Wolverine Technologies (WOLV) 10-Q 26 Oct 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Aug. 31, 2018	Oct. 26, 2018
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Aug. 31, 2018
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		477,270,993
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well Known Seasoned Issuer	No
Document Fiscal Year Focus	2,019
Document Fiscal Period Focus	Q1

Balance Sheets

Balance Sheets	Aug. 31, 2018USD ($)	May 31, 2018USD ($)
Current Assets
Cash	$ 0	$ 18,982
Other receivable	3,968	2,112
Total Assets	3,968	21,094
Current Liabilities
Checks issued in excess of funds on deposit	6	0
Accounts payable and accrued liabilities	194,828	171,812
Short term debt - related parties	35,989	26,377
Total Liabilities	230,823	198,189
Stockholders' Deficit
Common stock, 500,000,000 shares authorized, $0.001 par value 432,020,993 shares issued and outstanding at August 31, 2018 and May 31, 2018	432,021	432,021
Subscriptions received	68,610	66,328
Additional paid-in capital	5,105,472	5,105,472
Accumulated deficit	(5,832,958)	(5,780,916)
Total Stockholders' Deficit	(226,855)	(177,095)
Total Liabilities and Stockholders' Deficit	$ 3,968	$ 21,094

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Aug. 31, 2018	May 31, 2018
Common Stock, Shares Authorized	500,000,000	500,000,000
Common Stock, Par Value Per Share	$ 0.001	$ 0.001
Common Stock, Shares, Issued	432,020,993	432,020,993
Common Stock, Shares, Outstanding	432,020,993	432,020,993

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Operating Expenses
General and administrative	$ 52,580	$ 51,179
Total Operating Expenses	52,580	51,179
Net Loss Before Other Expenses	(52,580)	(51,179)
Other Income (Expense)
Foreign exchange gain (loss)	538	(12,602)
Net Loss	$ (52,042)	$ (63,781)
Net Loss Per Common Share, Basic and Diluted	$ 0	$ 0
Weighted Average Common Shares Outstanding, Basic and Diluted	449,353,602	346,520,993

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Aug. 31, 2018	Aug. 31, 2017
Operating Activities
Net loss	$ (52,042)	$ (63,781)
Changes in operating assets and liabilities:
Other receivable	(1,856)	(59)
Accounts payable	23,016	39,582
Accounts payable - related parties	9,612	21,860
Net Cash Used in Operating Activities	(21,270)	(2,398)
Financing Activities
Checks issued in excess of funds on deposit	6	0
Proceeds from common stock subscriptions	2,282	3,703
Due to related parties	0	(1,276)
Net Cash Provided by Financing Activities	2,288	2,427
(Decrease) Increase in Cash	(18,982)	29
Cash, Beginning of Period	18,982	47
Cash, End of Period	0	76
Non-cash Investing and Financing Activities:
Payments made by shareholders on behalf of Company	439	158
Supplemental Disclosures:
Interest paid	0	0
Income taxes paid	$ 0	$ 0

Organization

Organization	3 Months Ended
	Aug. 31, 2018
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. Effective August 12, 2015, the Company changed its name from Wolverine Exploration Inc. to Wolverine Technologies Corp. The accompanying financial statements of 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, 2018. In the opinion of management, the accompanying financial statements reflect all adjustments of a normal 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 August 31, 2018, the Company has a working capital deficiency of $226,855 and has accumulated losses of $5,832,958 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. Reclassifications Certain comparative figures have been reclassified to conform to the current year's presentation.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Aug. 31, 2018
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	3 Months Ended
	Aug. 31, 2018
Related Party Transactions [Text Block]	3. Related Party Transactions (a) During the three months ended August 31, 2018, the Company incurred consulting fees of $7,653 (2017 - $7,977) to a company controlled by the President of the Company. (b) During the three months ended August 31, 2018, the Company incurred consulting fees of $3,061 (2017 - $11,966) to a Director of the Company. (c) As at August 31, 2018, the Company owes $24,435 (May 31, 2018 - $17,814) to a company controlled by the President of the Company, which is non-interest bearing, unsecured and due on demand. (d) As at August 31, 2018, the Company owes $11,554 (May 31, 2018 - $8,563) to a Director of the Company, which is non-interest bearing, unsecured and due on demand.

Common Stock

Common Stock	3 Months Ended
	Aug. 31, 2018
Common Stock [Text Block]	4. Common Stock Stock transactions during the three months ended August 31, 2018: At August 31, 2018, the Company has received cash proceeds of $68,610 (Cdn$88,000) (May 31, 2017 - $66,328 (Cdn$85,000)) relating to share subscriptions for the issuance of 17,600,000 (May 31, 2017 – 17,000,000) common shares. The shares were unissued at August 31, 2018 and the amounts received have been reflected in stock subscriptions received in the balance sheet. The shares were issued on October 18, 2018 as described in Note 7(b).

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Aug. 31, 2018
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. At August 31, 2018 and 2017, the Company had no outstanding or exercisable stock options.

Commitments

Commitments	3 Months Ended
	Aug. 31, 2018
Commitments [Text Block]	6. Commitments (a) On January 31, 2007, the Company entered into a consulting agreement with a company whereby it has agreed to pay $7,652 (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 August 31, 2018, the Company has not issued a bonus. During the three months ended August 31, 2018, the Company recorded consulting fees of $22,957 (Cdn$30,000) (2017 - $23,931 (Cdn$30,000)). (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.

Subsequent Events

Subsequent Events	3 Months Ended
	Aug. 31, 2018
Subsequent Events [Text Block]	7. Subsequent Events (a) Subsequent to August 31, 2018, the Company received cash proceeds of $30,106 (Cdn$41,000) for the subscription for 8,200,000 shares of the Company’s common stock. (b) On October 18, 2018, the Company issued 23,800,000 shares of common stock for cash proceeds of $91,064 (Cdn$119,000) of which $68,610 (Cdn$88,000) was recorded as stock subscriptions received at August 31, 2018. (c) On October 18, 2018, the Company issued 21,450,000 shares of common stock to settle $82,073 (Cdn$107,250) of debt.

Organization (Narrative) (Detai

Organization (Narrative) (Details) - USD ($)	Aug. 31, 2018	May 31, 2018
Working capital deficiency	$ 226,855
Accumulated deficit	$ 5,832,958	$ 5,780,916

Related Party Transactions (Nar

Related Party Transactions (Narrative) (Details) - USD ($)	3 Months Ended
	Aug. 31, 2018	Aug. 31, 2017	May 31, 2018
A company controlled by the President of the Company [Member]
Related Party Transaction, Amounts of Transaction	$ 7,653	$ 7,977
Due to Related Parties, Current	24,435		$ 17,814
Director [Member]
Related Party Transaction, Amounts of Transaction	3,061	$ 11,966
Due to Officers or Stockholders, Current	$ 11,554		$ 8,563

Common Stock (Narrative) (Detai

Common Stock (Narrative) (Details)	Aug. 31, 2018USD ($)shares	Aug. 31, 2018CAD ($)shares	May 31, 2018USD ($)	May 31, 2017USD ($)shares	May 31, 2017CAD ($)shares
Subscriptions received	$ 68,610	$ 88,000	$ 66,328	$ 66,328	$ 85,000
Common Stock, Shares Subscribed	17,600,000	17,600,000		17,000,000	17,000,000

Stock-based Compensation (Narra

Stock-based Compensation (Narrative) (Details) - shares	Aug. 31, 2018	May 31, 2018	May 28, 2010
Common Stock, Shares Authorized	500,000,000	500,000,000
2010 Stock Plan [Member]
Common Stock, Shares Authorized			10,294,500
2010 Stock Plan - Stock Options [Member]
Common Stock, Shares Authorized			5,147,250
2010 Stock Plan - Restricted Shares [Member]
Common Stock, Shares Authorized			5,147,250

Commitments (Narrative) (Detail

Commitments (Narrative) (Details)	1 Months Ended	3 Months Ended
	Apr. 19, 2016shares	Aug. 31, 2018USD ($)	Aug. 31, 2018CAD ($)	Aug. 31, 2017USD ($)	Aug. 31, 2017CAD ($)
Consulting agreement, monthly payment		$ 7,652	$ 10,000
Share bonus in the event of the discovery of a major commercially viable mineral resource deposit		5.00%	5.00%
Consulting fees		$ 22,957	$ 30,000	$ 23,931	$ 30,000
Decision-Zone Inc. [Member]
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares	400,000,000
Equity Method Investment, Ownership Percentage	15.00%

Subsequent Events (Narrative) (

Subsequent Events (Narrative) (Details)	1 Months Ended		3 Months Ended
	Oct. 18, 2018USD ($)shares	Oct. 18, 2018CAD ($)shares	Aug. 31, 2018USD ($)shares	Aug. 31, 2018CAD ($)shares	Aug. 31, 2017USD ($)	Aug. 31, 2018CAD ($)	May 31, 2018USD ($)	May 31, 2017USD ($)	May 31, 2017CAD ($)
Proceeds from common stock subscriptions | $			$ 2,282		$ 3,703
Subscriptions received			68,610			$ 88,000	$ 66,328	$ 66,328	$ 85,000
Subsequent Event [Member]
Proceeds from common stock subscriptions	$ 91,064	$ 119,000	$ 30,106	$ 41,000
Stock Issued During Period, Shares, New Issues	23,800,000	23,800,000	8,200,000	8,200,000
Debt Conversion, Converted Instrument, Shares Issued	21,450,000	21,450,000
Debt Conversion, Converted Instrument, Amount	$ 82,073	$ 107,250