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Wolverine Resources Corp Com (WOLV0.00%) has submitted its Form 10-Q filing for the quarterly period ended November 30, 2024.
The filing includes unaudited financial statements for the six-month period, highlighting a working capital deficiency of $94,124 and accumulated losses of $11,419,761 since inception.
The company reported no revenues for the three and six-month periods ended November 30, 2024, and 2023. Operating expenses increased to $111,318 for the three months ended November 30, 2024, from $78,624 in the same period of 2023. For the six months ended November 30, 2024, operating expenses were $253,014, up from $176,715 in the prior year.
Net loss for the three months ended November 30, 2024, was $110,145, compared to $79,041 in the same period of 2023. For the six-month period, the net loss was $389,574, compared to $179,498 in the previous year.
The company is focused on the exploration of mineral resources, specifically the Frog Property and Cache River Property in Labrador, Canada. The company plans to raise $114,000 (CDN$152,000) for further exploration activities.
The filing notes that the company has not generated any revenues and is unlikely to generate earnings in the immediate future. The continuation of the company as a going concern is dependent on obtaining additional financing.
During the six months ended November 30, 2024, Wolverine Resources issued shares to settle debts and finance operations. The company recorded a loss on settlement of debt amounting to $136,866.
Wolverine Resources Corp Com acknowledges its dependence on shareholder support and additional equity financing to continue operations. The company plans to raise funds through debt or equity but cannot guarantee the availability of such financing on favorable terms.
The filing also mentions that the company does not own any real property and utilizes consultants for management and operational functions. There are currently no employees.
The company has implemented all new accounting pronouncements that are in effect and does not anticipate any material impact from new accounting standards on its financial position or results of 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 February 7, 2025. To report an error, please email earnings@qz.com.