Wolverine Technologies (WOLV) 10-Q27 Jan 152015 Q2 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
Document and Entity Information	Nov. 30, 2014	Jan. 23, 2015
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	30-Nov-14
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		200,563,333
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q2

Balance_Sheets

Balance Sheets (USD $)	Nov. 30, 2014	31-May-14
Current Assets
Cash	$3	$135
Amounts receivable	5,691	2,053
Total Current Assets	5,694	2,188
Mineral property costs	0	201,250
Total Assets	5,694	203,438
Current Liabilities
Accounts payable and accrued liabilities	269,908	215,966
Due to related party	65,344	53,914
Total Liabilities	335,252	269,880
Stockholders' Deficit
Common stock, 500,000,000 shares authorized, $0.001 par value 200,563,333 and 194,063,333 shares issued and outstanding, respectfully	200,563	194,063
Additional paid-in capital	4,049,172	3,990,672
Accumulated deficit	-4,579,293	-4,251,177
Total Stockholders' Deficit	-329,558	-66,442
Total Liabilities and Stockholders' Deficit	$5,694	$203,438

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Nov. 30, 2014	31-May-14
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$0.00	$0.00
Common Stock, Shares, Issued	200,563,333	194,063,333
Common Stock, Shares, Outstanding	200,563,333	194,063,333

Statements_of_Operations

Statements of Operations (USD $)	3 Months Ended		6 Months Ended
Statements of Operations (USD $)	Nov. 30, 2014	Nov. 30, 2013	Nov. 30, 2014	Nov. 30, 2013
Expenses
Depreciation	$0	$83	$0	$289
Foreign exchange loss	20,815	71	20,050	-3,055
General and administrative	59,331	99,265	106,816	163,408
Impairment of mineral rights	201,250	0	201,250	0
Total Expenses	281,396	99,419	328,116	160,642
Net Loss	($281,396)	($99,419)	($328,116)	($160,642)
Net Loss Per Share, Basic and Diluted	$0	$0	$0	$0
Weighted Average Shares Outstanding	199,645,751	200,739,157	196,839,289	191,508,688

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	6 Months Ended
Statements of Cash Flows (USD $)	Nov. 30, 2014	Nov. 30, 2013
Operating Activities
Net loss	($328,116)	($160,642)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	0	289
Impairment of mineral rights	201,250	0
Changes in operating assets and liabilities
Amounts receivable	-3,638	49
Accounts payable	97,976	26,215
Accrued liabilities	5,966	0
Due to related party	11,430	-15,860
Net Cash Used In Operating Activities	-15,132	-149,949
Financing Activities
Proceeds from loans payable	0	150,000
Proceeds from issuance of common stock	15,000	0
Net Cash Provided By Financing Activities	15,000	150,000
(Decrease) Increase in Cash	-132	51
Cash, Beginning of Period	135	63
Cash, End of Period	3	114
Non-cash Investing and Financing Activities:
Shares issued pursuant to the acquisition of mineral properties	0	201,250
Shares issued to settle accounts payable	50,000	0
Supplemental Disclosures:
Interest paid	0	0
Income taxes paid	$0	$0

Basis_of_Presentation

Basis of Presentation	6 Months Ended
Basis of Presentation	Nov. 30, 2014
Basis of Presentation [Text Block]	1	Basis of Presentation

		Wolverine Exploration Inc. (the “Company”) was incorporated in the State of Nevada on February 23, 2006. 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, 2014. 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.

		Going Concern

		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 November 30, 2014, the Company has a working capital deficiency of $329,558 and has accumulated losses of $4,579,293 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, 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.

Mineral_Properties

Mineral Properties	6 Months Ended
	Nov. 30, 2014
Mineral Properties [Text Block]	3	Mineral Properties

		On June 11, 2013, the Company issued 17,500,000 shares of common stock with a fair value of $201,250 to acquire 20 mineral claims located in the Cariboo Mining District of British Columbia. During the six months ended November 30, 2014, the Company determined that the carrying amount of the mineral claims is not recoverable and exceeds its fair value and, therefore, recognized impairment of $201,250.

Related_Party_Transactions

Related Party Transactions	6 Months Ended
Related Party Transactions	Nov. 30, 2014
Related Party Transactions [Text Block]	4	Related Party Transactions

		(a)	During the six months ended November 30, 2014, the Company incurred consulting fees of $16,082 (2013 - $17,294) to the President of the Company.

		(b)	During the six months ended November 30, 2014, the Company incurred consulting fees of $57,338 (2013 - $57,646) and rent of $5,734 (2013 - $5,765) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses.

		(c)	As at November 30, 2014, the Company owed $47,862 (Cdn$54,756) (May 31, 2014 - $35,468 (Cdn$38,456)) to the President of the Company which is non-interest bearing, unsecured, and due on demand.

		(d)	As at November 30, 2014, the Company owes $17,482 (Cdn$20,000) (May 31, 2014 - $18,446 (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, 2014, included in accounts payable are the amounts of $97,268 (Cdn$111,278) (May 31, 2014 - $59,819 (Cdn$64,858)) owing to this company.

		(e)	As at November 30, 2014, included in accounts payable is the amount of $661 (Cdn$756) (May 31, 2014 - $24 (Cdn$26) owed to) owed from the brother of the President of the Company, which is non-interest bearing, unsecured and due on demand.

		(f)	On September 8, 2014, the Company issued 5,000,000 shares of common stock to settle related party accounts payable of $50,000.

Common_Stock

Common Stock	6 Months Ended
Common Stock	Nov. 30, 2014
Common Stock [Text Block]	5	Common Stock

		(a)	On September 8, 2014, the Company issued 5,000,000 shares of common stock to settle related party accounts payable of $50,000

		(b)	On September 29, 2014, the Company issued 1,500,000 shares of common stock pursuant to a private placement at $0.01 per share for proceeds of $15,000.

Stockbased_Compensation

Stock-based Compensation

6 Months Ended

Nov. 30, 2014

Stock-based Compensation [Text Block]

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

Average

Remaining

Aggregate

Number of

Exercise

Contractual

Intrinsic

Options

Price

Life (years)

Value

Outstanding and exercisable, November 30, 2014

5,100,000

0.05

0.54

–

and May 31, 2014

Commitments

Commitments	6 Months Ended
	Nov. 30, 2014
Commitments [Text Block]	7	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. As at November 30, 2014, the Company has not issued a bonus. During the six months ended November 30, 2014, the Company recorded consulting fees of $60,000.

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)