Wolverine Technologies (WOLV) 10-Q 14 May 15 2015 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Feb. 28, 2015	13-May-15
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	28-Feb-15
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	Q3

Balance_Sheets

Balance Sheets (USD $)	Feb. 28, 2015	31-May-14
Current Assets
Cash	$8,019	$135
Amounts receivable	2,149	2,053
Total Current Assets	10,168	2,188
Mineral property costs	0	201,250
Total Assets	10,168	203,438
Current Liabilities
Accounts payable and accrued liabilities	305,715	215,966
Due to related party	66,988	53,914
Total Liabilities	372,703	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, respectively	201,563	194,063
Additional paid-in capital	4,054,619	3,990,672
Accumulated deficit	-4,618,717	-4,251,177
Total Stockholders' Deficit	-362,535	-66,442
Total Liabilities and Stockholders' Deficit	$10,168	$203,438

Balance_Sheets_Parenthetical

Balance Sheets (Parenthetical) (USD $)	Feb. 28, 2015	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		9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014	Feb. 28, 2015	Feb. 28, 2014
Expenses
Depreciation	$0	$41	$0	$330
Foreign exchange gain	-21,904	-7,825	-1,854	-10,880
General and administrative	61,328	51,308	168,144	214,716
Mineral exploration costs	0	4,718	0	4,718
Impairment of mineral rights	0	0	201,250	0
Total Expenses	39,424	48,242	367,540	208,884
Net Loss	-39,424	-48,242	-367,540	-208,884
Other Income
Gain on settlement of debt	0	36,000	0	36,000
Total Other Income	0	36,000	0	36,000
Net Loss	($39,424)	($12,242)	($367,540)	($172,884)
Net Loss Per Share, Basic and Diluted	$0	$0	$0	$0
Weighted Average Shares Outstanding	200,563,000	202,007,777	198,067,000	194,969,926

Statements_of_Cash_Flows

Statements of Cash Flows (USD $)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2014
Operating Activities
Net loss	($367,540)	($172,884)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	0	330
Gain on settlement of debt	0	-36,000
Impairment of mineral rights	201,250	0
Changes in operating assets and liabilities
Amounts receivable	-96	-1,861
Accounts payable	138,613	69,884
Accrued liabilities	1,136	0
Due to related party	13,074	-9,560
Net Cash Used In Operating Activities	-13,563	-150,091
Financing Activities
Bank indebtedness	0	28
Proceeds from issuance of common stock	21,447	150,000
Net Cash Provided By Financing Activities	21,447	150,028
Increase (Decrease) in Cash	7,884	-63
Cash, Beginning of Period	135	63
Cash, End of Period	8,019	0
Non-cash Investing and Financing Activities:
Shares issued pursuant to the acquisition of mineral properties	0	402,500
Shares issued to settle accounts payable	50,000	64,000
Supplemental Disclosures:
Interest paid	0	0
Income taxes paid	$0	$0

Basis_of_Presentation

Basis of Presentation	9 Months Ended
	Feb. 28, 2015
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 prior principal business was the acquisition and exploration of mineral resources. The Company had not determined that its properties contain mineral reserves that were economically recoverable, financing had not yet become available, and commodity prices had not fully recovered. Therefore, management decided to change the focus of the Company from mineral exploration to cyber security. On April 14, 2015, the Company entered into a Share Exchange and Royalty Agreement pursuant to which the Company will acquire 25% interest in the process technology and cyber security company ENIGMAMobil Inc. (“Enigma”). Refer to Note 8. Enigma is in the business of developing security applications for cyber systems focusing on the mobile smartphone markets.
		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 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. The Company plans to raise financing of debt or equity for an aggregate of $2,500,000 prior to the closing of the Enigma Share Exchange and Royalty Agreement described in Note 8. There can be no assurance that additional financing will be available when needed or, if available, that it can be obtained on commercially reasonable terms. As February 28, 2015, the Company has a working capital deficiency of $362,535 and has accumulated losses of $4,618,717 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, 2015
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	9 Months Ended
	Feb. 28, 2015
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 nine months ended February 28, 2015, the Company determined that the carrying amount of the mineral claims is not recoverable and exceeds its fair value and, therefore, recognized an impairment of $201,250. During the period ended February 28, 2015, the Company decided to change its focus from mineral exploration to cyber security.

Related_Party_Transactions

Related Party Transactions	9 Months Ended
	Feb. 28, 2015
Related Party Transactions [Text Block]	4	Related Party Transactions
		(a)	During the nine months ended February 28, 2015, the Company incurred consulting fees of $23,977 (2014 - $25,632) to the President of the Company.
		(b)	During the nine months ended February 28, 2015, the Company incurred consulting fees of $82,653 (2014 - $85,442) and rent of $8,265 (2013 - $8,544) to a company controlled by the brother of the President of the Company which is included in general and administrative expenses.
		(c)	As at February 28, 2015, the Company owed $50,992 (May 31, 2014 - $35,468) to the President of the Company which is non-interest bearing, unsecured, and due on demand.
		(d)	As at February 28, 2015, the Company owes $15,996 (May 31, 2014 - $18,446) 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, 2015, included in accounts payable are the amounts of $117,529 (May 31, 2014 - $59,819) owing to this company.
		(e)	As at February 28, 2015, included in accounts payable is the amount of $4,621 (May 31, 2014 - $24) owed to 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	9 Months Ended
	Feb. 28, 2015
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 Cdn$0.01 per share for proceeds of $13,449 (Cdn$15,000).
		(c)	During the period ended February 28, 2015, the Company received stock subscriptions for 1,000,000 shares of common stock pursuant to a private placement at Cdn$0.01 per share for proceeds of $7,998 (Cdn$10,000). At February 28, 2015, the shares had not been issued.

Stockbased_Compensation

Stock-based Compensation	9 Months Ended
	Feb. 28, 2015
Stock-based Compensation [Text Block]	6	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	Remaining		Aggregate
			Number of		Exercise	Contractual		Intrinsic
			Options		Price	Life (years)		Value
		Outstanding and exercisable, February 28, 2015 and May 31, 2014	5,100,000	$	0.05	0.29	$	–

Commitments

Commitments	9 Months Ended
	Feb. 28, 2015
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 $7,998 (Cdn$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 February 28, 2015, the Company has not issued a bonus. During the nine months ended February 28, 2015, the Company recorded consulting fees of $82,653.

Subsequent_Event

Subsequent Event	9 Months Ended
	Feb. 28, 2015
Subsequent Event [Text Block]	8	Subsequent Event
		On April 14, 2015, the Company entered into a Share Exchange and Royalty Agreement pursuant to which the Company will acquire 25% interest in the process technology and cyber security company ENIGMAMobil Inc. (“Enigma”) for the purchase price of $3,000,000, to be paid in shares of common stock of the Company. The Company will also receive 25% royalty of all gross revenue received by Enigma from the sale of licenses of ENIGMAMobil™ mobile security app. The Company agreed to issue a finder’s fee consisting of 30,000,000 shares of common stock of the Company (the “Finder’s Shares”).The Agreement is subject to Enigma completing a financing of $2,500,000 and the Company increasing its authorized capital of common stock to allow for the issuance of the Shares and Finder’s Shares.

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	9 Months Ended
	Feb. 28, 2015
Stock Option Activity [Table Text Block]						Weighted
					Weighted	Average
					Average	Remaining		Aggregate
			Number of		Exercise	Contractual		Intrinsic
			Options		Price	Life (years)		Value
		Outstanding and exercisable, February 28, 2015 and May 31, 2014	5,100,000	$	0.05	0.29	$	–

Basis_of_Presentation_Narrativ

Basis of Presentation (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
Basis Of Presentation 1	25.00%
Basis Of Presentation 2	$2,500,000
Basis Of Presentation 3	362,535
Basis Of Presentation 4	$4,618,717

Mineral_Properties_Narrative_D

Mineral Properties (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
Mineral Properties 1	17,500,000
Mineral Properties 2	$201,250
Mineral Properties 3	20
Mineral Properties 4	$201,250

Related_Party_Transactions_Nar

Related Party Transactions (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
Related Party Transactions 1	$23,977
Related Party Transactions 2	25,632
Related Party Transactions 3	82,653
Related Party Transactions 4	85,442
Related Party Transactions 5	8,265
Related Party Transactions 6	8,544
Related Party Transactions 7	50,992
Related Party Transactions 8	35,468
Related Party Transactions 9	15,996
Related Party Transactions 10	18,446
Related Party Transactions 11	117,529
Related Party Transactions 12	59,819
Related Party Transactions 13	4,621
Related Party Transactions 14	24
Related Party Transactions 15	5,000,000
Related Party Transactions 16	$50,000

Common_Stock_Narrative_Details

Common Stock (Narrative) (Details)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2015
	USD ($)	CAD
Common Stock 1	5,000,000	5,000,000
Common Stock 2	$50,000
Common Stock 3	1,500,000	1,500,000
Common Stock 4		0.01
Common Stock 5	13,449
Common Stock 6		15,000
Common Stock 7	1,000,000	1,000,000
Common Stock 8		0.01
Common Stock 9	7,998
Common Stock 10		10,000

Stockbased_Compensation_Narrat

Stock-based Compensation (Narrative) (Details)	9 Months Ended
	Feb. 28, 2015
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)	9 Months Ended
	Feb. 28, 2015	Feb. 28, 2015
	USD ($)
Commitments 1	$7,998
Commitments 2	10,000	10,000
Commitments 3	5.00%	5.00%
Commitments 4	$82,653

Subsequent_Event_Narrative_Det

Subsequent Event (Narrative) (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
Subsequent Event 1	25.00%
Subsequent Event 2	$3,000,000
Subsequent Event 3	25.00%
Subsequent Event 4	30,000,000
Subsequent Event 5	$2,500,000

Stock_Option_Activity_Details

Stock Option Activity (Details) (USD $)	9 Months Ended
	Feb. 28, 2015
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	0.29
Stock-based Compensation Stock Option Activity 4	$0