Wolverine Resources Corp. reported significant financial challenges for the three months ended August 31, 2024, with a net loss of $279,429, compared to a net loss of $100,457 for the same period in 2023. This increase in net loss is attributed to a substantial rise in operating expenses and other expenses related to debt settlements.
Total operating expenses for the quarter reached $141,696, up from $98,091 in the prior year. The loss from operations also increased, reflecting a loss of $(141,696) in 2024 compared to $(98,091) in 2023. The company has not generated any revenue since its inception in 2006, and it remains in the exploration stage, focusing on mineral resources.
The increase in expenses was driven by higher general and administrative costs, which rose by $26,250 to $119,764, primarily due to increased consulting fees. Additionally, mineral property exploration costs surged to $21,932 from $4,487 in the previous year, reflecting ongoing exploration activities at the Frog Property.
Other income and expenses saw a notable increase, with losses rising from $(2,366) in Q3 2023 to $(137,733) in Q3 2024. This was largely due to a $136,866 increase in losses on debt settlements, despite a decrease in foreign exchange losses.
Cash flow from financing activities also declined, with $20,766 provided in Q3 2024 compared to $124,944 in Q3 2023. The company ended the reporting period with cash of $22, down from $5,102 a year earlier, and reported a working capital deficit of $91,788.
Strategically, Wolverine Resources Corp. has shifted its focus back to mineral resource exploration after a brief foray into cybersecurity. The company acquired a 40% interest in the Frog Property, with outstanding payables of $6,002 as of August 31, 2024. The company has also engaged in various settlements involving the issuance of common stock to settle debts, resulting in losses on these settlements.
As of the reporting date, Wolverine Resources Corp. has accumulated losses of $11,309,616 since its inception and continues to face substantial doubt regarding its ability to continue as a going concern without additional financing. The company is actively seeking to raise approximately $114,000 (Cdn$152,000) to fund its next phase of exploration activities.
About Wolverine Resources Corp.
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