Replies to post #787 on Wolverine Resources Corp (WOLV)

[AliAngel]

Wolverine Exploration Inc.
(An Exploration Stage Company)
Balance Sheets
(Expressed in U.S. dollars)


November 30, 2009 May 31, 2009
$
(unaudited)

ASSETS

Current Assets

Cash 2,048 673
Amounts receivable 4,334 3,189
Prepaid expenses 17,927 –

Total Assets 24,309 3,862

LIABILITIES AND STOCKHOLDERS’ DEFICIT

Current Liabilities

Accounts payable 267,771 246,513
Accrued liabilities 76,707 58,855
Loans payable (Note 4) 21,000 36,000
Due to related party (Note 5) 16,812 14,915

Total Liabilities 382,290 356,283

Stockholders’ Deficit

Common stock, 200,000,000 shares authorized, $0.001 par value
68,630,000 shares issued and outstanding 68,630 68,630
Additional paid-in capital 1,030,770 1,030,770
Common stock subscribed (Note 6) 141,000 –
Deficit accumulated during the exploration stage (1,598,381 ) (1,451,821 )

Total Stockholders’ Deficit (357,981 ) (352,421 )

Total Liabilities and Stockholders’ Deficit 24,309 3,862

(The accompanying notes are an integral part of these financial statements)

F-1


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Wolverine Exploration Inc.
(An Exploration Stage Company)
Statements of Operations
(Expressed in U.S. dollars)
(unaudited)


Accumulated from
Three Months Three Months Six Months Six Months February 23, 2006
Ended Ended Ended Ended (Date of Inception)
November 30, November 30, November 30, November 30, to November 30,
2009 2008 2009 2008 2009
$ $ $ $ $

Revenue – – – – –

Expenses

Foreign exchange loss 3,998 – 3,771 – 12,669
General and administrative 67,680 45,976 119,990 143,911 970,099
Mineral exploration costs 22,799 – 22,799 – 267,392
Write-down of mineral property
costs – – – – 348,221

Total Expenses 94,477 45,976 146,560 143,911 1,598,381

Net Loss (94,477 ) (45,976 ) (146,560 ) (143,911 ) (1,598,381 )

Net Loss Per Share – Basic and
Diluted – – – –

Weighted Average Shares
Outstanding 68,630,000 68,630,000 68,630,000 68,630,000

(The accompanying notes are an integral part of these financial statements)

F-2


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Wolverine Exploration Inc.
(An Exploration Stage Company)
Statements of Cash Flows
(Expressed in U.S. dollars)
(unaudited)


Accumulated from
Six Months Six Months February 23, 2006
Ended Ended (Date of Inception)
November 30, November 30, to November 30,
2009 2008 2009
$ $ $
Operating Activities
Net loss (146,560 ) (143,911 ) (1,598,381 )
Adjustments to reconcile net loss to net cash used in operating
activities:
Write-down of mineral properties – – 348,221
Changes in operating assets and liabilities
Amounts receivable (1,145 ) 6,428 (4,334 )
Prepaid expenses and deposits (17,927 ) – 8,173
Accounts payable 21,258 17,913 259,883
Accrued liabilities 17,852 18,870 76,707
Due to related parties 1,897 75,242 24,700
Net Cash Used In Operating Activities (124,625 ) (25,458 ) (885,031 )
Investing Activities
Acquisition of mineral properties – – (321 )
Net Cash Used In Investing Activities – – (321 )
Financing Activities
Proceeds from loans payable – – 36,000
Repayment of loans payable (15,000 ) – (15,000 )
Repayment of note payable to related party – – (34,000 )
Proceeds from common stock issued or subscribed 141,000 – 912,400
Repayment of common stock subscribed – – (12,000 )
Net Cash Provided by Financing Activities 126,000 – 887,400
Effects of exchange rate changes on cash – 7,493 –
Increase (Decrease) in Cash 1,375 (17,965 ) 2,048
Cash, Beginning of Period 673 18,990 –
Cash, End of Period 2,048 1,025 2,048
Non-cash Investing and Financing Activities
Note payable to related party pursuant to mineral property vend-in
agreement – – 34,000
Refundable staking security deposits received pursuant to mineral
property vend-in agreement – – 26,100
Shares issued pursuant to mineral property vend-in agreement – – 340,000
Supplemental Disclosures
Interest paid – – –
Income taxes paid – –