Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Aug. 31, 2019 | Jan. 15, 2020 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Aug. 31, 2019 | |
Entity Registrant Name | WOLVERINE TECHNOLOGIES CORP. | |
Entity Central Index Key | 0001424404 | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 499,970,993 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Interactive Data Current | Yes |
Balance Sheets
Balance Sheets - USD ($) | Aug. 31, 2019 | May 31, 2019 |
Current Assets | ||
Cash | $ 206 | $ 0 |
Other receivable | 3,739 | 3,592 |
Total Assets | 3,945 | 3,592 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 183,009 | 191,901 |
Short term debt - related parties | 62,163 | 46,757 |
Total Liabilities | 245,172 | 238,658 |
Stockholders' Deficit | ||
Common stock, 500,000,000 shares authorized, $0.001 par value 499,970,993 and 477,270,993 shares issued and outstanding at August 31, 2019 and May 31, 2019, respectively | 499,971 | 477,271 |
Subscriptions received | 43,500 | 60,862 |
Additional paid-in capital | 5,291,858 | 5,238,347 |
Accumulated deficit | (6,076,556) | (6,011,546) |
Total Stockholders' Deficit | (241,227) | (235,066) |
Total Liabilities and Stockholders' Deficit | $ 3,945 | $ 3,592 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Aug. 31, 2019 | 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 | 499,970,993 | 477,270,993 |
Common Stock, Shares, Outstanding | 499,970,993 | 477,270,993 |
Statements of Operations (Unaud
Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Operating Expenses | ||
General and administrative | $ 68,321 | $ 52,580 |
Total Operating Expenses | 68,321 | 52,580 |
Net Loss Before Other Expenses | (68,321) | (52,580) |
Other Income (Expense) | ||
Gain on forgiveness of debt | 2,585 | |
Foreign exchange gain (loss) | (1,161) | 538 |
Gain on settlement of debt | 1,887 | |
Net Loss | $ (65,010) | $ (52,042) |
Net Loss Per Common Share, Basic and Diluted (in dollars per share) | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding, Basic and Diluted (in shares) | 506,887,660 | 449,353,602 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Deficit (Unaudited) - USD ($) | Common Stock [Member] | Subscriptions Received [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at May. 31, 2018 | $ 432,021 | $ 66,328 | $ 5,105,472 | $ (5,780,916) | $ (177,095) |
Beginning Balance (Shares) at May. 31, 2018 | 432,020,993 | ||||
Common stock subscribed for cash | 2,282 | $ 2,282 | |||
Common stock issued for cash (Shares) | 600,000 | ||||
Net loss for the period | (52,042) | $ (52,042) | |||
Ending Balance at Aug. 31, 2018 | $ 432,021 | 68,610 | 5,105,472 | (5,832,958) | (226,855) |
Ending Balance (Shares) at Aug. 31, 2018 | 432,020,993 | ||||
Beginning Balance at May. 31, 2019 | $ 477,271 | 60,862 | 5,238,347 | (6,011,546) | (235,066) |
Beginning Balance (Shares) at May. 31, 2019 | 477,270,993 | ||||
Common stock subscribed for cash | 43,500 | 43,500 | |||
Common stock issued for cash | $ 5,000 | 7,349 | 12,349 | ||
Common stock issued for cash (Shares) | 5,000,000 | ||||
Common stock issued for subscription payable | $ 16,200 | (60,862) | 44,662 | ||
Common stock issued for subscription payable (Shares) | 16,200,000 | ||||
Common stock issued to settle debt | $ 1,500 | 1,500 | 3,000 | ||
Common stock issued to settle debt (Shares) | 1,500,000 | ||||
Net loss for the period | (65,010) | (65,010) | |||
Ending Balance at Aug. 31, 2019 | $ 499,971 | $ 43,500 | $ 5,291,858 | $ (6,076,556) | $ (241,227) |
Ending Balance (Shares) at Aug. 31, 2019 | 499,970,993 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2018 | |
Operating Activities | ||
Net loss | $ (65,010) | $ (52,042) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Gain on settlement of debt | (1,887) | |
Gain on forgiveness of debt | (2,585) | |
Changes in operating assets and liabilities: | ||
Other receivable | (147) | (1,856) |
Accounts payable | (1,420) | 23,016 |
Accounts payable - related parties | 15,406 | 9,612 |
Net Cash Used in Operating Activities | (55,643) | (21,270) |
Financing Activities | ||
Checks issued in excess of funds on deposit | 6 | |
Proceeds from issuance of common stock | 12,349 | |
Proceeds from common stock subscriptions | 43,500 | 2,282 |
Net Cash Provided by Financing Activities | 55,849 | 2,288 |
Increase (decrease) in Cash | 206 | (18,982) |
Cash, Beginning of Period | 0 | 18,982 |
Cash, End of Period | 206 | 0 |
Non-cash Investing and Financing Activities: | ||
Shares issued to settle accounts payable | 3,000 | |
Payments made by shareholders on behalf of Company | 439 | |
Stocks issued for prior year subscriptions | 60,862 | |
Supplemental Disclosures: | ||
Interest paid | 163 | |
Income taxes paid | $ 0 | $ 0 |
Organization and basis of prese
Organization and basis of presentation | 3 Months Ended |
Aug. 31, 2019 | |
Organization and basis of presentation [Text Block] | 1. 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. Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company's fiscal year-end is May 31. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. 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, 2019. 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 August 31, 2019, the Company has a working capital deficiency of $241,227 and has accumulated losses of $6,076,556 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 | 3 Months Ended |
Aug. 31, 2019 | |
Recent Accounting Pronouncements [Text Block] | 2. Recent Accounting Pronouncements In June 2018, the FASB issued ASU No. 2018-07, “Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” In February 2016, FASB issued ASU 2016-02, Leases (Topic 842). ASU 2018-10, Codification Improvements to Topic 842, Leases ASU 2018-11, Leases (Topic 842), Targeted Improvements 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, 2019 | |
Related Party Transactions [Text Block] | 3. (a) (b) (c) (d) |
Common Stock
Common Stock | 3 Months Ended |
Aug. 31, 2019 | |
Common Stock [Text Block] | 4. Stock transactions during the three months ended August 31, 2019: (a) (b) (c) (d) During the three months ended August 31, 2019, the Company received cash proceeds of $43,500 for the issuance of 19,333,334 common shares. As of the date of these financial statements the shares had yet to be issued. Stock transactions during the nine months ended August 31, 2018: (a) During the three months ended August 31, 2018, the Company received cash proceeds of $2,282 for the issuance of 600,000 common shares. At August 31, 2019 and 2018, the Company had no dilutive shares, or common stock equivalents. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Aug. 31, 2019 | |
Stock-based Compensation [Text Block] | 5. 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, 2019 and 2018, the Company had no outstanding or exercisable stock options. |
Commitments
Commitments | 3 Months Ended |
Aug. 31, 2019 | |
Commitments [Text Block] | 6. (a) |
Subsequent Events
Subsequent Events | 3 Months Ended |
Aug. 31, 2019 | |
Subsequent Events [Text Block] | 7. Subsequent Events In accordance with ASC 855-10 Company management reviewed all material events through the date of this report. The item disclosed below represents the only material subsequent event to report. Subsequent to August 31, 2019, the Company received cash proceeds of $31,500 for the issuance of 14,000,000 common shares. The Company does not have sufficient unissued authorized shares to complete this share issuance and as of the date of these financial statements the shares had yet to be issued. The Company’s shareholders have approved an amendment to the Company’s Articles of Incorporation to increase the authorized number of shares of the Company’s common stock from 500,000,000 shares of common stock to 2,000,000,000 shares of common stock. However as of the date of these financial statements the increase has not been completed. |
Organization and basis of pre_2
Organization and basis of presentation (Policies) | 3 Months Ended |
Aug. 31, 2019 | |
Basis of Presentation [Policy Text Block] | Basis of Presentation These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States, and are expressed in U.S. dollars. The Company's fiscal year-end is May 31. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") have been condensed or omitted. 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, 2019. 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 [Policy Text Block] | 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, 2019, the Company has a working capital deficiency of $241,227 and has accumulated losses of $6,076,556 since inception. These factors raise substantial doubt regarding the Company's ability to continue as a going concern. These financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. |
Organization and basis of pre_3
Organization and basis of presentation (Narrative) (Details) - USD ($) | Aug. 31, 2019 | May 31, 2019 |
Working capital deficiency | $ 241,227 | |
Accumulated deficit | $ 6,076,556 | $ 6,011,546 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2019 | |
A company controlled by the President of the Company [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 7,484 | $ 7,653 | |
Due to Related Parties, Current | 43,380 | $ 38,918 | |
Director [Member] | |||
Related Party Transaction, Amounts of Transaction | 11,225 | $ 3,061 | |
Due to Officers or Stockholders, Current | $ 18,783 | $ 7,839 |
Common Stock (Narrative) (Detai
Common Stock (Narrative) (Details) | 1 Months Ended | 3 Months Ended | ||
Aug. 23, 2019CAD ($)shares | Aug. 23, 2019USD ($)shares | Aug. 31, 2019USD ($)shares | Aug. 31, 2018USD ($)shares | |
Gain on settlement | $ 1,887 | |||
Common stock issued for cash (Shares) | shares | 600,000 | |||
Proceeds from issuance of common stock | 12,349 | |||
Common stock subscribed for cash | $ 43,500 | $ 2,282 | ||
Common stock issued for subscription payable (shares) | shares | 19,333,334 | |||
Common stock issued for cash | $ 12,349 | |||
Private Placement - 1 [Member] | ||||
Common stock issued for subscription payable | $ 81,000 | $ 60,862 | ||
Common stock issued for subscription payable (Shares) | shares | 16,200,000 | 16,200,000 | ||
Private Placement - 2 [Member] | ||||
Common stock issued for cash (Shares) | shares | 5,000,000 | 5,000,000 | ||
Proceeds from issuance of common stock | $ 16,500 | $ 12,349 | ||
Shares issued to settle accounts payable [Member] | ||||
Stock issued during period, shares, to settle accounts payable | shares | 1,500,000 | 1,500,000 | ||
Stock issued during period, value, to settle accounts payable | $ 3,000 | |||
Extinguishment of debt, amount | $ 6,500 | 4,878 | ||
Gain on settlement | $ 1,878 |
Stock-based Compensation (Narra
Stock-based Compensation (Narrative) (Details) - shares | Aug. 31, 2019 | 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, 2019CAD ($) | Aug. 31, 2019USD ($) | Aug. 31, 2018CAD ($) | Aug. 31, 2018USD ($) | |
Consulting agreement, monthly payment | $ 10,000 | $ 7,600 | |||
Consulting fees | $ 30,000 | $ 22,451 | $ 30,000 | $ 22,957 | |
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) - USD ($) | Jan. 15, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | May 31, 2018 |
Subsequent Event [Line Items] | ||||
Amount of cash proceeds from issuance of common shares | $ 12,349 | |||
Issuance of common shares | 600,000 | |||
Common Stock, Shares Authorized | 500,000,000 | 500,000,000 | ||
Subsequent event [Member] | ||||
Subsequent Event [Line Items] | ||||
Amount of cash proceeds from issuance of common shares | $ 31,500 | |||
Issuance of common shares | 14,000,000 | |||
Common Stock, Shares Authorized | 2,000,000,000 |