Indigenous Roots (IRCC) 10-Q 17 Dec 15 2014 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2013	Dec. 15, 2015
Document and Entity Information:
Entity Registrant Name	AMERICAN PARAMOUNT GOLD CORP.
Entity Central Index Key	1,373,690
Document Type	10-Q
Document Period End Date	Nov. 30, 2013
Amendment Flag	false
Current Fiscal Year End Date	--08-31
Entity Filer Category	Smaller Reporting Company
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	No
Entity Common Stock, Shares Outstanding		7,612,500
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,014

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Nov. 30, 2013	Aug. 31, 2013
Current Liabilities
Accounts payable and accrued liabilities	$ 550,738	$ 524,795
Convertible loans payable - related party	980,413	980,413
Total Liabilities	1,531,151	1,505,208
STOCKHOLDERS' DEFICIT
Common stock 200,000,000 authorized shares, par value $0.001 1,612,500 shares issued and outstanding as at November 30, 2013 and August 31, 2013	1,613	1,613
Additional paid-in capital	3,291,370	3,291,370
Stock payable	476,191	476,191
Deficit	(5,300,325)	(5,274,382)
Total Stockholders' Deficit	$ (1,531,151)	$ (1,505,208)
Total Liabilities and Stockholders' Deficit

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Nov. 30, 2013	Aug. 31, 2013
STOCKHOLDERS' DEFICIT
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	1,612,500	1,612,500
Common Stock, shares outstanding	1,612,500	1,612,500

STATEMENTS OF OPERATIONS (unaud

STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
Operating expenses
General and administrative	$ 1,500	$ 1,631
Total operating expenses	1,500	1,631
Net loss from operations	(1,500)	(1,631)
Interest expense	24,443	24,324
Total other expenses	24,443	24,324
Net and comprehensive loss	$ (25,943)	$ (25,955)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.02)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	1,612,500	1,612,500

STATEMENTS OF CASH FLOWS (unaud

STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2013	Nov. 30, 2012
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (25,943)	$ (25,955)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Interest expense	$ 24,443	24,324
Changes in operating assets and liabilities:
Decrease in excise tax receivable		977
Increase in accounts payable and accrued liabilities	$ 1,500	1,499
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES		845
CASH FLOW FROM FINANCING ACTIVITIES
Bank overdraft repayments		(845)
NET CASH FLOWS PROVIDED BY (USED IN) FINANCING ACTIVITIES		$ (845)
Net change in Cash
CASH, BEGINNING OF THE PERIOD
CASH, END OF THE PERIOD

ORGANIZATION, NATURE OF BUSINE

ORGANIZATION, NATURE OF BUSINESS AND BASIS OF PRESENTATION	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 1 - ORGANIZATION, NATURE OF BUSINESS AND BASIS OF PRESENTATION	American Paramount Gold Corp., a Nevada corporation, (the "Company") was incorporated in the State of Nevada on July 20, 2006. The Company was formed to engage in the acquisition, exploration and development of natural resource properties. Unaudited Interim Financial Statements The unaudited interim 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, 2013, 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 three month period ended November 30, 2013 are not necessarily indicative of the results that may be expected for the year ending August 31, 2014. Going Concern The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These unaudited interim financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern. Recent Accounting Pronouncements The following are recent FASB accounting pronouncements, which may have an impact on the Company's future financial statements: " Income Taxes (ASC Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists In June 2014, the FASB issued ASU No. 2014-10, "Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation." In August 2014, the FASB issued ASU No. 2014-15, " Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern."

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 2 - CONVERTIBLE LOAN - RELATED PARTY	On April 22, 2010, as amended December 17, 2010, the Company entered into an agreement with Monaco Capital Inc., majority shareholder, for a principal amount of up to $5,000,000. The loan is unsecured and bears interest at the rate of 10% per annum. The Company may at any time during the term of the loan prepay any sum up to the full amount of the loan and accrued interest then outstanding at any time for the sum plus an additional 10% of such amount. The loan (including accrued interest) is convertible into securities of the Company at a conversion price calculated as the mean volume weighted average price for the Company's common stock during the ten (10) trading day period ending on the latest complete trading day prior to the conversion date. At any time after the advancement date, if the Company has not paid the loan and accrued interest in full, the Lender may, by providing written notice to the Company, exercise its rights of conversion in respect of either a portion of the total outstanding amount of the loan as of that date into shares of the Company. The amounts advanced plus accrued interest are due one year following the date advanced. At November 30, 2013, $980,413 plus related interest is past due. As at November 30, 2013, interest of $269,349 (August 31, 2013 - $237,907) is included in accrued liabilities.

COMMON STOCK

COMMON STOCK	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 3 - COMMON STOCK	On October 13, 2015, the Company amended its Articles of Incorporation to increase its authorized number of shares to issue to 200,000,000 common shares at a par value of $0.001 and 10,000,000 preferred shares at a par value of $0.001.

STOCK OPTIONS

STOCK OPTIONS	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 4 - STOCK OPTIONS	The Company has adopted a stock option plan (the "2010 Plan") which permits the Company to issue up to 6,500,000 shares of common stock to directors, officers, employees and consultants of the Company upon the exercise of stock options granted under the 2010 Plan. At the time of the grant of the option, the plan administrator shall designate the expiration date of the option, which date shall not be later than five (5) years from the date of grant. The vesting schedule for each option shall be specified by the plan administrator at the time of grant of the option. Effective September 29, 2010 the 2010 Plan provides for an exercise price to be established based on the fair market value of a common share of the Company being the average of the high and low sales prices (or bid and ask prices, if sales prices are not reported) for the common stock for the last trading day immediately preceding the date with respect to which fair market value is being determined, as reported for the principal trading market for the common stock. A summary of the Company's stock options outstanding as at November 30, 2013 and August 31, 2013 is presented below: Number of options outstanding and exercisable Weighted Average Exercise price Weighted Average life remaining (years) Balance, August 31, 2013, and November 30 2013 5,000,000 $ 0.12 2.25 The following is a summary of the Company's stock options outstanding and exercisable as at November 30, 2013: Number of options outstanding and exercisable Exercise Price Expiry Date 5,000,000 $ 0.12 March 2, 2016

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 5- RELATED PARTY TRANSACTIONS	At November 30, 2013, Monaco Capital Inc., a majority shareholder has advanced $980,413 (August 31, 2013 - $980,413) with terms as discussed in Note 2.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2013
Notes to Financial Statements
Note 6 - SUBSEQUENT EVENTS	On October 1, 2015, Dennis Petke was appointed as the sole officer of the Company, and as a director of the Company. The Company entered into an agreement with a company owned by Dennis Petke beginning on October 1, 2015 whereby the Company will pay a monthly service fee of $2,500 and issue on a monthly basis 50,000 shares of the Company's common stock for the services of Mr. Petke. This agreement can be terminated by the Company with 180 days notice, and by the company owned by Mr. Petke with 30 days notice. The Company issued 3,000,000 restricted shares to the company owned by Mr. Petke for a par value if $0.001 per share.

ORGANIZATION, NATURE OF BUSI12

ORGANIZATION, NATURE OF BUSINESS AND BASIS OF PRESENTATION (Policies)	3 Months Ended
	Nov. 30, 2013
Organization Nature Of Business And Basis Of Presentation Policies
Unaudited Interim Financial Statements	The unaudited interim 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, 2013, 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 three month period ended November 30, 2013 are not necessarily indicative of the results that may be expected for the year ending August 31, 2014.
Going Concern	The accompanying unaudited interim financial statements have been prepared assuming the Company will continue as a going concern. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary obligations and pay its liabilities arising from normal business operations when they come due and ultimately upon its ability to achieve profitable operations. The outcome of these matters cannot be predicted with any certainty at this time and raise substantial doubt that the Company will be able to continue as a going concern. These unaudited interim financial statements do not include any adjustments to the amounts and classification of assets and liabilities that may be necessary should the Company be unable to continue as a going concern.
Recent Accounting Pronouncements	The following are recent FASB accounting pronouncements, which may have an impact on the Company's future financial statements: " Income Taxes (ASC Topic 740): Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carry-forward, a Similar Tax Loss, or a Tax Credit Carry-forward Exists In June 2014, the FASB issued ASU No. 2014-10, "Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation." In August 2014, the FASB issued ASU No. 2014-15, " Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern."

STOCK OPTIONS (Tables)

STOCK OPTIONS (Tables)	3 Months Ended
	Nov. 30, 2013
Stock Options Tables
Valuation of stock options	Number of options outstanding and exercisable Weighted Average Exercise price Weighted Average life remaining (years) Balance, August 31, 2013, and November 30 2013 5,000,000 $ 0.12 2.25
A summary of the status of the Company's stock option plan	Number of options outstanding and exercisable Exercise Price Expiry Date 5,000,000 $ 0.12 March 2, 2016

CONVERTIBLE LOAN - RELATED PA14

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	Nov. 30, 2013	Aug. 31, 2013
Convertible Loan - Related Party Details Narrative
Owing interest included in accounts payable	$ 980,413
Accrued liabilities	$ 269,349	$ 237,907

STOCK OPTIONS (Details)

STOCK OPTIONS (Details)	3 Months Ended
	Nov. 30, 2013$ / sharesshares
Number of Shares
Outstanding at beginning of year | shares	5,000,000
Outstanding at end of year | shares	5,000,000
Exercisable | shares	5,000,000
Weighted average exercise price
Outstanding at beginning of year | $ / shares	$ 0.12
Outstanding at end of year | $ / shares	0.12
Exercisable | $ / shares	$ 0.12
Weighted Average life remaining (years)	2 years 3 months

STOCK OPTIONS (Details 1)

STOCK OPTIONS (Details 1)	3 Months Ended
	Nov. 30, 2013$ / sharesshares
Number of options outstanding and exercisable | shares	5,000,000
Exercise Price | $ / shares	$ 0.12
March 2, 2016 [Member]
Number of options outstanding and exercisable | shares	5,000,000
Exercise Price | $ / shares	$ 0.12
Expiry Date	Mar. 2, 2016

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Nov. 30, 2013	Aug. 31, 2013
Related Party Transactions Details Narrative
Convertible loans payable - related party	$ 980,413	$ 980,413