Wolverine Technologies (WOLV) 10-Q 8 Feb 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Nov. 30, 2017	Feb. 08, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Nov. 30, 2017
Trading Symbol	wolv
Entity Registrant Name	Wolverine Technologies Corp.
Entity Central Index Key	1,424,404
Current Fiscal Year End Date	--05-31
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		346,520,993
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

Balance Sheets

Balance Sheets - USD ($)	Nov. 30, 2017	May 31, 2017
Current Assets
Cash	$ 0	$ 47
Other receivable	3,562	1,733
Total Assets	3,562	1,780
Current Liabilities
Bank overdraft	9	0
Accounts payable and accrued liabilities	235,012	205,436
Advances from shareholder	50,469	15,950
Short term debt - related parties	84,053	59,023
Total Liabilities	369,543	280,409
Stockholders' Deficit
Common stock, 500,000,000 shares authorized, $0.001 par value 346,520,993 and 346,520,993 shares issued and outstanding at November 30, and May 31, 2017, respectively	346,521	346,521
Subscriptions received	47,463	26,798
Additional paid-in capital	4,882,331	4,882,331
Accumulated deficit	(5,642,296)	(5,534,279)
Total Stockholders' Deficit	(365,981)	(278,629)
Total Liabilities and Stockholders' Deficit	$ 3,562	$ 1,780

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2017	May 31, 2017
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	346,520,993	346,520,993
Common Stock, Shares, Outstanding	346,520,993	346,520,993

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016	Nov. 30, 2017	Nov. 30, 2016
Operating Expenses
General and administrative	$ 49,573	$ 73,167	$ 100,530	$ 170,381
Mineral exploration costs	0	0	222	0
Total Operating Expenses	49,573	73,167	100,752	170,381
Net Loss Before Other Expenses	(49,573)	(73,167)	(100,752)	(170,381)
Other Income (Expenses)
Interest income	0	187	0	379
Foreign exchange gain (loss)	5,337	908	(7,265)	204
Gain (loss) on settlement of debt	0	3,617	0	3,617
Net Loss	$ (44,236)	$ (68,455)	$ (108,017)	$ (166,181)
Net Loss Per Share, Basic and Diluted	$ 0	$ 0	$ 0	$ 0
Weighted Average Shares Outstanding	346,520,993	341,008,905	346,520,993	328,019,354

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Nov. 30, 2017	Nov. 30, 2016
Operating Activities
Net loss	$ (108,017)	$ (166,181)
Adjustments to reconcile net loss to net cash used in operating activities:
Amortization of prepaid from shares issued for services	0	14,812
(Gain) loss on settlement of debt	0	(3,617)
Changes in operating assets and liabilities:
Other receivable	(1,829)	(429)
Accounts payable	69,991	63,325
Due to related parties	22,700	13,897
Net Cash Used in Operating Activities	(17,155)	(78,193)
Investing Activities
Investment in related party loans receivable	0	362
Net Cash Provided by Investing Activities	0	362
Financing Activities
Proceeds from issuance of common stock	0	63,369
Proceeds from common stock subscriptions	20,665	11,930
Advances from shareholder	9,488	0
Repayment on advances to shareholder	(5,780)	0
Net Cash Provided by Financing Activities	24,373	75,299
Effect of foreign currency on cash	(7,265)	0
Decrease in Cash	(47)	(2,532)
Cash, Beginning of Period	47	2,594
Cash, End of Period	0	62
Non-cash Investing and Financing Activities:
Payments made by shareholders on behalf of Company	7,969	0
Accounts payable transferred to Advances from Shareholders	38,791	0
Shares issued to settle accounts payable	0	35,625
Shares issued to settle related party debt	0	14,000
Shares issued for prepaid services	0	7,000
Supplemental Disclosures:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

Organization

Organization	6 Months Ended
	Nov. 30, 2017
Organization [Text Block]	1. Organization Wolverine Technologies Corp. (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 to include cyber security. On April 14, 2015, the Company entered into a Share Exchange and Royalty Agreement pursuant to which the Company would acquire 25% interest in the process technology and cyber security company ENIGMAMobil Inc. (“Enigma”). Enigma is in the business of developing security applications for cyber systems focusing on the mobile smartphone markets. On December 31, 2017, the parties agreed to let the Share Exchange and Royalty Agreement expire to enable the Company to focus on its indirect interest in Decision-Zone Inc. which the Company acquired through a Share Purchase Agreement, which was announced April 19, 2016. The Company will no longer be pursuing an interest in Enigma. Refer to Note 7. Effective August 12, 2015, the Company changed its name from Wolverine Exploration Inc. to Wolverine Technologies Corp. The accompanying financial statements of Wolverine Technologies Corp. (the “Company”) should 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, 2017. 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 result 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 to 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. 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. At November 30, 2017, the Company has a working capital deficiency of $365,981 and has accumulated losses of $5,642,296 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 Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Nov. 30, 2017
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.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Nov. 30, 2017
Related Party Transactions [Text Block]	3. Related Party Transactions (a) During the six months ended November 30, 2017, the Company incurred consulting fees of $10,734 (2016 - $15,083) to a company controlled by the President of the Company. (b) During the six months ended November 30, 2017, the Company incurred consulting fees of $11,966 (2016 - $11,171) to a Director of the Company. (c) As at November 30, 2017, the Company owes $33,392 (May 31, 2017 - $21,765) to a company controlled by the President of the Company, which is non-interest bearing, unsecured and due on demand. (d) As at November 30, 2017, the Company owes $50,661 (May 31, 2017 - $37,257) to a Director of the Company, which is non-interest bearing, unsecured and due on demand. (e) As at November 30, 2017, the Company owes $50,469 (May 31, 2017 - $15,950) to a shareholder of the Company, which is non-interest bearing, unsecured and due on demand. This amount consists of advances to the Company of $9,488 (May 31, 2017 - $7,120) and expenses incurred on behalf of the Company of $7,969 (May 31, 2017 - $4,649), repayment of $5,780 (May 31, 2017 - $1,000), debt assignment of $38,791 (May 31, 2017 - $nil) with remaining change due to foreign exchange. During October 2017, a creditor of the Company assigned Cdn$50,000 ($38,791) of debt to a shareholder of the Company. We note the shareholder is not considered a related party as he owns less than 1% of the shares outstanding as of balance sheet date.

Common Stock

Common Stock	6 Months Ended
	Nov. 30, 2017
Common Stock [Text Block]	4. Common Stock Stock transactions during the six months ended November 30, 2017: (a) During the six months ended November 30, 2017, the Company received cash proceeds of $15,000 USD and $5,665 USD (Cdn$7,500) relating to a subsequent share issuance. As of the date of this filing, these shares have not yet been issued. (b) In October 2017, a creditor of the Company assigned $110,000 of debt to various parties. In October 2017, the Company then entered into various accounts payable settlement agreements with these parties to settle Cdn$110,000 of debt with the issuance of 22,000,000 shares of common stock. As of the date of this filing these shares have not yet been issued and the amounts due are reflected in accounts payable. (c) In October 2017, the Company entered into accounts payable settlement agreements with two creditors to settle Cdn$62,500 and USD$10,000 of debt with the issuance of 14,500,000 shares of common stock. As of the date of this filing, the shares have not been issued and the amounts due are reflected in accounts payable. (d) In October 2017, the Company entered into an accounts payable settlement agreement with company controlled by the President of the Company to settle Cdn$20,000 of debt with the issuance of 4,000,000 shares of common stock. As of the date of this filing, the shares have not been issued and the amount is reflected in accounts payable.

Stock-based Compensation

Stock-based Compensation	6 Months Ended
	Nov. 30, 2017
Stock-based Compensation [Text Block]	5. 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. As at November 30, 2017 and May 31, 2017, the Company did not have outstanding stock options.

Commitments

Commitments	6 Months Ended
	Nov. 30, 2017
Commitments [Text Block]	6. Commitments On January 31, 2007, the Company entered into a consulting agreement with a company whereby it has agreed to pay $7,407 (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 November 30, 2017, the Company has not issued a bonus. During the six months ended November 30, 2017, the Company recorded consulting fees of $47,206 (Cdn$60,000). The Company entered into various debt settlement agreements with several creditors to settle debt with several creditors (see note 4). As of the date of this filing, the shares have not been issued.

Subsequent Events

Subsequent Events	6 Months Ended
	Nov. 30, 2017
Subsequent Events [Text Block]	7. Subsequent Events (a) 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 to Texada Consulting Inc. consisting of 30,000,000 shares of common stock of the Company (the “Finder’s Shares”). The Agreement is subject to Wolverine and/or 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. Subsequent to the period end both parties mutually agreed to let the agreement expire. (b) On April 19, 2016, the Company signed a Share Purchase Agreement with a Director of the Company, whereby the Company will issue, in a private placement, 400,000,000 shares of common stock of the Company in consideration for one-third of the net proceeds that the Director will receive from the sale of the Director’s 15% interest in Decision-Zone Inc. The Agreement is subject to the Company increasing its authorized capital of common stock to allow for the issuance of the shares to the Director. As of the date of this filing, the agreement has not yet closed. (c) In January 2018, the Company received cash proceeds of Cdn$105,000 relating to a subsequent issuance of 21,000,000 shares of common stock. As of the date of this filing these shares have not yet been issued. (d) On January 10, 2018, the Company entered into an accounts payable settlement agreement with a creditor to settle Cdn$10,000 of debt with the issuance of 2,000,000 shares of common stock. As of the date of this filing, the shares have not been issued and the amounts due are reflected in accounts payable. (e) In February 2018, the Company received cash proceeds of Cdn$2,500 relating to a subsequent issuance of 500,000 shares of common stock. As of the date of this filing these shares have not yet been issued. (f) In February 2018, the Company received cash proceeds of $10,000 relating to a subsequent issuance of 2,000,000 shares of common stock. As of the date of this filing these shares have not yet been issued.

Organization (Narrative) (Detai

Organization (Narrative) (Details)	6 Months Ended
	Nov. 30, 2017USD ($)
Organization 1	25.00%
Organization 2	$ 365,981
Organization 3	$ 5,642,296

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details)	6 Months Ended
	Nov. 30, 2017USD ($)	Nov. 30, 2017CAD
Related Party Transactions 1	$ 10,734
Related Party Transactions 2	15,083
Related Party Transactions 3	11,966
Related Party Transactions 4	11,171
Related Party Transactions 5	33,392
Related Party Transactions 6	21,765
Related Party Transactions 7	50,661
Related Party Transactions 8	37,257
Related Party Transactions 9	50,469
Related Party Transactions 10	15,950
Related Party Transactions 11	9,488
Related Party Transactions 12	7,120
Related Party Transactions 13	7,969
Related Party Transactions 14	4,649
Related Party Transactions 15	5,780
Related Party Transactions 16	1,000
Related Party Transactions 17	38,791
Related Party Transactions 18	0
Related Party Transactions 19 | CAD		CAD 50,000
Related Party Transactions 20	$ 38,791
Related Party Transactions 21	1.00%	1.00%

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details)	6 Months Ended
	Nov. 30, 2017USD ($)shares	Nov. 30, 2017CADshares
Common Stock 1 | $	$ 15,000
Common Stock 2 | $	5,665
Common Stock 3 | CAD		CAD 7,500
Common Stock 4 | $	$ 110,000
Common Stock 5 | CAD		CAD 110,000
Common Stock 6 | shares	22,000,000	22,000,000
Common Stock 7 | CAD		CAD 62,500
Common Stock 8 | $	$ 10,000
Common Stock 9 | shares	14,500,000	14,500,000
Common Stock 10 | CAD		CAD 20,000
Common Stock 11 | shares	4,000,000	4,000,000

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details)	6 Months Ended
	Nov. 30, 2017shares
Stock-based Compensation 1	10,294,500
Stock-based Compensation 2	5,147,250
Stock-based Compensation 3	5,147,250

Commitments (Narrative) (Detail

Commitments (Narrative) (Details) - 6 months ended Nov. 30, 2017	USD ($)CAD / mo	CADCAD / mo
Commitments 1	$ 7,407
Commitments 2 | CAD / mo	10,000	10,000
Commitments 3	5.00%	5.00%
Commitments 4	$ 47,206
Commitments 5 | CAD		CAD 60,000

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details) - 6 months ended Nov. 30, 2017	USD ($)shares	CADshares
Subsequent Events 1	25.00%	25.00%
Subsequent Events 2 | $	$ 3,000,000
Subsequent Events 3	25.00%	25.00%
Subsequent Events 4	30,000,000	30,000,000
Subsequent Events 5 | $	$ 2,500,000
Subsequent Events 6	400,000,000	400,000,000
Subsequent Events 7	15.00%	15.00%
Subsequent Events 8 | CAD		CAD 105,000
Subsequent Events 9	21,000,000	21,000,000
Subsequent Events 10 | CAD		CAD 10,000
Subsequent Events 11	2,000,000	2,000,000
Subsequent Events 12 | CAD		CAD 2,500
Subsequent Events 13	500,000	500,000
Subsequent Events 14 | $	$ 10,000
Subsequent Events 15	2,000,000	2,000,000