Company: WOLV
Filing Date: 2025-02-07
Form Type: 10-Q
Source: 0001062993-25-001810
Chunk: 4

Company: Wolverine Resources Corp.
Filing Date: 2025-02-07
Form: 10-Q
Item: Item 8
Chunk 4
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 prices in active markets for identical assets or liabilities.
                    Level 2
                    Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model- derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.
                    Level 3
                    Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The Company's financial instruments consist principally of cash, other receivables, accounts payable and amounts due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

                    (i) Comprehensive Income
                    ASC 220, "Comprehensive Income", establishes standards for the reporting and display of comprehensive loss and its components in the financial statements. As at November 30, 2024 and May 31, 2024, the Company has no items that represent a comprehensive loss and, therefore, has not included a schedule of comprehensive loss in the financial statements.

                    F-8WOLVERINE RESOURCES CORP.Notes to the Financial StatementsNovember 30, 2024(Expressed in U.S. dollars)(Unaudited) 

                  (j) Stock-based compensation
                  The Company records stock-based compensation in accordance with ASC 718, "Compensation-Stock Compensation" and ASC 505, "Equity Based Payments to Non-Employees", using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the grant date fair value of the consideration received, or the fair value of the equity instrument issued, whichever is more reliably measurable.

            3. Recent Accounting Pronouncements
            The Company has implemented all new accounting pronouncements that are in effect and that may impact its financial statements and does not believe that there are any other new accounting pronouncements that have been issued that might have a material impact on its financial position or results of operations.