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 |