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 |