted 999,000 0.24 Vested (709,100) 0.49 Cancelled/forfeited (2,700) 0.44 Non-vested at December 31, 2015 682,200 0.25 The stock-based compensation cost recognized in our consolidated statements of operations and comprehensive loss for the years ended December 31, 2015 and 2014 was $254 and $517, respectively. As of December 31, 2015, there was $71 of unrecognized compensation cost related to 682,200 unvested stock options. This cost is expected to be recognized over a weighted-average remaining period of approximately 0.65 years. The total intrinsic value of options exercised in each of the periods ended December 31, 2015 and 2014 was $2 and $167, respectively. At December 31, 2015, there was no aggregate intrinsic value of outstanding and exercisable stock options. Options and Warrants The Company issued warrants, each exercisable for one of the Company’s common shares, to investors in connection with registered direct offerings of the Company that closed on September 27, 2013 and April 29, 2015. In addition, the Company issued warrants to a placement agent in connection with each offering, under the same terms as those issued to investors. The exercise price and exercise period are outlined below: Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date September 27, 2013 offering 1,338,688 133,869 1,472,557 $4.15 9/27/16 April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18 Total Warrants Outstanding as of December 31, 2015 4,349,481 The value of the warrants issued to the placement agent (non-employee) for its services in connection with the April 29, 2015 offering was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s common shares of $0.72, an exercise price of $0.85, a three-year term, volatility of 81.0%, a risk-free rate of 0.91% and no assumed dividends. The value of the warrants issued to the placement agent for its services in connection with the April 29, 2015 offering was estimated at $91. The value of the warrants issued to the placement agent (non-employee) for its services in connection with the September 27, 2013 offering was offset against the proceeds of the financing. The Company used a Black-Scholes model with inputs including a market price of the Company’s common shares of $2.61, an exercise price of $4.15, a three-year term, volatility of 80.9%, a risk-free rate of 0.62% and assumed no dividends. The value of the warrants issued for services was estimated at $143. The following table summarizes activity for options and warrants for the years ended December 31, 2015 and 2014: For the year ended December 31, For the year ended December 31, 2014 2015 Number of Options and Warrants Weighted-Average Exercise Price (USD$) Number of Options and Warrants Weighted-Average Exercise Price (USD$) Outstanding, beginning of period 1,472,557 $ 4.15 1,472,557 $ 4.15 Granted 2,876,924 0.85 - - Exercised - - - - Expired - - - - Outstanding, end of period 4,349,481 $ 1.97 1,472,557 $ 4.15

7. RELATED PARTY TRANSACTIONS

7. RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	There were no related party transactions during the years ended December 31, 2015 and 2014.

8. INCOME TAX

8. INCOME TAX	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
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. Our future tax assets and liabilities at December 31, 2015 and 2014 include the following components: As of December 31, As of December 31, 2015 2014 Deferred tax assets: Current: Accrued vacation $ 26 $ 39 Reclamation provision 52 57 78 96 Non-current: Noncapital loss carryforwards, Canada 2,640 2,546 Capital loss carryforwards, Canada 7 7 Net operating loss carryforwards, U.S. 14,784 11,053 Mineral properties 13,017 14,244 Reclamation provision 70 69 Equipment 131 115 Share based compensation 3,362 4,020 Research and development 2,358 1,882 36,369 33,936 Deferred tax assets 36,447 34,032 Valuation allowance (36,447) (34,032) Net $ - $ - Deferred tax liabilities: Non-Current: Other - - Deferred tax liabilities - - Net deferred tax asset/(liability) - - The composition of our valuation allowance by tax jurisdiction is summarized as follows: As of December 31, 2015 2014 Canada $ 3,148 $ 3,055 United States 33,299 30,977 Total valuation allowance $ 36,447 $ 34,032 The valuation allowance increased $2,415 from the period ended December 31, 2014 to the calendar year ended December 31, 2015. This was the result of an increase in the net deferred tax assets, primarily net operating loss (“NOL”) carryforwards, equity compensation for U.S. residents, exploration spending on mineral properties, research and experimental spending, and change in tax rates. Because we are unable to determine whether it is more likely than not that the net deferred tax assets will be realized, we continue to record a 100% valuation against the net deferred tax assets. At December 31, 2015, we had U.S. NOL carryforwards of approximately $43,482, which expire from 2018 to 2035. In addition, we had Canadian non-capital loss carryforwards of approximately CDN$10,784, which expire from 2016 to 2035. As of December 31, 2015, there were Canadian capital loss carryforwards of CDN$59. A full valuation allowance has been recorded against the tax effected U.S. and Canadian loss carryforwards as we do not consider realization of such assets to meet the required “more likely than not” standard. Section 382 of the Internal Revenue Code could apply and limit our ability to utilize a portion of the U.S. NOL carryforwards. No Section 382 study has been completed; therefore, the actual usage of U.S. NOL carryforwards has not been determined. Deferred tax assets relating to equity compensation have been reduced to reflect tax deductions in excess of previously recorded tax benefits through the year ended December 31, 2015. Our NOL carryforwards referenced above at December 31, 2015 and 2014 include $538 of income tax deductions in excess of previously recorded tax benefits. Although these additional tax deductions are reflected in the NOL carryforwards referenced above, the related tax benefit of $140 will not be recognized until the deductions reduce taxes payable. Accordingly, since the tax benefit does not reduce our current taxes payable for the periods ending December 31, 2015 or 2014, these tax benefits are not reflected in the deferred tax assets presented above. The tax benefit of these excess deductions will be reflected as a credit to additional paid-in capital when recognized. For financial reporting purposes, income/(loss) from continuing operations before income taxes consists of the following components: For the years ended December 31, 2015 2014 Canada $ (617) $ (623) United States (9,061) (13,406) $ (9,678) $ (14,029) The provision for income taxes includes the following components: As of December 31, 2015 2014 Current Canada $ - $ - United States - - - - Deferred Canada $ - $ - United States - - - - Income tax expense (recovery) $ - $ - A reconciliation of expected income tax on net income at statutory rates is as follows: As of December 31, As of December 31, 2015 2014 Net income (loss) $ (9,678) $ (14,029) Statutory tax rate 26.00% 26.00% Tax expense (recovery) at statutory rate (2,516) (3,648) Foreign tax rates (591) (928) Change in tax rates 166 27 Share issuance costs amortization (103) (220) Stock-based compensation 569 155 Nondeductible expenses 17 5 Prior year true-up for loss carryovers 43 20 Prior year true-up for property basis adjustments - (63) Unrecognized benefit of non-capital losses - - Other - - Change in valuation allowance 2,415 4,652 Income tax expense (recovery) $ - $ - We do not have any unrecognized income tax benefits. Should we incur interest and penalties relating to tax uncertainties, such amounts would be classified as a component of the interest expense and operating expense, respectively. Rare Element and its wholly owned subsidiary, Rare Element Holdings Ltd., file income tax returns in the Canadian federal jurisdiction and provincial jurisdictions, and its wholly owned subsidiary, Rare Element Resources, Inc., files in the U.S. federal jurisdiction and various state jurisdictions. The years still open for audit are generally the current year plus the previous three. However, because we have NOLs carrying forward, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax losses carried forward to open years.

9. COMMITMENTS AND CONTINGENCIE

9. COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Future commitments At December 31, 2015, our contractual obligations consisted of operating lease obligations of $114 associated with our Lakewood, Colorado corporate office as well as facilities in Sundance, Wyoming. Potential environmental contingency Our exploration and development activities are subject to various federal and state laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company conducts its operations so as to protect public health and the environment and believes its operations are materially in compliance with all applicable laws and regulations. We have made, and expect to make in the future, expenditures to comply with such laws and regulations. The ultimate amount of reclamation and other future site-restoration costs to be incurred for existing mining interests is uncertain.

10. SUPPLEMENTAL DISCLOSURE WIT

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	12 Months Ended
	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS	Supplemental cash flow information for the respective periods is as follows: For the years ended December 31, 2015 2014 Other Information Interest received $ 35 $ 77

11. RETIREMENT PLAN

11. RETIREMENT PLAN	12 Months Ended
	Dec. 31, 2015
Compensation and Retirement Disclosure [Abstract]
RETIREMENT PLAN	Beginning on January 1, 2012, the Company began sponsoring a qualified tax-deferred savings plan in accordance with the provisions of Section 401(k) of the U.S. Internal Revenue Code, which was available to permanent, full-time U.S. employees after the first day of the month following their hire date. Employees could contribute up to 100% of their compensation, but not to exceed the maximum allowable contribution amount under IRS rules. In the past, we matched 100% of an employee’s contributions up to 3% and 50% of an employee’s contribution between 3% and 5% for a total contribution of up to 4%; however, we ceased matching employee contributions to the plan as of May 15, 2015. The Company’s contributions vested immediately. Our expense to match employee contributions made during the years ended December 31, 2015 and 2014, was $29 and $86, respectively. The Company terminated the qualified tax-deferred savings plan as of January 31, 2016 and is in the process of an orderly distribution of the assets to the participants.

12. SEGMENT INFORMATION

12. SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2015
Segment Reporting [Abstract]
SEGMENT INFORMATION	The Company operates in a single reportable operating segment, being the exploration of mineral properties.

13. QUARTERLY FINANCIAL INFORMA

13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)	Summarized quarterly results for the years ended December 31, 2015 and 2014 (in thousands, except per share amounts): For the year ended December 31, 2015 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total revenue $ - $ - $ - $ - Net loss $ (2,534) $ (2,572) $ (2,097) $ (2,475) Basic and diluted loss per share $ (0.05) $ (0.05) $ (0.04) $ (0.05) For the year ended December 31, 2014 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total revenue $ - $ - $ - $ - Net loss $ (2,937) $ (3,601) $ (3,060) $ (4,431) Basic and diluted loss per share $ (0.06) $ (0.08) $ (0.06) $ (0.09)

14. SUBSEQUENT EVENTS

14. SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2015
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	On January 8, 2016, Rare Element Resources, Inc., a wholly owned subsidiary of the Company, entered into an amended consulting agreement with a former executive to include a monthly consulting retainer of $23. The modified agreement includes a contingent payout based upon the former executive’s salary upon termination, or $209, less any consulting fees paid in the first three months of 2016, should two or more of the remaining executive team members receive severance payments in accordance with their agreements. On January 11, 2016, Rare Element Resources, Inc., a wholly owned subsidiary of the Company, entered into an Amendment to Severance Compensation Agreement with each of Randall J. Scott, the Company’s President and Chief Executive Officer, Paul H. Zink, the Company’s Senior Vice President and Chief Financial Officer, and George Byers, the Company’s Vice President of Government and Community Relations. On January 18, 2016, Rare Element Resources, Inc. entered into an Amendment to Employment Agreement with Jaye T. Pickarts, the Company’s Chief Operating Officer. Pursuant to each amendment, any potential severance compensation payable to the officer under the applicable Severance Compensation Agreement or Employment Agreement as a result of a “qualifying termination” prior to a “change in control” (in each case, as defined in the applicable Severance Compensation Agreement or Employment Agreement) will be reduced by the amount of salary paid to such officer during his employment with the Company in the first three months of 2016. This potential decrease in severance compensation would not reduce any severance compensation payable as a result of a qualifying termination on or after a change in control, or if, in the discretion of the Board of Directors, the Company achieves key objectives in the first quarter of 2016. On February 1, 2016, the Company announced its intention to voluntarily delist its common shares from the NYSE MKT and seek to have its common shares traded on the OTC marketplace. The Company’s common shares were listed on the NYSE MKT through February 26, 2016 and since February 29, 2016, have been trading on the OTCQB Venture Marketplace under the ticker symbol “REEMF.” On March 18, the Company notified certain executive officers and employees of their termination of employment, subject to benefits contained within their Severance and Compensation Agreements. The liability associated with the payments upon a qualified termination totals $974, which is to be paid on or before April 30, 2016. For further details regarding compensation agreements, see Part III, Item 11 Employment and Severance Compensation Agreements. Concurrently, the Company entered into consulting agreements with several of its departing executives and employees to allow the Company to meet its objectives. On March 18, the Company entered into a Second Amendment to Severance Compensation Agreement with Randall J. Scott, the Company’s President and Chief Executive Officer, which extended the term of his January 11, 2016 amendment through June 30, 2016.

3. SUMMARY OF SIGNIFICANT ACC21

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Use of estimates	The preparation of consolidated financial statements in conformity with U.S. 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 which involve significant estimates include asset retirement obligations, stock-based compensation, derivative liabilities, and impairments.
Cash and cash equivalents	Cash and cash equivalents consist of cash and liquid investments with an original maturity of three months or less. At December 31, 2015 and 2014, cash and cash equivalents consisted of $3,881 and $10,139, respectively, of funds held in bank accounts with financial institutions in both Canada and the United States.
Short-term investments	Short-term investments generally represent investments in guaranteed interest contracts and time deposits which have original maturities in excess of three months but less than 12 months. These investments are accounted for at amortized cost.
Mineral properties	Mineral property acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Acquisition costs include cash consideration and the fair market value of common shares issued as consideration. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral property acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established proven and probable reserves under SEC Industry Guide 7, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of proven and probable reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future will be written off.
Restricted cash	The Company maintains at times cash deposits and/or surety bonds, as required by regulatory bodies as assurance for the funding of future reclamation costs associated with the Company’s asset retirement obligation. These funds held in cash deposits and/or used as collateral for surety bonds are restricted to that purpose and are not available for the Company’s use until the reclamation obligations have been fulfilled. Restricted cash is classified as a non-current asset.
Asset retirement obligations	Our mining and exploration activities are subject to various laws and regulations, including legal and contractual obligations to reclaim, remediate, or otherwise restore properties at the time the property is removed from service. Asset retirement obligations are recognized when incurred and recorded as liabilities at fair value. The reclamation obligation is based on when spending for an existing disturbance will occur. We reclaim the disturbance from our exploration programs on an ongoing basis; therefore, the portion of our asset retirement obligation corresponding to our exploration programs will be settled in the near term and is classified as a current liability. The remaining reclamation associated with environmental monitoring programs is classified as a long-term liability; however, because we have not declared proven and probable reserves under SEC Industry Guide 7, the timing of these reclamation activities is uncertain. The fair value of the outstanding liability at the end of the period approximates the cost of the asset retirement obligation. For exploration stage properties that do not qualify for asset capitalization, the costs associated with the obligation are charged to operations. For development and production stage properties, the costs will be added to the capitalized costs of the property and amortized using the units-of-production method. We review, on a quarterly basis, unless otherwise deemed necessary, the asset retirement obligation in connection with the Bear Lodge Property. Asset retirement obligations are secured by surety bonds held for the benefit of the state of Wyoming in amounts determined by applicable federal and state regulatory agencies. Changes in our asset retirement obligations are summarized in the following table: Year ended December 31, 2015 2014 Balance, beginning of period $ 366 $ 415 Additions 16 19 Releases (25) (66) Revisions to cost estimates - (2) Balance, end of period $ 357 $ 366
Derivative instruments	From time to time, the Company may use derivative financial instruments to manage its foreign currency risks. All derivative financial instruments are classified as current liabilities and are accounted for at trade date. Embedded derivatives are separated from the host contract and accounted for separately if the economic characteristics and risks of the host contract and the embedded derivative are not closely related. The Company re-measures all derivative financial instruments as of the date of the balance sheet based on fair values derived from option pricing models. Gains or losses arising from changes in fair value of derivatives are recognized in the Consolidated Statements of Loss, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. The Company does not have any derivatives that are highly effective and qualify for cash flow or net investment hedging. There were no derivatives outstanding as of December 31, 2015.
Common shares	Common shares issued for non-monetary consideration are recorded at fair market value based upon the trading price of our shares on the share issuance date. Common shares issued for monetary consideration are recorded at the amount received, less issuance costs.
Foreign currency translation	Our functional currency is the U.S. dollar. All of our foreign subsidiaries are direct and integral components of the Company and are dependent upon the economic environment of our functional currency. Therefore, the functional currency of our foreign entities is considered to be the U.S. dollar in accordance with ASC Topic 830, “Foreign Currency Matters,” and accordingly, translation gains and losses are reported in the loss for that period. Assets and liabilities of these foreign operations are translated using period-end exchange rates and revenues and expenses are translated using average exchange rates during each period.
Depreciation	Depreciation is based on the straight-line method. We depreciate computer equipment, furniture and fixtures and geological equipment over a period of three years. We depreciate vehicles over a period of five years.
Stock-based compensation	The fair value of share-based compensation awards issued to employees and directors of the Company is measured at the date of grant and amortized over the requisite service period, which is generally the vesting period. The Company uses the Black-Scholes option valuation model to calculate the fair value of awards granted. The fair value of share-based compensation awards issued to non-employees is determined on the measurement date of such awards. The measurement date is typically the vesting date. Upon vesting, the fair value of share-based compensation awards issued to non-employees is calculated using the Black-Scholes option valuation model, and the amount is recorded as an expense with a corresponding increase in additional paid-in-capital. When a share-based compensation award is exercised and the resulting common shares are issued, the fair value of such award as determined on the date of grant or date of vesting (in the case of a non-employee exercise) is transferred to common shares. In the case of a share-based compensation award that is either cancelled or forfeited prior to vesting, the amortized expense associated with the unvested awards is reversed.
Income taxes	The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that the entire or some portion of the deferred tax asset will not be recognized.
Loss per share	The loss per share is computed using the weighted average number of shares outstanding during the period. To calculate diluted loss per share, the Company uses the treasury stock method and the if-converted method. Diluted loss per share is not presented, as the effect on the basic loss per share would be anti-dilutive. At December 31, 2015 and 2014, we had 8,928,181 and 5,818,057 in potentially dilutive securities, respectively.
Fair value of financial instruments	Our financial instruments may at times consist of cash and cash equivalents, short-term investments, marketable securities, accounts receivable, restricted cash, derivative liabilities, accounts payable and accrued liabilities. U.S. GAAP defines fair value as the price that would be received to sell an asset or be paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price) and establishes a fair-value hierarchy that prioritizes the inputs used to measure fair value using the following definitions (from highest to lowest priority): • Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. • Level 2 — Observable inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data by correlation or other means. • Level 3 — Prices or valuation techniques requiring inputs that are both significant to the fair-value measurement and unobservable. The Company continually monitors its cash positions with, and the credit quality of, the financial institutions with which it invests. The Company maintains balances in various U.S. financial institutions in excess of U.S. federally insured limits. The following table presents information about financial instruments recognized at fair value on a recurring basis as of December 31, 2015 and 2014, and indicates the fair value hierarchy: December 31, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total Assets Cash and cash equivalents $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Total financial assets $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Liabilities Accounts payable and accrued liabilities $ 909 $ - $ 909 $ 1,098 $ - $ 1,098 Asset retirement obligation - 357 357 - 366 366 Total financial assets and liabilities $ 4,790 $ 357 $ 5,147 $ 11,237 $ 366 $ 11,603

3. SUMMARY OF SIGNIFICANT ACC22

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Current and non-current asset retirement obligations	Year ended December 31, 2015 2014 Balance, beginning of period $ 366 $ 415 Additions 16 19 Releases (25) (66) Revisions to cost estimates - (2) Balance, end of period $ 357 $ 366
Financial instruments recognized at fair value on a recurring basis	December 31, 2015 December 31, 2014 Level 1 Level 2 Total Level 1 Level 2 Total Assets Cash and cash equivalents $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Total financial assets $ 3,881 $ - $ 3,881 $ 10,139 $ - $ 10,139 Liabilities Accounts payable and accrued liabilities $ 909 $ - $ 909 $ 1,098 $ - $ 1,098 Asset retirement obligation - 357 357 - 366 366 Total financial assets and liabilities $ 4,790 $ 357 $ 5,147 $ 11,237 $ 366 $ 11,603

5. EQUIPMENT AND LAND (Tables)

5. EQUIPMENT AND LAND (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
SCHEDULE OF EQUIPMENT AND LAND	December 31, 2015 December 31, 2014 Cost Accumulated depreciation Net book value Cost Accumulated depreciation Net book value Computer equipment $ 186 $ 178 $ 8 $ 189 $ 168 $ 21 Furniture 106 72 34 111 64 47 Geological equipment 488 371 117 488 319 169 Vehicles 221 153 68 221 114 107 $ 1,001 $ 774 $ 227 $ 1,009 $ 665 $ 344

6. ADDITIONAL PAID-IN CAPITAL (

6. ADDITIONAL PAID-IN CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2015
Additional Paid in Capital [Abstract]
Fair value assumptions	For the years ended December 31, 2015 2014 Risk-free interest rate 1.0 – 1.1% 0.93 – 0.99% Expected volatility 73 – 80% 74 – 79% Expected dividend yield Nil Nil Expected term in years 3.4 – 3.5 3.3 Estimated forfeiture rate 3.4 – 3.6% 3.7% For the years ended December 31, 2015 2014 Risk-free interest rate n/a 0.99% Expected volatility n/a 74-79% Expected dividend yield n/a Nil Expected term in years n/a 3.3 Estimated forfeiture rate n/a 3.7%
Stock option activity	For the years ended December 31, 2015 2014 Number of Stock Options Weighted Average Exercise Price Number of Stock Options Weighted Average Exercise Price Outstanding, beginning of period 4,345,500 $5.16 4,700,500 $5.51 Granted 999,000 0.45 275,000 1.28 Exercised (12,600) 0.32 (150,000) 0.50 Cancelled/Expired (753,200) 3.17 (480,000) 4.52 Outstanding, end of period 4,578,700 $3.99 4,345,500 $5.16 Exercisable, end of period 3,896,500 $4.61 3,950,500 $5.54 Weighted-average fair value per share of options granted during period $0.24 $0.65
Stock options outstanding	Outstanding Stock Options Exercisable Stock Options Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price Number Exercisable Weighted-Average Remaining Contractual Life (in years) Weighted-Average Exercise Price $0.32 – $2.00 1,608,700 3.81 $ 0.78 926,500 3.41 $ 1.01 $2.01 – $4.00 737,000 1.90 3.30 737,000 1.90 3.30 $4.01 – $6.00 943,000 1.05 4.91 943,000 1.05 4.91 $6.01 – $8.00 1,175,000 0.27 7.41 1,175,000 0.27 7.41 $8.01 + 115,000 0.03 10.91 115,000 0.03 10.91 4,578,700 1.93 $ 3.99 3,896,500 1.51 $ 4.61
Non-vested Stock option activity	Non-vested Stock Options Number Outstanding Weighted Average Grant Date Fair Value Non-vested at December 31, 2014 395,000 $ 0.71 Granted 999,000 0.24 Vested (709,100) 0.49 Cancelled/forfeited (2,700) 0.44 Non-vested at December 31, 2015 682,200 0.25
Exercise price and exercise period	Financing Investor Warrants Placement Agent Warrants Total Warrants Exercise Price Expiration Date September 27, 2013 offering 1,338,688 133,869 1,472,557 $4.15 9/27/16 April 29, 2015 offering 2,615,385 261,539 2,876,924 $0.85 4/29/18 Total Warrants Outstanding as of December 31, 2015 4,349,481
Options and warrants	For the year ended December 31, For the year ended December 31, 2014 2015 Number of Options and Warrants Weighted-Average Exercise Price (USD$) Number of Options and Warrants Weighted-Average Exercise Price (USD$) Outstanding, beginning of period 1,472,557 $ 4.15 1,472,557 $ 4.15 Granted 2,876,924 0.85 - - Exercised - - - - Expired - - - - Outstanding, end of period 4,349,481 $ 1.97 1,472,557 $ 4.15

8. INCOME TAX (Tables)

8. INCOME TAX (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Deferred tax assets and liabilities	As of December 31, As of December 31, 2015 2014 Deferred tax assets: Current: Accrued vacation $ 26 $ 39 Reclamation provision 52 57 78 96 Non-current: Noncapital loss carryforwards, Canada 2,640 2,546 Capital loss carryforwards, Canada 7 7 Net operating loss carryforwards, U.S. 14,784 11,053 Mineral properties 13,017 14,244 Reclamation provision 70 69 Equipment 131 115 Share based compensation 3,362 4,020 Research and development 2,358 1,882 36,369 33,936 Deferred tax assets 36,447 34,032 Valuation allowance (36,447) (34,032) Net $ - $ - Deferred tax liabilities: Non-Current: Other - - Deferred tax liabilities - - Net deferred tax asset/(liability) - -
Valuation allowance by tax jurisdiction	As of December 31, 2015 2014 Canada $ 3,148 $ 3,055 United States 33,299 30,977 Total valuation allowance $ 36,447 $ 34,032
Income/(loss) from continuing operations before income taxes	For the years ended December 31, 2015 2014 Canada $ (617) $ (623) United States (9,061) (13,406) $ (9,678) $ (14,029)
Income tax provision	As of December 31, 2015 2014 Current Canada $ - $ - United States - - - - Deferred Canada $ - $ - United States - - - - Income tax expense (recovery) $ - $ -
Income tax reconciliation	As of December 31, As of December 31, 2015 2014 Net income (loss) $ (9,678) $ (14,029) Statutory tax rate 26.00% 26.00% Tax expense (recovery) at statutory rate (2,516) (3,648) Foreign tax rates (591) (928) Change in tax rates 166 27 Share issuance costs amortization (103) (220) Stock-based compensation 569 155 Nondeductible expenses 17 5 Prior year true-up for loss carryovers 43 20 Prior year true-up for property basis adjustments - (63) Unrecognized benefit of non-capital losses - - Other - - Change in valuation allowance 2,415 4,652 Income tax expense (recovery) $ - $ -

10. SUPPLEMENTAL DISCLOSURE W26

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Tables)	12 Months Ended
	Dec. 31, 2015
Supplemental Disclosure With Respect To Cash Flows Tables
Supplemental cash flow information	For the years ended December 31, 2015 2014 Other Information Interest received $ 35 $ 77

13. QUARTERLY FINANCIAL INFOR27

13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Tables
Summarized quarterly results	For the year ended December 31, 2015 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total revenue $ - $ - $ - $ - Net loss $ (2,534) $ (2,572) $ (2,097) $ (2,475) Basic and diluted loss per share $ (0.05) $ (0.05) $ (0.04) $ (0.05) For the year ended December 31, 2014 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter Total revenue $ - $ - $ - $ - Net loss $ (2,937) $ (3,601) $ (3,060) $ (4,431) Basic and diluted loss per share $ (0.06) $ (0.08) $ (0.06) $ (0.09)

3. SUMMARY OF SIGNIFICANT ACC28

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Asset Retirement Obligation [Abstract]
Balance, beginning of period	$ 366	$ 415
Additions	16	19
Releases	$ (25)	(66)
Revisions to cost estimates		(2)
Balance, end of period	$ 357	$ 366

3. SUMMARY OF SIGNIFICANT ACC29

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Assets
Cash and cash equivalents	$ 3,881	$ 10,139	$ 23,902
Total financial assets	3,881	10,139
Liabilities
Accounts payable and other accrued liabilities	909	1,098
Asset retirement obligation	357	366	$ 415
Total financial assets and liabilities	5,147	11,603
Level 1
Assets
Cash and cash equivalents	3,881	10,139
Total financial assets	3,881	10,139
Liabilities
Accounts payable and other accrued liabilities	$ 909	$ 1,098
Asset retirement obligation
Total financial assets and liabilities	$ 4,790	$ 11,237
Level 2
Assets
Cash and cash equivalents
Total financial assets
Liabilities
Accounts payable and other accrued liabilities
Asset retirement obligation	$ 357	$ 366
Total financial assets and liabilities	$ 357	$ 366

3. SUMMARY OF SIGNIFICANT ACC30

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Accounting Policies [Abstract]
Cash and cash equivalents	$ 3,881	$ 10,139	$ 23,902
Potentially dilutive securities	8,928,181	5,818,057

5. EQUIPMENT AND LAND (Details)

5. EQUIPMENT AND LAND (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Cost	$ 1,001	$ 1,009
Accumulated depreciation	774	665
Net book value	227	344
Computer equipment
Cost	186	189
Accumulated depreciation	178	168
Net book value	8	21
Furniture
Cost	106	111
Accumulated depreciation	72	64
Net book value	34	47
Geological equipment
Cost	488	488
Accumulated depreciation	371	319
Net book value	117	169
Vehicles
Cost	221	221
Accumulated depreciation	153	114
Net book value	$ 68	$ 107

5. EQUIPMENT AND LAND (Details

5. EQUIPMENT AND LAND (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 118	$ 210

6. ADDITIONAL PAID-IN CAPITAL33

6. ADDITIONAL PAID-IN CAPITAL (Details)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Directors, Officers or Employees
Expected volatiility, minimum	73.00%	74.00%
Expected volatiility, maximum	80.00%	79.00%
Expected dividend yield	0.00%	0.00%
Estimated forfeiture rate		3.70%
Directors, Officers or Employees | Minimum [Member]
Risk free interest rate, minimum	1.00%	0.93%
Expected term in years	3 years 4 months 24 days	3 years 3 months 18 days
Estimated forfeiture rate	3.40%
Directors, Officers or Employees | Maximum [Member]
Risk free interest rate, minimum	1.10%	0.99%
Expected term in years	3 years 6 months	3 years 3 months 18 days
Estimated forfeiture rate	3.60%
Consultants
Risk free interest rate, minimum	0.00%	0.99%
Expected volatiility, minimum	0.00%	74.00%
Expected volatiility, maximum	0.00%	79.00%
Expected dividend yield	0.00%	0.00%
Expected term in years		3 years 3 months 18 days
Estimated forfeiture rate	0.00%	3.70%

6. ADDITIONAL PAID-IN CAPITAL34

6. ADDITIONAL PAID-IN CAPITAL (Details 1) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Options
Number of Options Outstanding, Ending	4,578,700
Number of Options Exercisable	3,896,500
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Ending	$ 3.99
Weighted Average Exercise Price Exercisable	$ 4.61
Stock Option [Member]
Number of Options
Number of Options Outstanding, Beginning	4,345,500	4,700,500
Number of Options Granted	999,000	275,000
Number of Options Exercised	(12,600)	(150,000)
Number of Options Cancelled/Forfeited/Expired	(753,200)	(480,000)
Number of Options Outstanding, Ending	4,578,700	4,345,500
Number of Options Exercisable	3,896,500	3,950,500
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 5.16	$ 5.51
Weighted Average Exercise Price Granted	0.45	1.28
Weighted Average Exercise Price Exercised	0.32	0.50
Weighted Average Exercise Price Cancelled/Forfeited/Expired	3.17	4.52
Weighted Average Exercise Price Outstanding, Ending	3.99	5.16
Weighted Average Exercise Price Exercisable	4.61	5.54
Weighted-average fair value per share of options granted during the period	$ 0.24	$ 0.65

6. ADDITIONAL PAID-IN CAPITAL35

6. ADDITIONAL PAID-IN CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	4,578,700
Weighted-Average Remaining Contractual Life (in years)	1 year 11 months 5 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 3.99
Exercisable Stock Options
Number of Options Exercisable | shares	3,896,500
Weighted-Average Remaining Contractual Life (in years)	1 year 6 months 4 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 4.61
$0.32 - $2.00
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	1,608,700
Weighted-Average Remaining Contractual Life (in years)	3 years 9 months 22 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 0.78
Exercisable Stock Options
Number of Options Exercisable | shares	926,500
Weighted-Average Remaining Contractual Life (in years)	3 years 4 months 28 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 1.01
$2.01 - $4.00
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	737,000
Weighted-Average Remaining Contractual Life (in years)	1 year 10 months 24 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 3.30
Exercisable Stock Options
Number of Options Exercisable | shares	737,000
Weighted-Average Remaining Contractual Life (in years)	1 year 10 months 24 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 3.30
$4.01 - $6.00
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	943,000
Weighted-Average Remaining Contractual Life (in years)	1 year 18 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 4.91
Exercisable Stock Options
Number of Options Exercisable | shares	943,000
Weighted-Average Remaining Contractual Life (in years)	1 year 18 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 4.91
$6.01 - $8.00
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	1,175,000
Weighted-Average Remaining Contractual Life (in years)	3 months 7 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 7.41
Exercisable Stock Options
Number of Options Exercisable | shares	1,175,000
Weighted-Average Remaining Contractual Life (in years)	3 months 7 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 7.41
$8.01 +
Outstanding Stock Options
Number of Options Outstanding, Ending | shares	115,000
Weighted-Average Remaining Contractual Life (in years)	11 days
Weighted Average Exercise Price Outstanding, Ending | $ / shares	$ 10.91
Exercisable Stock Options
Number of Options Exercisable | shares	115,000
Weighted-Average Remaining Contractual Life (in years)	11 days
Weighted Average Exercise Price Exercisable | $ / shares	$ 10.91

6. ADDITIONAL PAID-IN CAPITAL36

6. ADDITIONAL PAID-IN CAPITAL (Details 3)	12 Months Ended
	Dec. 31, 2015$ / sharesshares
Number Outstanding
Non-vested at December 31, 2014 | shares	395,000
Granted | shares	999,000
Vested | shares	(709,100)
Cancelled/forfeited | shares	(2,700)
Non-vested at December 31, 2015 | shares	682,200
Weighted Average Grant Date Fair Value
Non-vested at December 31, 2014 | $ / shares	$ 0.71
Granted | $ / shares	0.24
Vested | $ / shares	0.49
Cancelled/forfeited | $ / shares	0.44
Non-vested at December 31, 2015 | $ / shares	$ 0.25

6. ADDITIONAL PAID-IN CAPITAL37

6. ADDITIONAL PAID-IN CAPITAL (Details 4) - $ / shares	1 Months Ended
	Apr. 29, 2015	Sep. 27, 2013	Dec. 31, 2015
Total Warrants	2,876,924	1,472,557	4,349,481
Exercise Price	$ 0.85	$ 4.15
Expiration Date	Apr. 29, 2018	Sep. 27, 2016
Investor Warrants
Total Warrants	2,615,385	1,338,688
Placement Agent Warrants
Total Warrants	261,539	133,869

6. ADDITIONAL PAID-IN CAPITAL38

6. ADDITIONAL PAID-IN CAPITAL (Details 5) - $ / shares	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Number of Options
Number of Options Outstanding, Ending	4,578,700
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Ending	$ 3.99
Option and Warrants [Member]
Number of Options
Number of Options Outstanding, Beginning	1,472,557	1,472,557
Number of Options Granted	2,876,924
Number of Options Exercised
Number of Options Expired
Number of Options Outstanding, Ending	4,349,481	1,472,557
Weighted Average Exercise Price
Weighted Average Exercise Price Outstanding, Beginning	$ 4.15	$ 4.15
Weighted Average Exercise Price Granted	$ 0.85
Weighted Average Exercise Price Exercised
Weighted Average Exercise Price Expired
Weighted Average Exercise Price Outstanding, Ending	$ 1.97	$ 4.15

6. ADDITIONAL PAID IN CAPITAL

6. ADDITIONAL PAID IN CAPITAL (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Additional Paid in Capital [Abstract]
Stock-based compensation cost	$ 254	$ 517
Unvested stock options	682,200	395,000
Unrecognized compensation cost	$ 71
Period for recognition of compensation cost	7 months 24 days
Total intrinsic value of options exercised	$ 2	$ 167

8. INCOME TAX (Details)

8. INCOME TAX (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current:
Accrued vacation	$ 26	$ 39
Reclamation provision	52	57
Total Deferred tax assets current	78	96
Non-Current:
Net operating loss carryforwards, US	14,784	11,053
Mineral properties	13,017	14,244
Reclamation provision	70	69
Equipment	131	115
Share based compensation	3,362	4,020
Research and development	2,358	1,882
Total Deferred tax assets non-current	36,369	33,936
Deferred tax assets	36,447	34,032
Valuation allowance	(36,447)	(34,032)
Net	0	0
Deferred tax liabilities Non-Current:
Other	0	0
Deferred tax liabilities	0	0
Net deferred tax asset/(liability)	0	0
Canada
Non-Current:
Noncapital loss carryforwards, Canada	2,640	2,546
Capital loss, carryforwards, Canada	7	7
US
Non-Current:
Net operating loss carryforwards, US	$ 14,784	$ 11,053

8. INCOME TAX (Details 1)

8. INCOME TAX (Details 1) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Canada	$ 3,148	$ 3,055
United States	33,299	30,977
Total valuation allowance	$ 36,447	$ 34,032

8. INCOME TAX (Details 2)

8. INCOME TAX (Details 2) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract]
Canada									$ (617)	$ (623)
United States									(9,061)	(13,406)
Net loss	$ (2,534)	$ (2,572)	$ (2,097)	$ (2,475)	$ (2,937)	$ (3,601)	$ (3,060)	$ (4,431)	$ (9,678)	$ (14,029)

8. INCOME TAX (Details 3)

8. INCOME TAX (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Current
Canada	$ 0	$ 0
United States	0	0
Total, current	0	0
Deferred
Canada	0	0
United States	0	0
Total, deferred	0	0
Income tax expense (recovery)	$ 0	$ 0

8. INCOME TAX (Details 4)

8. INCOME TAX (Details 4) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Income Tax Disclosure [Abstract]
Net income (loss)	$ (2,534)	$ (2,572)	$ (2,097)	$ (2,475)	$ (2,937)	$ (3,601)	$ (3,060)	$ (4,431)	$ (9,678)	$ (14,029)
Statutory tax rate									26.00%	26.00%
Tax expense (recovery) at statutoy rate									$ (2,516)	$ (3,648)
Foreign tax rates									(591)	(928)
Change in tax rates									166	27
Share issuance costs amortization									(103)	(220)
Stock based compensation									569	155
Nondeductible expenses									17	5
Prior year true-up for loss carryovers									43	20
Prior year true-up for property basis adjustments									0	(63)
Unrecognized benefit of non capital losses									0	0
Other									0	0
Change in valuation allowance									2,415	4,652
Income tax expense (recovery)									$ 0	$ 0

8. INCOME TAX (Details Narrativ

8. INCOME TAX (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)
Increase in valuation allowance	$ 2,415
Deferred tax assets valuation, percentage	100.00%
Net operating loss carryforwards	$ 43,482
Tax deductions in excess of previous tax benefits	538
Tax benefit related to net operating loss carryforward	140
Canadian Dollars
Net operating loss carryforwards	10,784
Capital carryforward	$ 59

9. COMMITMENTS AND CONTINGENC46

9. COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	Dec. 31, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease obligations	$ 114

10. SUPPLEMENTAL DISCLOSURE W47

10. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Other Information
Interest received	$ 35	$ 77

11. RETIREMENT PLAN (Details Na

11. RETIREMENT PLAN (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]
Employee contribution match	$ 29	$ 86

13. QUARTERLY FINANCIAL INFOR49

13. QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014
Quarterly Financial Information Disclosure [Abstract]
Total revenue	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0	$ 0
Net loss	$ (2,534)	$ (2,572)	$ (2,097)	$ (2,475)	$ (2,937)	$ (3,601)	$ (3,060)	$ (4,431)	$ (9,678)	$ (14,029)
Basic and diluted loss per share	$ (0.05)	$ (0.05)	$ (0.04)	$ (0.05)	$ (0.06)	$ (0.08)	$ (0.06)	$ (0.09)	$ (0.19)	$ (0.29)