Mon, Nov 25, 11:02 AM (8 days ago)
Wolverine Resources Corp. (OTC: WOLV) reported its quarterly results for the period ended August 31, 2024, reflecting ongoing financial challenges. The company incurred a net loss of $279,429, significantly higher than the $100,457 loss in the same period of 2023. Operating expenses rose to $141,696, driven mainly by increased general administrative costs and mineral property exploration expenses, which amounted to $21,932, up from $4,847. As of August 31, 2024, Wolverine's working capital deficit stood at $91,788, with total current assets of $5,097 against current liabilities of $96,885. The company ended the period with cash reserves of only $22. Cash flow from operations showed a slight improvement, using $26,586 compared to $120,050 in the prior year, while financing activities generated $20,766. The company continues to face uncertainties regarding its ability to raise sufficient funds for its exploration activities, particularly on the Frog Property. Without additional financing, Wolverine may struggle to continue operations, raising significant concerns about its future viability as a going concern.