Company: WOLV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001062993-25-001810
Chunk: 5

Company: Wolverine Resources Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 5
---
            4. Related Party Transactions
            (a) During the six months ended November 30, 2024, the Company incurred consulting fees of $17,161 (Cdn$23,482) (2023 - $20,091 (Cdn$27,000)) to a company controlled by the Chief Financial Officer ("CFO") of the Company. On August 31, 2024, a company controlled by the CFO of the Company assigned its outstanding receivables of $3,705 (Cdn$5,000), owed to it by the Company to a third-party individual. Following the assignment, the Company entered into a settlement agreement with the third-party individual and agreed to settle the assigned amount by issuing 200,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $4,495. Refer to Note 6(b). As at November 30, 2024, the Company owes $4,942 (May 31, 2024 - $3,675) to a company controlled by the CFO, which is non-interest bearing, unsecured and due on demand.
            (b) During the six months ended November 30, 2024, the Company incurred consulting fees of $5,886 (Cdn$8,000) (2023 - $16,126 (Cdn$21,500) to a Director of the Company. On August 31, 2024, the director of the Company assigned the outstanding receivables of $3,705 (Cdn$5,000), owed to him by the Company to a third-party individual. Following these assignments, the Company entered into a settlement agreement with the third-party individual and agreed to settle the assigned amount by issuing an aggregate of 200,000 shares of its common stock. Upon settlement, the Company recognized a loss on settlement of $4,495. Refer to Note 6(c).
            (c) During the six months ended November 30, 2024, the Company recorded consulting fees of $65,565 (Cdn$90,000) (2023 - $56,201 (Cdn$76,000)) to a company controlled by the Chief Executive Officer ("CEO") and Director of the Company. On August 31, 2024, the company controlled by the CEO of the Company assigned its outstanding receivables of $19,452 (Cdn$26,250), owed to it