Restatements [Text Block] | WOLVERINE TECHNOLOGIES CORP. Notes to the Financial Statements May 31, 2021 (Expressed in U.S. dollars) 11. Restatements The Company determined that a consultant has been acting in a similar capacity to, and has responsibilities normally associated with, that of an executive officer irrespective of his role as a consultant. Accordingly, the Company has reclassified amounts owing to Mr. Bruce Costerd and Texada Consulting Inc., a private company controlled by Mr. Costerd (collectively "Texada"). The Company concluded that the impact of reclassifying the amounts owed to Texada was materially different from its previously reported results. As a result, the Company is restating its consolidated financial statements for the periods impacted. The following financial tables reconcile the previously reported amounts to the restated amounts for each consolidated financial statement. The tables below sets forth changes to the balance sheets: May 31, 2021 As Previously Adjustments As Restated ASSETS Total Assets 18,424 18,424 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities 244,936 (118,478 ) 126,458 Short term debt - related parties (Note 3) 90,520 118,478 208,998 Total Liabilities 335,456 335,456 Total Stockholders' Deficit (317,032 ) (317,032 ) Total Liabilities and Stockholders' Deficit 18,424 18,424 May 31, 2020 As Previously Adjustments As Restated ASSETS Total Assets 7,123 7,123 LIABILITIES AND STOCKHOLDERS' DEFICIT Current Liabilities Accounts payable and accrued liabilities 144,968 (9,960 ) 135,008 Short term debt - related parties (Note 3) 47,240 9,960 57,200 Total Liabilities 192,208 192,208 Total Stockholders' Deficit (185,085 ) (185,085 ) Total Liabilities and Stockholders' Deficit 7,123 7,123 The tables below sets forth changes to the statement of cash flows: Year ended May 31, 2021 As Previously Adjustments As Restated Operating Activities Net loss (176,650 ) (176,650 ) Adjustments to reconcile net loss to net cash used in operating activities: Gain on forgiveness of debt 2,261 2,261 Changes in operating assets and liabilities Other receivable (5,367 ) (5,367 ) Accounts payable 102,229 (108,519 ) (6,290 ) Accounts payable - related parties 43,280 108,519 151,799 Net Cash Used in Operating Activities (38,769 ) (38,769 ) Net Cash Provided by Financing Activities 44,703 44,703 Increase in Cash 5,934 5,934 Cash, Beginning of Year 3,177 3,177 Cash, End of Year 9,111 9,111 Year ended May 31, 2021 As Previously Adjustments As Restated Operating Activities Net loss (292,167 ) (292,167 ) Adjustments to reconcile net loss to net cash used in operating activities: Loss on settlement of debt 41,329 41,329 Gain on forgiveness of debt (2,747 ) (2,747 ) Changes in operating assets and liabilities Other receivable (354 ) (354 ) Accounts payable 88,533 (42,743 ) 45,790 Accounts payable - related parties 45,735 42,743 88,478 Net Cash Used in Operating Activities (119,671 ) (119,671 ) Net Cash Provided by Financing Activities 122,848 122,848 Increase in Cash 3,177 3,177 Cash, Beginning of Year - - Cash, End of Year 3,177 3,177 WOLVERINE TECHNOLOGIES CORP. Notes to the Financial Statements May 31, 2021 (Expressed in U.S. dollars) The tables below sets forth changes to the statement of changes in stockholders’ deficit: Additional Subscriptions Paid-in Accumulated Shares Amount Received Capital Deficit Total # $ $ $ $ $ Balance, May 31, 2019 477,270,993 477,271 60,862 5,238,347 (6,011,546 ) (235,066 ) Common stock subscribed for cash - - 9,736 - - 9,736 Common stock issued to settle debt, as reported 58,266,666 58,267 1,000 100,033 - 159,300 Less reclassification of common stock issued to Texada Consulting Inc. for settlement of debt (35,666,666 ) (35,667 ) (66,333 ) - (102,000 ) Common stock issued to settle debt, as restated 22,600,000 22,600 1,000 33.700 - 57,300 Common stock issued to settle related party debt, as reported 20,000,000 20,000 - 40,000 - 60,000 Add reclassification of common stock issued to Texada Consulting Inc. for settlement of debt 35,666,666 35,667 - 66,333 - 102,000 Common stock issued to settle related party debt, as restated 55,666,666 55,667 - 106,333 - 162,000 Common stock subscribed for cash 58,888,889 58,889 - 54,223 - 113,112 Common stock issued for subscription payable 16,200,000 16,200 (60,862 ) 44,662 - - Net loss for the year - - - - (292,167 ) (292,167 ) Balance, May 31, 2020 630,626,548 630,627 10,736 5,477,265 (6,303,713 ) (185,085 ) |