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Wolverine Resources Corp Com (WOLV-22.21%) has submitted its 10-Q filing for the quarterly period ended August 31, 2024.
The filing includes financial statements for the quarter, showing a net loss of $279,429 compared to a net loss of $100,457 in the same quarter the previous year.
Operating expenses for the quarter were $141,696, up from $98,091 in the previous year, primarily due to increased general and administrative costs and mineral property exploration expenses.
The company reported a working capital deficit of $91,788 as of August 31, 2024, compared to a deficit of $79,110 as of May 31, 2024.
Cash used in operating activities was $26,586, while cash provided by financing activities was $20,766 during the quarter.
Wolverine has not generated any revenue since its inception and continues to focus on the exploration of its mineral properties in Labrador, Canada.
The company plans to raise $114,000 (CDN$152,000) to fund further exploration activities on the Frog Property.
Wolverine's auditors have expressed substantial doubt about the company's ability to continue as a going concern due to its lack of revenue and working capital deficiency.
The filing also details various stock transactions and related party transactions that occurred during the quarter.
Wolverine does not anticipate purchasing any significant equipment over the next twelve months and will continue to rely on consultants for its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Wolverine Resources Corp Com quarterly 10-Q report dated November 25, 2024. To report an error, please email earnings@qz.com.