Indigenous Roots (IRCC) 10-Q 22 Jun 15 2012 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May. 31, 2012	Jun. 15, 2014
Document and Entity Information:
Entity Registrant Name	AMERICAN PARAMOUNT GOLD CORP.
Entity Trading Symbol	APGA
Document Type	10-Q
Document Period End Date	May 31, 2012
Amendment Flag	false
Entity Central Index Key	1,373,690
Current Fiscal Year End Date	--08-31
Entity Common Stock, Shares Outstanding		1,612,500
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Document Fiscal Year Focus	2,012
Document Fiscal Period Focus	Q3

Balance Sheets (Unaudited)

Balance Sheets (Unaudited) - USD ($)	May. 31, 2012	Aug. 31, 2011
CURRENT ASSETS
Cash	$ 14	$ 71,552
Excise tax receivable	19,647	35,126
Prepaids and deposits	0	39,629
TOTAL CURRENT ASSETS	19,661	146,357
Mining claims	0	250,000
Website, net	0	14,618
Equipment, net	0	1,075
TOTAL ASSETS	19,661	412,050
CURRENT LIABILITIES
Bank overdraft	0	21,882
Accounts payable and accrued liabilities	396,380	122,740
Convertible loans payable - related party	975,652	779,877
TOTAL CURRENT LIABILITIES	1,372,032	924,499
TOTAL LIABILITIES	1,372,032	924,499
STOCKHOLDERS' DEFICIT
Common stock 3,750,000 authorized shares, par value $0.001, 1,612,500 shares issued and outstanding	1,613	1,613
Additional paid-in capital	3,291,370	3,291,370
Stock payable	476,191	476,191
Deficit	(5,121,545)	(4,281,623)
TOTAL STOCKHOLDERS' DEFICIT	(1,352,371)	(512,449)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	$ 19,661	$ 412,050

Balance Sheets Parentheticals

Balance Sheets Parentheticals - $ / shares	May. 31, 2012	Aug. 31, 2011
Parentheticals
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	3,750,000	3,750,000
Common Stock, shares issued	1,612,500	1,612,500
Common Stock, shares outstanding	1,612,500	1,612,500

Statements of Operations(Unaudi

Statements of Operations(Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	May. 31, 2012	May. 31, 2011	May. 31, 2012	May. 31, 2011
OPERATING EXPENSES
Consulting	$ 1,001	$ 371,698	$ 34,953	$ 2,868,467
Exploration	0	38,934	432,280	250,840
General and administrative	12,700	40,703	34,625	124,397
Management fees	0	77,122	0	148,203
Professional fees	0	9,604	3,739	89,099
TOTAL EXPENSES	13,701	538,061	505,597	3,481,006
OTHER EXPENSES
Impairment of mining claims	0	0	250,000	0
Impairment of capital assets	0	0	15,693	0
Amortization of debt discount	0	1,465	0	7,607
Interest expense	24,560	19,428	68,632	46,607
Gain on settlement of debt	0	(112,500)	0	(112,500)
TOTAL OTHER EXPENSES	24,560	(93,441)	334,325	(58,286)
NET LOSS	$ (38,261)	$ (444,620)	$ (839,922)	$ (3,422,720)
NET LOSS PER COMMON SHARE - BASIC	$ (0.02)	$ (0.27)	$ (0.52)	$ (2.24)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC	1,612,500	1,551,676	1,612,500	1,527,730

Statements of Cash Flows(Unaudi

Statements of Cash Flows(Unaudited) - USD ($)	9 Months Ended
	May. 31, 2012	May. 31, 2011
CASH FLOW FROM OPERATING ACTIVITIES
Net loss	$ (839,922)	$ (3,422,720)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of capital assets.	15,693	0
Impairment of mining claims.	250,000	0
Interest expense.	68,632	0
Amortization of website	0	6,686
Stock issued for services	0	2,603,450
Amortized debt discount.	0	7,607
Gain on debt settlement	0	(112,500)
Changes in operating assets and liabilities:
Decrease (increase) in excise tax receivable	15,479	0
Decrease (increase) in prepaids and deposits	39,629	70,723
Increase in other receivable	0	(34,855)
Increase in accounts payable and accrued liabilities	205,058	180,561
NET CASH USED IN OPERATING ACTIVITIES	(245,431)	(701,048)
CASH FLOW FROM INVESTING ACTIVITIES
Mining claims	0	(125,000)
Equipment	0	(1,290)
NET CASH USED IN INVESTING ACTIVITIES	0	(126,290)
CASH FLOW FROM FINANCING ACTIVITIES
Bank overdraft	(21,882)	0
Convertible loan proceeds - related party	195,775	430,664
Notes payable proceeds	0	55,000
Notes payable payments	0	(117,907)
Proceeds from sale of common stock	0	476,191
NET CASH PROVIDED BY FINANCING ACTIVITIES	173,893	843,948
(DECREASE) INCREASE IN CASH	(71,538)	16,610
CASH, BEGINNING OF PERIOD	71,552	2,146
CASH, END OF PERIOD	$ 14	$ 18,756

DESCRIPTION OF THE BUSINESS AND

DESCRIPTION OF THE BUSINESS AND HISTORY	9 Months Ended
	May. 31, 2012
DESCRIPTION OF THE BUSINESS AND HISTORY
DESCRIPTION OF THE BUSINESS AND HISTORY	1. DESCRIPTION OF THE BUSINESS AND HISTORY American Paramount Gold Corp., a Nevada corporation, (the "Company") was incorporated in the State of Nevada on July 20, 2006 as Zebra Resources Inc. The Company was formed to engage in the acquisition, exploration and development of natural resource properties. UNAUDITED INTERIM FINANCIAL STATEMENTS The unaudited interim consolidated financial statements of the Company have been prepared in accordance with United States generally accepted accounting principles ("GAAP") for interim financial information and the rules and regulations of the Securities and Exchange Commission ("SEC"). They do not include all information and footnotes required by GAAP for complete financial statements. Except as disclosed herein, there have been no material changes in the information disclosed in the notes to the financial statements for the year ended August 31, 2011, included in the Company's Annual Report on Form 10-K, filed with the SEC. The interim unaudited financial statements should be read in conjunction with those audited financial statements included in Form 10-K. In the opinion of management, all adjustments considered necessary for fair presentation, consisting solely of normal recurring adjustments, have been made. Operating results for the nine month period ended May 31, 2012 are not necessarily indicative of the results that may be expected for the year ending August 31, 2012.

MINERAL PROPERTIES

MINERAL PROPERTIES	9 Months Ended
	May. 31, 2012
MINERAL PROPERTIES
MINERAL PROPERTIES	2. MINERAL PROPERTIES On April 16, 2010, the Company entered into an option agreement to acquire a 100% long-term lease interest in 189 unpatented mining claims situated in the Walker Lane Structural Belt in Nye County, Nevada (the "Cap Gold Project"). The Company paid $125,000 to secure the option, giving it the right to acquire a 100% long-term lease interest in the Cap Gold Project. On March 9, 2012, based on recently released drill results, the Board of Directors decided the company could not justify the further expense of continuing with its planned drill program at Cap Gold, Nye County, Nevada, USA. The Company advised the owners that it was cancelling the option agreement and the property is fully impaired as at May 31, 2012.

CONVERTIBLE LOAN

CONVERTIBLE LOAN	9 Months Ended
	May. 31, 2012
CONVERTIBLE LOAN
CONVERTIBLE LOAN	3. CONVERTIBLE LOAN On April 22, 2010, and as amended December 17, 2010, the Company entered into a convertible loan agreement with Monaco Capital Inc., a major shareholder ("Monaco") wherein Monaco agreed to loan the Company up to $5,000,000 at an interest rate of 10% per annum. The principal amount of any funds advanced and accrued interest is due one year from the advancement date. The loan (including accrued interest) is convertible into common shares of the Company at a conversion price of the volume weighted average price for the Company's stock during the 10 day period ending on the latest complete trading day prior to conversion. As at May 31, 2012, interest of $115,500 (August 31, 2011 - $47,258) is included in accounts payable.

COMMON STOCK

COMMON STOCK	9 Months Ended
	May. 31, 2012
COMMON STOCK
COMMON STOCK	4. COMMON STOCK On November 28, 2011, the Company amended its Articles of Incorporation to implement a forty for one reverse stock split of its authorized and issued and outstanding common shares from 150,000,000 shares of common stock with a par value of $0.001 to 3,750,000 shares of common stock with a par value of $0.001. All share and per share information have been retroactively restated to reflect this.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	May. 31, 2012
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	5. RELATED PARTY TRANSACTIONS During the nine months ended May 31, 2012, consulting fees of $25,453 and $9,500 were incurred to the President and a director of the Company, respectively.

IMPAIRMENT OF CAPITAL ASSETS

IMPAIRMENT OF CAPITAL ASSETS	9 Months Ended
	May. 31, 2012
IMPAIRMENT OF CAPITAL ASSETS
IMPAIRMENT OF CAPITAL ASSETS	6. IMPAIRMENT OF CAPITAL ASSETS During the nine month period ended May 31, 2012, management determined that costs capitalized to the development of the Company's website of $14,618 and equipment with the carrying value of $1,075 would be unrecoverable and has fully impaired the assets accordingly.

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - Apr. 16, 2010 - USD ($)	Total
MINERAL PROPERTIES DETAILS
Option agreement to acquire long-term lease interest	100.00%
Unpatented mining claims in number	189
Paid to secure the option	$ 125,000

CONVERTIBLE LOAN (Details)

CONVERTIBLE LOAN (Details) - USD ($)	May. 31, 2012	Aug. 31, 2011	Apr. 22, 2010
CONVERTIBLE LOAN DETAILS
Convertible loans			$ 500,000
Convertible loans interest rate per annum			10.00%
Interest included in accounts payable	$ 115,500	$ 47,258

CAPITAL STOCK TRANSACTIONS (Det

CAPITAL STOCK TRANSACTIONS (Details) - Nov. 28, 2011 - $ / shares	Total
CAPITAL STOCK TRANSACTIONS:
Reverse stock split of authorized and issued and outstanding common shares	150,000,000
Shares of common stock at a par value	$ 0.001
Reverse stock split of shares of common stock from 150,000,000 to shares of common stock	3,750,000
Common stock with a par value	$ 0.001

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($)	9 Months Ended
	May. 31, 2012	May. 31, 2011
RELATED PARTY TRANSACTIONS DETAILS
Consulting fees	$ 25,453	$ 9,500

IMPAIRMENT OF CAPITAL ASSETS (D

IMPAIRMENT OF CAPITAL ASSETS (Details)	May. 31, 2012USD ($)
IMPAIRMENT OF CAPITAL ASSETS DETAILS
Captalized website development costs	$ 14,618
Captalized equipment costs	$ 1,075