Wolverine Technologies (WOLV) 10-Q 15 Oct 13 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Aug. 31, 2013	Oct. 15, 2013
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Aug-13
Trading Symbol	wolv
Entity Registrant Name	Wolverine Exploration Inc.
Entity Central Index Key	1424404
Current Fiscal Year End Date	-26
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		201,563,333
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	Q1

Balance_Sheets

Balance Sheets (USD $)	Aug. 31, 2013	31-May-13
Current Assets
Cash	$43	$63
Amounts receivable	2,567	2,961
Total Current Assets	2,610	3,024
Property and equipment	124	330
Mineral property costs	402,500	0
Total Assets	405,234	3,354
Current Liabilities
Accounts payable	259,979	217,001
Accrued liabilities	11,468	0
Due to related parties	62,182	56,025
Total Liabilities	333,629	273,026
Stockholders' Deficit
Common stock, 500,000,000 shares authorized, $0.001 par value 186,563,333 and 151,563,333 shares issued and outstanding, respectively	186,563	151,563
Additional paid-in capital	3,949,422	3,581,922
Deficit accumulated during the exploration stage	-4,064,380	-4,003,157
Total Stockholders' Deficit	71,605	-269,672
Total Liabilities and Stockholders' Deficit	$405,234	$3,354

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Aug. 31, 2013	31-May-13
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares, Issued	186,563,333	151,563,333
Common Stock, Shares, Outstanding	186,563,333	151,563,333

Statement_of_Operations

Statement of Operations (USD $)	3 Months Ended		90 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Revenue	$0	$0	$0
Expenses
Depreciation	206	477	5,602
Foreign exchange loss (gain)	-3,126	10,659	8,455
General and administrative	64,143	64,353	2,949,050
Mineral exploration costs (recoveries)	0	-944	710,157
Write-down of mineral property costs	0	0	348,221
Total Expenses	61,223	74,545	4,021,485
Loss Before Other Income (Expense)	-61,223	-74,545	-4,021,485
Other Income (Expense)
Loss on settlement of debt	0	0	-84,165
Write-off of accounts payable	0	779	41,270
Total Other Income (Expense)	0	779	-42,895
Net Loss	($61,223)	($73,766)	($4,064,380)
Net Loss Per Share, Basic and Diluted	$0	$0
Weighted Average Shares Outstanding	182,378,550	113,944,000

Statement_of_Cash_Flows

Statement of Cash Flows (USD $)	3 Months Ended		90 Months Ended
	Aug. 31, 2013	Aug. 31, 2012	Aug. 31, 2013
Operating Activities
Net loss	($61,223)	($73,766)	($4,064,380)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	206	477	5,602
Loss on settlement of debt	0	0	84,165
Stock-based compensation	0	0	775,315
Write-off of accounts payable	0	-779	41,270
Write-down of mineral properties	0	0	348,221
Changes in operating assets and liabilities
Amounts receivable	394	855	-2,567
Prepaid expenses and deposits	0	-2,000	26,100
Accounts payable	42,978	46,795	706,101
Accrued liabilities	11,468	9,435	11,468
Due to related parties	6,157	4,499	58,008
Net Cash Used In Operating Activities	-20	-14,484	-2,010,697
Investing Activities
Acquisition of mineral properties	0	0	-321
Purchase of property and equipment	0	0	-5,726
Net Cash Used In Investing Activities	0	0	-6,047
Financing Activities
Proceeds from loans payable	0	0	24,000
Repayment of loans payable	0	0	-22,000
Advances from related parties	0	0	50,062
Repayment of note payable to related party	0	0	-34,000
Proceeds from common stock issued or subscribed	0	14,000	2,072,900
Stock issuance costs	0	0	-62,175
Repayment of common stock subscribed	0	0	-12,000
Net Cash Provided By Financing Activities	0	14,000	2,016,787
Increase (Decrease) in Cash	-20	-484	43
Cash, Beginning of Period	63	600	0
Cash, End of Period	$43	$116	$43

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Aug. 31, 2013
Basis of Presentation [Text Block]	1	Basis of Presentation
		The Company was incorporated in the State of Nevada on February 23, 2006. The Company is an Exploration Stage Company, as defined by Accounting Standards Codification (“ASC”) 915, “Development Stage Entities”. The Company’s principal business is the acquisition and exploration of mineral resources. The Company has not presently determined whether its properties contain mineral reserves that are economically recoverable.
		The accompanying financial statements of Wolverine Exploration Inc.(the “Company”) should be read in conjunction with the financial statements and accompanying notes filed with the U.S. Securities and Exchange Commission in the Company’s Annual Report on Form 10-K for the fiscal year ended May 31, 2013. In the opinion of management, the accompanying financial statements reflect all adjustments of a recurring nature considered necessary to present fairly the Company’s financial position and the results of its operations and its cash flows for the periods shown.
		The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ materially from those estimates. The results of operations and cash flows for the periods shown are not necessarily indicative of the results to be expected for the full year.
		These financial statements have been prepared on a going concern basis, which implies the Company will continue to realize its assets and discharge its liabilities in the normal course of business. The Company has never generated revenues since inception and is unlikely generate earnings in the immediate or foreseeable future. The continuation of the Company as a going concern is dependent upon the continued financial support from its shareholders, the ability of the Company to obtain necessary equity financing to continue operations, and the attainment of profitable operations. As at August 31, 2013, the Company not generated any revenues, has a working capital deficit of $331,019, and has accumulated losses of $4,064,380 since inception. These factors raise substantial doubt regarding the Company’s ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Aug. 31, 2013
Recent Accounting Pronouncements [Text Block]	2	Recent Accounting Pronouncements
		The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.

Property_and_Equipment

Property and Equipment	3 Months Ended
	Aug. 31, 2013
Property and Equipment [Text Block]	3	Property and Equipment
					August 31,	May 31,
					2013	2013
				Accumulated	Net Carrying	Net Carrying
			Cost	Depreciation	Value	Value
			$	$	$	$
		Equipment	5,725	5,601	124	330

Mineral_Properties

Mineral Properties	3 Months Ended
	Aug. 31, 2013
Mineral Properties [Text Block]	4	Mineral Properties
		On June 11, 2013, the Company issued 35,000,000 shares of common stock with a fair value of $402,500 to acquire 20 mineral claims located in the Cariboo Mining District of British Columbia.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Aug. 31, 2013
Related Party Transactions [Text Block]	5	Related Party Transactions
		(a)	During the three months ended August 31, 2013, the Company incurred consulting fees of $8,662 (2012 - $8,817) to the President of the Company.
		(b)	During the three months ended August 31, 2013, the Company incurred consulting fees of $28,874 (2012 - $29,432) and rent of $2,887 (2012 - $2,943) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses.
		(c)	As at August 31, 2013, the Company owed $31,488 (Cdn$33,165) (May 31, 2013 - $25,035 (Cdn$25,956)) to the President of the Company which is non-interest bearing, unsecured, and due on demand.
		(d)	As at August 31, 2013, the Company owes $18,994 (Cdn$20,000) (May 31, 2013 - $19,290 (Cdn$20,000)) for cash advances received from a company controlled by the brother of the President of the Company, which is non-interest bearing, unsecured, and due on demand. As at August 31, 2013, included in accounts payable are the amounts of $102,639 (Cdn$108,075) (May 31, 2013 - $70,818 (Cdn$73,425)) owing to this company.
		(e)	As at August 31, 2013, the Company owes $11,700 (May 31, 2013 - $11,700) for cash advances received from the brother of the President of the Company, which is non-interest bearing, unsecured, and due on demand. As at August 31, 2013, included in accounts payable is the amount of $4,882 (Cdn$5,141) (May 31, 2013 - $3,107 (Cdn$3,221)) owing to the brother of the President of the Company.

Common_Stock

Common Stock	3 Months Ended
	Aug. 31, 2013
Common Stock [Text Block]	6	Common Stock
		On June 11, 2013, the Company issued 35,000,000 shares of common stock with a fair value of $402,500 pursuant to acquire mineral claims. Refer to Note 4.

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Aug. 31, 2013
Stock-based Compensation [Text Block]	7	Stock-based Compensation
		On May 28, 2010, the Board of Directors of the Company adopted the 2010 Stock Plan (the “Plan”). The maximum number of shares of the Company’s common stock available for issuance under the Plan is 10,294,500 shares. An aggregate of 5,147,250 shares may be issued under stock options and an aggregate of 5,147,250 shares may be issued in the form of restricted shares.
		A summary of the Company’s stock option activity is as follows:
				Weighted	Weighted
				Average	Average	Aggregate
				Exercise	Remaining	Intrinsic
			Number of	Price	Contractual	Value
			Options	$	Life (years)	$
		Outstanding and exercisable, May 31, 2013 and August 31, 2013	5,100,000	0.05	1.8	–

Commitments

Commitments	3 Months Ended
	Aug. 31, 2013
Commitments [Text Block]	8	Commitments
		On January 31, 2007, the Company entered into a consulting agreement with a company whereby it has agreed to pay $10,000 per month. The Company is obligated to issue a bonus of 5% of the Company’s issued and outstanding common shares as of the date of the payment of the bonus upon and only in the event of the discovery of a major commercially viable mineral resource deposit.

Supplementary_Cash_Flow_Inform

Supplementary Cash Flow Information	3 Months Ended
	Aug. 31, 2013
Supplementary Cash Flow Information [Text Block]	9	Supplementary Cash Flow Information
					Accumulated from
			Three Months	Three Months	23-Feb-06
			Ended	Ended	(date of inception)
			August 31,	August 31,	to August 31,
			2013	2012	2013
			$	$	$
		Non-cash Investing and Financing Activities
		Shares issued pursuant to the acquisition of mineral properties	402,500	–	742,500
		Shares issued to settle accounts payable	–	61,000	575,445
		Shares issued to settle loans payable	–	–	21,000
		Shares issued to settle related party debt	–	–	21,000
		Note payable to related party pursuant to mineral property vend-in	–	–	34,000
		agreement
		Refundable staking security deposits received pursuant to	–	–	26,100
		mineral property vend-in agreement
		Supplemental Disclosures
		Interest paid	–	–	–
		Income taxes paid	–	–	–

Subsequent_Events

Subsequent Events	3 Months Ended
	Aug. 31, 2013
Subsequent Events [Text Block]	10	Subsequent Events
		(a)	On September 5, 2013, the Company issued 15,000,000 shares of common stock at $0.01 per share for proceeds of $150,000.
		(b)	On September 17, 2013, the Company increased the authorized share capital from 200,000,000 to 500,000,000 shares of common stock with no change in par value.

Property_and_Equipment_Tables

Property and Equipment (Tables)	3 Months Ended
	Aug. 31, 2013
Schedule of Property, Plant and Equipment [Table Text Block]					August 31,	May 31,
					2013	2013
				Accumulated	Net Carrying	Net Carrying
			Cost	Depreciation	Value	Value
			$	$	$	$
		Equipment	5,725	5,601	124	330

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Aug. 31, 2013
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]				Weighted	Weighted
				Average	Average	Aggregate
				Exercise	Remaining	Intrinsic
			Number of	Price	Contractual	Value
			Options	$	Life (years)	$
		Outstanding and exercisable, May 31, 2013 and August 31, 2013	5,100,000	0.05	1.8	–

Supplementary_Cash_Flow_Inform1

Supplementary Cash Flow Information (Tables)	3 Months Ended
	Aug. 31, 2013
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]					Accumulated from
			Three Months	Three Months	23-Feb-06
			Ended	Ended	(date of inception)
			August 31,	August 31,	to August 31,
			2013	2012	2013
			$	$	$
		Non-cash Investing and Financing Activities
		Shares issued pursuant to the acquisition of mineral properties	402,500	–	742,500
		Shares issued to settle accounts payable	–	61,000	575,445
		Shares issued to settle loans payable	–	–	21,000
		Shares issued to settle related party debt	–	–	21,000
		Note payable to related party pursuant to mineral property vend-in	–	–	34,000
		agreement
		Refundable staking security deposits received pursuant to	–	–	26,100
		mineral property vend-in agreement
		Supplemental Disclosures
		Interest paid	–	–	–
		Income taxes paid	–	–	–

Basis_of_Presentation_Narrativ

Basis of Presentation (Narrative) (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Basis Of Presentation 1	915
Basis Of Presentation 2	$331,019
Basis Of Presentation 3	$4,064,380

Mineral_Properties_Narrative_D

Mineral Properties (Narrative) (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Mineral Properties 1	35,000,000
Mineral Properties 2	$402,500
Mineral Properties 3	20

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details)	3 Months Ended
	Aug. 31, 2013	Aug. 31, 2013
	USD ($)	CAD
Related Party Transactions 1	$8,662
Related Party Transactions 2	8,817
Related Party Transactions 3	28,874
Related Party Transactions 4	29,432
Related Party Transactions 5	2,887
Related Party Transactions 6	2,943
Related Party Transactions 7	31,488
Related Party Transactions 8		33,165
Related Party Transactions 9	25,035
Related Party Transactions 10		25,956
Related Party Transactions 11	18,994
Related Party Transactions 12		20,000
Related Party Transactions 13	19,290
Related Party Transactions 14		20,000
Related Party Transactions 15	102,639
Related Party Transactions 16		108,075
Related Party Transactions 17	70,818
Related Party Transactions 18		73,425
Related Party Transactions 19	11,700
Related Party Transactions 20	11,700
Related Party Transactions 21	4,882
Related Party Transactions 22		5,141
Related Party Transactions 23	3,107
Related Party Transactions 24		3,221

Common_Stock_Narrative_Details

Common Stock (Narrative) (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Common Stock 1	35,000,000
Common Stock 2	$402,500

Stockbased_Compensation_Narrat

Stock-based Compensation (Narrative) (Details)	3 Months Ended
	Aug. 31, 2013
Stock-based Compensation 1	10,294,500
Stock-based Compensation 2	5,147,250
Stock-based Compensation 3	5,147,250

Commitments_Narrative_Details

Commitments (Narrative) (Details)	3 Months Ended
	Aug. 31, 2013
Commitments 1	10,000
Commitments 2	5.00%

Subsequent_Events_Narrative_De

Subsequent Events (Narrative) (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Subsequent Events 1	15,000,000
Subsequent Events 2	$0.01
Subsequent Events 3	$150,000
Subsequent Events 4	200,000,000
Subsequent Events 5	500,000,000

Schedule_of_Property_Plant_and

Schedule of Property, Plant and Equipment (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Property And Equipment Schedule Of Property, Plant And Equipment 1	$5,725
Property And Equipment Schedule Of Property, Plant And Equipment 2	5,601
Property And Equipment Schedule Of Property, Plant And Equipment 3	124
Property And Equipment Schedule Of Property, Plant And Equipment 4	$330

Schedule_of_Sharebased_Compens

Schedule of Share-based Compensation, Stock Options, Activity (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Stock-based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 1	$5,100,000
Stock-based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 2	0.05
Stock-based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 3	1.8
Stock-based Compensation Schedule Of Share-based Compensation, Stock Options, Activity 4	$0

Schedule_of_Cash_Flow_Suppleme

Schedule of Cash Flow, Supplemental Disclosures (Details) (USD $)	3 Months Ended
	Aug. 31, 2013
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 1	$402,500
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 2	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 3	742,500
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 4	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 5	61,000
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 6	575,445
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 7	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 8	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 9	21,000
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 10	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 11	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 12	21,000
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 13	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 14	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 15	34,000
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 16	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 17	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 18	26,100
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 19	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 20	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 21	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 22	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 23	0
Supplementary Cash Flow Information Schedule Of Cash Flow, Supplemental Disclosures 24	$0