Indigenous Roots (IRCC) 10-Q 6 Apr 17 2015 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Nov. 30, 2014	Apr. 03, 2017
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, 2014
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		7,612,618
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,015

Condensed Balance Sheets

Condensed Balance Sheets - USD ($)	Nov. 30, 2014	Aug. 31, 2014
Current Liabilities
Accounts payable and accrued liabilities	$ 646,842	$ 623,502
Due to related party	28,185	27,985
Convertible loans payable - related party	980,413	980,413
TOTAL LIABILITIES	1,655,440	1,631,900
STOCKHOLDERS' DEFICIT
Common stock 200,000,000 authorized shares, par value $0.001 1,612,500 shares issued and outstanding as at November 30, 2014 and August 31, 2014	1,613	1,613
Additional paid-in capital	3,291,370	3,291,370
Shares to be issued	476,191	476,191
Deficit	(5,424,614)	(5,401,074)
TOTAL STOCKHOLDERS' DEFICIT	(1,655,440)	(1,631,900)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Nov. 30, 2014	Aug. 31, 2014
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

Condensed Statement of Operatio

Condensed Statement of Operations (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
EXPENSES
General and administrative	$ 81	$ 1,500
TOTAL EXPENSES	81	1,500
LOSS BEFORE OTHER ITEMS	(81)	(1,500)
Other expenses
Foreign exchange	(984)
Interest expense	24,443	24,443
Net and comprehensive loss	$ (23,540)	$ (25,943)
BASIC AND DILUTED EARNINGS PER COMMON SHARE	$ (0.02)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	1,612,500	1,612,500

Condensed Statement of Cash Flo

Condensed Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Nov. 30, 2014	Nov. 30, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (23,540)	$ (25,943)
Adjustments to reconcile net loss to net cash used in operations:
Interest expense	24,443	24,443
Changes in operating assets and liabilities:
Increase in accounts payable and accrued liabilities	(903)	1,500
NET CASH FLOWS USED IN OPERATING ACTIVITIES
Net change in Cash
CASH, END OF THE PERIOD

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	3 Months Ended
	Nov. 30, 2014
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. Basis of presentation The unaudited interim financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Article 8 of Regulation S-X. They do not include all information and notes required by generally accepted accounting principles for complete financial statements. However, except as disclosed herein, there has been no material change in the information disclosed in the notes to the financial statements included in the Annual Report on Form 10-K of the Company for the year ended August 31, 2014. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended November 30, 2014, are not necessarily indicative of the results that may be expected for the year ended August 31, 2015. For further information, these unaudited interim financial statements and the related notes should be read in conjunction with the Company’s audited financial statements for the year ended August 31, 2014, included in the Company’s report on Form 10-K. 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.

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	3 Months Ended
	Nov. 30, 2014
Notes to Financial Statements
Note 2 - CONVERTIBLE LOAN - RELATED PARTY	On April 22, 2010, and as amended December 17, 2010, the Company entered into an agreement with Monaco Capital Inc., a 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 calculated on the principal balance. 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. When the loan was received, an initial beneficial conversion feature was recorded of $16,833. As at November 30, 2014, $Nil (August 31, 2014 - $Nil) was unamortized, and included in the convertible loan balance on the balance sheet. Accrued interest as at November 30, 2014 is $360,659 (August 31, 2014 - $336,216) and is included in accounts payable and accrued liabilities. The loan is due on demand.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	3 Months Ended
	Nov. 30, 2014
Notes to Financial Statements
Note 3 - STOCKHOLDERS' DEFICIT	As at November 30, 2014, the Company had 5,000,000 stock options outstanding which were not exercised and expired on March 2, 2016.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	3 Months Ended
	Nov. 30, 2014
Notes to Financial Statements
Note 4- RELATED PARTIES TRANSACTIONS	As at November 30, 2014, the Company owed $28,185 (August 31, 2014 - $27,985) to a former President of the Company for services provided. At November 30, 2014, Monaco Capital Inc., a majority shareholder has advanced $980,413 (August 31, 2014 - $980,413) with terms as discussed in Note 2.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Nov. 30, 2014
Notes to Financial Statements
Note 5 - SUBSEQUENT EVENTS	The Company entered into an agreement with a company owned by a former officer and director of the Company 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. This agreement was terminated on April 6, 2016 with no fees accruing to the Company. The Company issued 3,000,000 restricted shares to a company owned by a former officer and director of the Company and 3,000,000 restricted shares to a former director and officer in return for the performance of services. On April 6, 2016, Mr. Ron Loudoun replaced Mr. Dennis Petke as sole Director and as President, CEO, Secretary and Treasurer of the Company.

ORGANIZATION AND NATURE OF BU11

ORGANIZATION AND NATURE OF BUSINESS (Details Narratvie)	3 Months Ended
	Nov. 30, 2014
Organization And Nature Of Business Details Narratvie
State Country Name	Nevada
Date of Incorporation	Jul. 20, 2006

CONVERTIBLE LOAN - RELATED PA12

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 17, 2010	Nov. 30, 2014	Aug. 31, 2014
Converitble debt, beneficial conversion feature		$ 16,833
Accrued interest		$ 360,659	$ 336,216
Monaco Capital Inc [Member]
Principal Amount	$ 5,000,000
Interest rate	10.00%
Loan Prepayment description	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.

STOCKHOLDERS' DEFICIT (Details

STOCKHOLDERS' DEFICIT (Details Narrative)	3 Months Ended
	Nov. 30, 2014shares
Stockholders Deficit Details Narrative
Number of stock options outstanding	5,000,000
Stock option expiration date	Mar. 2, 2016

RELATED PARTIES TRANSACTIONS (D

RELATED PARTIES TRANSACTIONS (Details Narrative) - USD ($)	Nov. 30, 2014	Aug. 31, 2014
Related Parties Transactions Details Narrative
Due to related party	$ 28,185	$ 27,985
Convertible loans payable - related party	$ 980,413	$ 980,413

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($)	3 Months Ended
	Nov. 30, 2014	Aug. 31, 2014
Shares issued	1,612,500	1,612,500
Subsequent Event [Member] | Former Director And Officer [Member] | Restricted Stock [Member]
Shares issued	3,000,000
Subsequent Event [Member] | Former Officer And Director [Member]
Monthly Service fee payable	$ 2,500
Stock Issued During Period, Shares, Issued for Services	50,000
Agreement termination date	Apr. 6, 2016
Subsequent Event [Member] | Former Officer And Director [Member] | Restricted Stock [Member]
Shares issued	3,000,000