Wolverine Technologies (WOLV) 10-Q 15 Apr 14 2014 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2014	Apr. 14, 2014
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	28-Feb-14	'
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	'	211,563,333
Entity Current Reporting Status	'Yes	'
Entity Voluntary Filers	'No	'
Entity Well Known Seasoned Issuer	'No	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

Balance_Sheets

Balance Sheets (USD $)	Feb. 28, 2014	31-May-13
Current Assets	'	'
Cash	$0	$63
Amounts receivable	4,822	2,961
Total Current Assets	4,822	3,024
Property and equipment	0	330
Mineral property costs	402,500	0
Total Assets	407,322	3,354
Current Liabilities	'	'
Bank indebtedness	28	0
Accounts payable	186,885	217,001
Due to related parties	46,465	56,025
Total Liabilities	233,378	273,026
Commitments	0	0
Stockholders' Equity (Deficit)	'	'
Common stock, 500,000,000 shares authorized, $0.001 par value 211,563,333 and 151,563,333 shares issued and outstanding, respectively	211,563	151,563
Additional paid-in capital	4,138,422	3,581,922
Deficit accumulated during the exploration stage	-4,176,041	-4,003,157
Total Stockholders' Equity (Deficit)	173,944	-269,672
Total Liabilities and Stockholders' Equity (Deficit)	$407,322	$3,354

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2014	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	211,563,333	151,563,333
Common Stock, Shares, Outstanding	211,563,333	151,563,333

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		9 Months Ended		96 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Revenue	$0	$0	$0	$0	$0
Expenses	'	'	'	'	'
Depreciation	41	477	330	1,431	5,726
Foreign exchange loss (gain)	-7,825	-11,392	-10,880	-2,706	701
General and administrative	51,308	63,708	214,716	210,810	3,099,623
Mineral exploration costs	4,718	0	4,718	41,148	714,875
Write-down of mineral property costs	0	0	0	0	348,221
Total Expenses	48,242	52,793	208,884	250,683	4,169,146
Loss Before Other Income (Expense)	-48,242	-52,793	-208,884	-250,683	-4,169,146
Other Income (Expense)	'	'	'	'	'
Gain (loss) on settlement of debt	36,000	0	36,000	0	-48,165
Write-off of accounts payable	0	0	0	0	41,270
Total Other Income (Expense)	36,000	0	36,000	0	-6,895
Net Loss	($12,242)	($52,793)	($172,884)	($250,683)	($4,176,041)
Weighted Average Shares Outstanding	202,007,777	121,313,000	194,969,926	118,573,000	'

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended		96 Months Ended
	Feb. 28, 2014	Feb. 28, 2013	Feb. 28, 2014
Operating Activities	'	'	'
Net loss	($172,884)	($250,683)	($4,176,041)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation	330	1,431	5,726
Loss (gain) on settlement of debt	-36,000	0	48,165
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	-1,861	407	-4,822
Prepaid expenses and deposits	0	0	26,100
Accounts payable	69,884	153,867	733,007
Due to related parties	-9,560	16,422	42,291
Net Cash Used In Operating Activities	-150,091	-78,556	-2,160,768
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	'	'	'
Bank indebtedness	28	0	28
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	150,000	78,000	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	150,028	78,000	2,166,815
Decrease in Cash	-63	-556	0
Cash, Beginning of Period	63	600	0
Cash, End of Period	$0	$44	$0

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2014
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 February 28, 2014, the Company has a working capital deficiency of $228,556 and has accumulated losses of $4,176,041 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	9 Months Ended
	Feb. 28, 2014
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	9 Months Ended
	Feb. 28, 2014
Property and Equipment [Text Block]	'
	3	Property and Equipment
					February 28,	May 31,
					2014	2013
				Accumulated	Net Carrying	Net Carrying
			Cost	Depreciation	Value	Value
			$	$	$	$
		Equipment	5,725	5,725	–	330

Mineral_Properties

Mineral Properties	9 Months Ended
	Feb. 28, 2014
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	9 Months Ended
	Feb. 28, 2014
Related Party Transactions [Text Block]	'
	5	Related Party Transactions
		(a)	During the nine months ended February 28, 2014, the Company incurred consulting fees of $25,633 (2013 - $26,966) to the President of the Company.
		(b)	During the nine months ended February 28, 2014, the Company incurred consulting fees of $nil (2013 - $102) to a director of the Company.
		(c)	During the nine months ended February 28, 2014, the Company incurred consulting fees of $85,442 (2013 - $nil) and rent of $8,544 (2013 - $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 February 28, 2014, the Company owed $28,405 (Cdn$31,456) (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 February 28, 2014, the Company owes $18,060 (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 February 28, 2014, included in accounts payable are the amounts of $26,718 (Cdn$29,588) (May 31, 2013 - $70,818 (Cdn$73,425)) owing to this company.
		(f)	As at February 28, 2014, the Company owes $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 February 28, 2014, included in accounts payable is the amount of $813 (Cdn$900) (May 31, 2013 - $3,107 (Cdn$3,221)) owing to the brother of the President of the Company.

Common_Stock

Common Stock	9 Months Ended
	Feb. 28, 2014
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.
		(d)	On February 24, 2014, the Company issued 10,000,000 shares of common stock with a fair value of $64,000 to settle accounts payable of $100,000 owing to a company controlled by the brother of the President of the Company. The Company recognized a gain on settlement of debt of $36,000.

Stockbased_Compensation

Stock-based Compensation	9 Months Ended
	Feb. 28, 2014
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 February 28, 2014	5,100,000	0.05	1.3	–

Commitments

Commitments	9 Months Ended
	Feb. 28, 2014
Commitments [Text Block]	'
	8	Commitments
		(a)	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.
		(b)	On December 1, 2013, the Company agreed to issue 1,000,000 shares of common stock with a fair value of $5,000 to settle accounts payable of $10,000. As at February 28, 2014, the shares have not been issued.

Supplementary_Cash_Flow_Inform

Supplementary Cash Flow Information	9 Months Ended
	Feb. 28, 2014
Supplementary Cash Flow Information [Text Block]	'
	9	Supplementary Cash Flow Information
					Accumulated from
			Nine months	Nine months	23-Feb-06
			ended	ended	(date of inception)
			February 28,	February 28,	to February 28,
			2014	2013	2014
			$	$	$
		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	64,000	61,000	639,445
		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
		to mineral property vend-in agreement	–	–	26,100
		Supplemental Disclosures:
		Interest paid	–	–	–
		Income taxes paid	–	–	–

Property_and_Equipment_Tables

Property and Equipment (Tables)	9 Months Ended
	Feb. 28, 2014
Property and Equipment [Table Text Block]	'
					February 28,	May 31,
					2014	2013
				Accumulated	Net Carrying	Net Carrying
			Cost	Depreciation	Value	Value
			$	$	$	$
		Equipment	5,725	5,725	–	330

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	9 Months Ended
	Feb. 28, 2014
Stock Option 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 February 28, 2014	5,100,000	0.05	1.3	–

Supplementary_Cash_Flow_Inform1

Supplementary Cash Flow Information (Tables)	9 Months Ended
	Feb. 28, 2014
Supplementary Cash Flow Information [Table Text Block]	'
					Accumulated from
			Nine months	Nine months	23-Feb-06
			ended	ended	(date of inception)
			February 28,	February 28,	to February 28,
			2014	2013	2014
			$	$	$
		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	64,000	61,000	639,445
		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
		to mineral property vend-in agreement	–	–	26,100
		Supplemental Disclosures:
		Interest paid	–	–	–
		Income taxes paid	–	–	–

Basis_of_Presentation_Narrativ

Basis of Presentation (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
Basis Of Presentation 1	$228,556
Basis Of Presentation 2	$4,176,041

Mineral_Properties_Narrative_D

Mineral Properties (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
Mineral Properties 1	35,000,000
Mineral Properties 2	$402,500

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details)	9 Months Ended
	Feb. 28, 2014	Feb. 28, 2014
	USD ($)	CAD
Related Party Transactions 1	$25,633	'
Related Party Transactions 2	26,966	'
Related Party Transactions 3	0	'
Related Party Transactions 4	102	'
Related Party Transactions 5	85,442	'
Related Party Transactions 6	0	'
Related Party Transactions 7	8,544	'
Related Party Transactions 8	0	'
Related Party Transactions 9	28,405	'
Related Party Transactions 10	'	31,456
Related Party Transactions 11	25,035	'
Related Party Transactions 12	'	25,956
Related Party Transactions 13	18,060	'
Related Party Transactions 14	'	20,000
Related Party Transactions 15	19,290	'
Related Party Transactions 16	'	20,000
Related Party Transactions 17	26,718	'
Related Party Transactions 18	'	29,588
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	813	'
Related Party Transactions 24	'	900
Related Party Transactions 25	3,107	'
Related Party Transactions 26	'	3,221

Common_Stock_Narrative_Details

Common Stock (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
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
Common Stock 8	10,000,000
Common Stock 9	64,000
Common Stock 10	100,000
Common Stock 11	$36,000

Stockbased_Compensation_Narrat

Stock-based Compensation (Narrative) (Details)	9 Months Ended
	Feb. 28, 2014
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) (USD $)	9 Months Ended
	Feb. 28, 2014
Commitments 1	10,000
Commitments 2	5.00%
Commitments 3	1,000,000
Commitments 4	$5,000
Commitments 5	$10,000

Property_and_Equipment_Details

Property and Equipment (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
Property And Equipment Property And Equipment 1	$5,725
Property And Equipment Property And Equipment 2	5,725
Property And Equipment Property And Equipment 3	0
Property And Equipment Property And Equipment 4	$330

Stock_Option_Activity_Details

Stock Option Activity (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
Stock-based Compensation Stock Option Activity 1	$5,100,000
Stock-based Compensation Stock Option Activity 2	0.05
Stock-based Compensation Stock Option Activity 3	1.3
Stock-based Compensation Stock Option Activity 4	$0

Supplementary_Cash_Flow_Inform2

Supplementary Cash Flow Information (Details) (USD $)	9 Months Ended
	Feb. 28, 2014
Supplementary Cash Flow Information Supplementary Cash Flow Information 1	$402,500
Supplementary Cash Flow Information Supplementary Cash Flow Information 2	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 3	742,500
Supplementary Cash Flow Information Supplementary Cash Flow Information 4	64,000
Supplementary Cash Flow Information Supplementary Cash Flow Information 5	61,000
Supplementary Cash Flow Information Supplementary Cash Flow Information 6	639,445
Supplementary Cash Flow Information Supplementary Cash Flow Information 7	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 8	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 9	21,000
Supplementary Cash Flow Information Supplementary Cash Flow Information 10	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 11	21,000
Supplementary Cash Flow Information Supplementary Cash Flow Information 12	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 13	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 14	34,000
Supplementary Cash Flow Information Supplementary Cash Flow Information 15	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 16	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 17	26,100
Supplementary Cash Flow Information Supplementary Cash Flow Information 18	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 19	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 20	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 21	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 22	0
Supplementary Cash Flow Information Supplementary Cash Flow Information 23	$0