Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Nov. 30, 2013 | Jan. 13, 2014 | |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Nov-13 | ' |
Trading Symbol | 'wolv | ' |
Entity Registrant Name | 'Wolverine Exploration Inc. | ' |
Entity Central Index Key | '0001424404 | ' |
Current Fiscal Year End Date | '--05-31 | ' |
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 | 'Q2 | ' |
Balance_Sheets
Balance Sheets (USD $) | Nov. 30, 2013 | 31-May-13 |
Current Assets | ' | ' |
Cash | $114 | $63 |
Amounts receivable | 2,912 | 2,961 |
Total Current Assets | 3,026 | 3,024 |
Property and equipment | 41 | 330 |
Mineral property costs | 402,500 | 0 |
Total Assets | 405,567 | 3,354 |
Current Liabilities | ' | ' |
Accounts payable | 243,216 | 217,001 |
Due to related parties | 40,165 | 56,025 |
Total Liabilities | 283,381 | 273,026 |
Stockholders' Equity (Deficit) | ' | ' |
Common stock, 500,000,000 shares authorized, $0.001 par value 201,563,333 and 151,563,333 shares issued and outstanding, respectively | 201,563 | 151,563 |
Additional paid-in capital | 4,084,422 | 3,581,922 |
Deficit accumulated during the exploration stage | -4,163,799 | -4,003,157 |
Total Stockholders' Equity (Deficit) | 122,186 | -269,672 |
Total Liabilities and Stockholders' Equity (Deficit) | $405,567 | $3,354 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Nov. 30, 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 | 201,563,333 | 151,563,333 |
Common Stock, Shares, Outstanding | 201,563,333 | 151,563,333 |
Statement_of_Operations
Statement of Operations (USD $) | 3 Months Ended | 6 Months Ended | 93 Months Ended | ||
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Revenue | $0 | $0 | $0 | $0 | $0 |
Expenses | ' | ' | ' | ' | ' |
Depreciation | 83 | 477 | 289 | 954 | 5,685 |
Foreign exchange loss (gain) | 71 | -1,973 | -3,055 | 8,686 | 8,526 |
General and administrative | 99,265 | 82,749 | 163,408 | 147,102 | 3,048,315 |
Mineral exploration costs | 0 | 42,092 | 0 | 41,148 | 710,157 |
Write-down of mineral property costs | 0 | 0 | 0 | 0 | 348,221 |
Total Expenses | 99,419 | 123,345 | 160,642 | 197,890 | 4,120,904 |
Loss Before Other Income (Expense) | -99,419 | -123,345 | -160,642 | -197,890 | -4,120,904 |
Other Income (Expense) | ' | ' | ' | ' | ' |
Loss on settlement of debt | 0 | 0 | 0 | 0 | -84,165 |
Write-off of accounts payable | 0 | -779 | 0 | 0 | 41,270 |
Total Other Income (Expense) | 0 | -779 | 0 | 0 | -42,895 |
Net Loss | ($99,419) | ($124,124) | ($160,642) | ($197,890) | ($4,163,799) |
Net Loss Per Share, Basic and Diluted | $0 | $0 | $0 | $0 | ' |
Weighted Average Shares Outstanding | 200,739,157 | 120,542,000 | 191,508,688 | 117,225,000 | ' |
Statement_of_Cash_Flows
Statement of Cash Flows (USD $) | 6 Months Ended | 93 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2012 | Nov. 30, 2013 | |
Operating Activities | ' | ' | ' |
Net loss | ($160,642) | ($197,890) | ($4,163,799) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 289 | 954 | 5,685 |
Loss on settlement of debt | 0 | 0 | 84,165 |
Stock-based compensation | 0 | 0 | 775,315 |
Write-off of accounts payable | 0 | 0 | 41,270 |
Write-down of mineral properties | 0 | 0 | 348,221 |
Changes in operating assets and liabilities: | ' | ' | ' |
Amounts receivable | 49 | -1,849 | -2,912 |
Prepaid expenses and deposits | 0 | 0 | 26,100 |
Accounts payable | 26,215 | 109,576 | 689,338 |
Due to related parties | -15,860 | 10,660 | 35,991 |
Net Cash Used In Operating Activities | -149,949 | -78,549 | -2,160,626 |
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 | 3,019 | 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 | 150,000 | 75,000 | 2,222,900 |
Stock issuance costs | 0 | 0 | -62,175 |
Repayment of common stock subscribed | 0 | 0 | -12,000 |
Net Cash Provided By Financing Activities | 150,000 | 78,019 | 2,166,787 |
Increase (Decrease) in Cash | 51 | -530 | 114 |
Cash, Beginning of Period | 63 | 600 | 0 |
Cash, End of Period | $114 | $70 | $114 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended | |
Nov. 30, 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 November 30, 2013, the Company has a working capital deficiency of $280,355 and has accumulated losses of $4,163,799 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 | 6 Months Ended | |
Nov. 30, 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 | 6 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Property and Equipment [Text Block] | ' | |||||||||||||
3 | Property and Equipment | |||||||||||||
November 30, | May 31, | |||||||||||||
2013 | 2013 | |||||||||||||
Accumulated | Net Carrying | Net Carrying | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Equipment | 5,725 | 5,684 | 41 | 330 |
Mineral_Properties
Mineral Properties | 6 Months Ended | ||
Nov. 30, 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 | 6 Months Ended | ||
Nov. 30, 2013 | |||
Related Party Transactions [Text Block] | ' | ||
5 | Related Party Transactions | ||
(a) | During the six months ended November 30, 2013, the Company incurred consulting fees of $17,294 (2012 - $17,923) to the President of the Company. | ||
(b) | During the six months ended November 30, 2013, the Company incurred consulting fees of $nil (2012 - $102) to a director of the Company. | ||
(c) | During the six months ended November 30, 2013, the Company incurred consulting fees of $57,646 (2012 - $nil) and rent of $5,765 (2012 - $nil) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses. | ||
(d) | As at November 30, 2013, the Company owed $21,333 (Cdn$22,656) (May 31, 2013 - $25,035 (Cdn$25,956)) to the President of the Company which is non-interest bearing, unsecured, and due on demand. | ||
(e) | As at November 30, 2013, the Company owed $18,832 (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 November 30, 2013, included in accounts payable are the amounts of $109,439 (Cdn$116,227) (May 31, 2013 - $70,818 (Cdn$73,425)) owing to this company. | ||
(f) | As at November 30, 2013, the Company owed $nil (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 November 30, 2013, included in accounts payable is the amount of $nil (May 31, 2013 - $3,107 (Cdn$3,221)) owing to the brother of the President of the Company. | ||
Common_Stock
Common Stock | 6 Months Ended | ||
Nov. 30, 2013 | |||
Common Stock [Text Block] | ' | ||
6 | Common Stock | ||
(a) | On June 11, 2013, the Company issued 35,000,000 shares of common stock with a fair value of $402,500 to acquire mineral claims. Refer to Note 4. | ||
(b) | On September 5, 2013, the Company issued 15,000,000 shares of common stock at $0.01 per share for proceeds of $150,000. | ||
(c) | 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. | ||
Stockbased_Compensation
Stock-based Compensation | 6 Months Ended | |||||||||||||
Nov. 30, 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 November 30, 2013 | 5,100,000 | 0.05 | 1.54 | – |
Commitments
Commitments | 6 Months Ended | |
Nov. 30, 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 | 6 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
Supplementary Cash Flow Information [Text Block] | ' | ||||||||||
9 | Supplementary Cash Flow Information | ||||||||||
Accumulated from | |||||||||||
Six Months | Six Months | 23-Feb-06 | |||||||||
Ended | Ended | (date of inception) | |||||||||
November 30, | November 30, | to November 30, | |||||||||
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 | – | – | 34,000 | ||||||||
property vend-in agreement | |||||||||||
Refundable staking security deposits received pursuant | – | – | 26,100 | ||||||||
to mineral property vend-in agreement | |||||||||||
Supplemental Disclosures: | |||||||||||
Interest paid | – | – | – | ||||||||
Income taxes paid | – | – | – | ||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 6 Months Ended | |||||||||||||
Nov. 30, 2013 | ||||||||||||||
Schedule of Property, Plant and Equipment [Table Text Block] | ' | |||||||||||||
November 30, | May 31, | |||||||||||||
2013 | 2013 | |||||||||||||
Accumulated | Net Carrying | Net Carrying | ||||||||||||
Cost | Depreciation | Value | Value | |||||||||||
$ | $ | $ | $ | |||||||||||
Equipment | 5,725 | 5,684 | 41 | 330 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 6 Months Ended | |||||||||||||
Nov. 30, 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 November 30, 2013 | 5,100,000 | 0.05 | 1.54 | – |
Supplementary_Cash_Flow_Inform1
Supplementary Cash Flow Information (Tables) | 6 Months Ended | ||||||||||
Nov. 30, 2013 | |||||||||||
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | ' | ||||||||||
Accumulated from | |||||||||||
Six Months | Six Months | 23-Feb-06 | |||||||||
Ended | Ended | (date of inception) | |||||||||
November 30, | November 30, | to November 30, | |||||||||
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 | – | – | 34,000 | ||||||||
property vend-in agreement | |||||||||||
Refundable staking security deposits received pursuant | – | – | 26,100 | ||||||||
to mineral property vend-in agreement | |||||||||||
Supplemental Disclosures: | |||||||||||
Interest paid | – | – | – | ||||||||
Income taxes paid | – | – | – |
Basis_of_Presentation_Narrativ
Basis of Presentation (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2013 | |
Basis Of Presentation 1 | 915 |
Basis Of Presentation 2 | $280,355 |
Basis Of Presentation 3 | $4,163,799 |
Mineral_Properties_Narrative_D
Mineral Properties (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2013 | |
Mineral Properties 1 | 35,000,000 |
Mineral Properties 2 | $402,500 |
Mineral Properties 3 | 20 |
Related_Party_Transactions_Nar
Related Party Transactions (Narrative) (Details) | 6 Months Ended | |
Nov. 30, 2013 | Nov. 30, 2013 | |
USD ($) | CAD | |
Related Party Transactions 1 | $17,294 | ' |
Related Party Transactions 2 | 17,923 | ' |
Related Party Transactions 3 | 0 | ' |
Related Party Transactions 4 | 102 | ' |
Related Party Transactions 5 | 57,646 | ' |
Related Party Transactions 6 | 0 | ' |
Related Party Transactions 7 | 5,765 | ' |
Related Party Transactions 8 | 0 | ' |
Related Party Transactions 9 | 21,333 | ' |
Related Party Transactions 10 | ' | 22,656 |
Related Party Transactions 11 | 25,035 | ' |
Related Party Transactions 12 | ' | 25,956 |
Related Party Transactions 13 | 18,832 | ' |
Related Party Transactions 14 | ' | 20,000 |
Related Party Transactions 15 | 19,290 | ' |
Related Party Transactions 16 | ' | 20,000 |
Related Party Transactions 17 | 109,439 | ' |
Related Party Transactions 18 | ' | 116,227 |
Related Party Transactions 19 | 70,818 | ' |
Related Party Transactions 20 | ' | 73,425 |
Related Party Transactions 21 | 0 | ' |
Related Party Transactions 22 | 11,700 | ' |
Related Party Transactions 23 | 0 | ' |
Related Party Transactions 24 | 3,107 | ' |
Related Party Transactions 25 | ' | 3,221 |
Common_Stock_Narrative_Details
Common Stock (Narrative) (Details) (USD $) | 6 Months Ended |
Nov. 30, 2013 | |
Common Stock 1 | 35,000,000 |
Common Stock 2 | $402,500 |
Common Stock 3 | 15,000,000 |
Common Stock 4 | $0.01 |
Common Stock 5 | $150,000 |
Common Stock 6 | 200,000,000 |
Common Stock 7 | 500,000,000 |
Stockbased_Compensation_Narrat
Stock-based Compensation (Narrative) (Details) | 6 Months Ended |
Nov. 30, 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) | 6 Months Ended |
Nov. 30, 2013 | |
Commitments 1 | 10,000 |
Commitments 2 | 5.00% |
Schedule_of_Property_Plant_and
Schedule of Property, Plant and Equipment (Details) (USD $) | 6 Months Ended |
Nov. 30, 2013 | |
Property And Equipment Schedule Of Property, Plant And Equipment 1 | $5,725 |
Property And Equipment Schedule Of Property, Plant And Equipment 2 | 5,684 |
Property And Equipment Schedule Of Property, Plant And Equipment 3 | 41 |
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 $) | 6 Months Ended |
Nov. 30, 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 | 1.54 |
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 $) | 6 Months Ended |
Nov. 30, 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 |