Indigenous Roots (IRCC) 10-K 25 Apr 17 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2015	Apr. 24, 2017	Feb. 28, 2014
Document and Entity Information:
Entity Registrant Name	AMERICAN PARAMOUNT GOLD CORP.
Entity Central Index Key	1,373,690
Document Type	10-K
Document Period End Date	Aug. 31, 2015
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 Public Float			$ 8,637
Entity Common Stock, Shares Outstanding		7,612,618
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Current Assets
Cash	$ 37
Total Assets	37
Current Liabilities
Accounts payable and accrued liabilities	719,361	623,502
Due to related party	32,987	27,985
Convertible loans payable - related party	980,413	980,413
Total Liabilities	1,732,761	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 August 31, 2015 and 2014	1,613	1,613
Additional paid-in capital	3,291,370	3,291,370
Shares to be issued	476,191	476,191
Deficit	(5,501,898)	(5,401,074)
Total Stockholders' Deficit	(1,732,724)	(1,631,900)
Total Liabilities and Stockholders' Deficit	$ 37

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2015	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

STATEMENTS OF OPERATIONS (unaud

STATEMENTS OF OPERATIONS (unaudited) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Operating expenses
General and administrative expenses	$ 3,475	$ 3,929
Legal fees	2,737
Management fees		25,000
Loss before other items	(6,212)	(28,929)
Other expenses
Foreign exchange	(3,161)	(547)
Interest expense	97,773	98,310
Net and comprehensive loss	$ (100,824)	$ (126,692)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.08)	$ (0.08)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	1,612,500	1,612,500

STATEMENT OF STOCKHOLDERS_ DEFI

STATEMENT OF STOCKHOLDERS’ DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Shares to be Issued	Accumulated Deficit	Total
Begning Balance,Shares at Aug. 31, 2013	1,612,500
Begning Balance,Amount at Aug. 31, 2013	$ 1,613	$ 3,291,370	$ 476,191	$ (5,274,382)	$ (1,505,208)
Net loss for the year				(126,692)	(126,692)
Ending Balance,Shares at Aug. 31, 2014	1,612,500
Ending Balance,Amount at Aug. 31, 2014	$ 1,613	3,291,370	476,191	(5,401,074)	(1,631,900)
Net loss for the year				(100,824)	(126,692)
Ending Balance,Shares at Aug. 31, 2015	1,612,500
Ending Balance,Amount at Aug. 31, 2015	$ 1,613	$ 3,291,370	$ 476,191	$ (5,501,898)	$ (1,732,724)

STATEMENTS OF CASH FLOWS (unaud

STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (100,824)	$ (126,692)
Non-cash items:
Interest expense	97,773	98,310
Changes in operating assets and liabilities:
Increase in due to related party	5,002	27,985
Decrease (increase) in accounts payable and accrued liabilities	(1,914)	397
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	37
CASH FLOW FROM FINANCING ACTIVITIES
Net change in Cash	37
CASH, BEGINNING OF THE PERIOD
CASH, END OF THE PERIOD	$ 37

ORGANIZATION, NATURE OF BUSINE

ORGANIZATION, NATURE OF BUSINESS AND BASIS OF PRESENTATION	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 1 - ORGANIZATION AND NATURE OF BUSINESS	American Paramount Gold Corp. (the "Company") was incorporated in the State of Nevada on July 20, 2006 and is listed on the OTCQB under the symbol “APGA”. The Company was formed to engage in the acquisition, exploration and development of natural resource properties. Going concern The accompanying financial statements have been prepared assuming the Company will continue as a going concern. As of August 31, 2015 and 2014, the Company has not achieved profitable operations and has incurred net losses of $100,824 and $126,692. At August 31, 2015 the Company had an accumulated deficit of $5,501,898. Continuation as a going concern is dependent upon the ability of the Company to obtain the necessary financing to meet 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 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. Management intends to obtain additional funding by borrowing funds from its directors and officers, issuing promissory notes and/or a private placement of common stock.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Basis of presentation The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and are presented in US dollars. Accounting estimates The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis from making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Fair Value Measurements The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term maturity of those instruments. Based on borrowing rates currently available to the Company under similar terms, the book value of capital lease obligations approximate their fair values. The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 2 - observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s convertible debenture is based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using a rate that is representative of the current arms-length borrowing rate. At August 31, 2015, the convertible debenture had a fair value of $980,413 (2014 - $980,413). Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended August 31, 2015 and 2014. Income taxes Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Loss per share Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted net income per common share includes the potential dilution that could occur upon exercise of the options, and convertible notes to acquire common stock computed using the treasury stock method which assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company with the proceeds from the exercise of the options, and convertible notes. Recent Accounting Pronouncements Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 3 - 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 which was fully amortized. As at August 31, 2015, the Company owed $980,413 (2014 - $980,413) under this loan. Accrued interest as at August 31, 2015 is $433,989 (2014 - $336,216) and is included in accounts payable and accrued liabilities. The loan is in default and due on demand.

STOCKHOLDERS_ DEFICIT

STOCKHOLDERS’ DEFICIT	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 4 - STOCKHOLDERS’ DEFICIT	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 status of the Company’s stock option plan as of August 31, 2015 and 2014 and changes during the years is presented below: Number of options outstanding and exercisable Weighted Average Exercise price Balance, August 31, 2015, 2014 and 2013 5,000,000 $ 0.12 As at August 31, 2015, the Company had 5,000,000 stock options outstanding which were not exercised and expired on March 2, 2016.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 5 - INCOME TAXES	The reported income taxes differ from the amounts obtained by applying statutory rates to the loss before income taxes as follows: August 31, 2015 August 31, 2014 Net loss $ (100,824 ) $ (126,692 ) Statutory tax rate 35.0 % 35.0 % Expected income tax recovery (35,000 ) (44,000 ) Change in valuation allowance 35,000 44,000 Income tax recovery $ - $ - The Company’s tax-effected future tax assets and liabilities are estimated as follows: August 31, 2015 August 31, 2014 Deferred tax assets Net operating loss carry forwards $ 736,000 $ 636,000 Less: Valuation allowance (736,000 ) (636,000 ) Net deferred income tax assets $ - $ - At August 31, 2015, the Company has a deferred tax asset. A full valuation allowance has been established as management believes it is more likely that not that the deferred tax asset will not be realized. Tax attributes are subject to review, and potential adjustment by tax authorities.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 6 - RELATED PARTIES TRANSACTIONS	As at August 31, 2015, the Company owed $32,987 (2014 - $27,985) to a director and officer of the Company for services provided. At August 31, 2015, Monaco Capital Inc., a majority shareholder has advanced $980,413 (2014 - $980,413) with terms as discussed in Note 3.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Aug. 31, 2015
Notes to Financial Statements
Note 7 - SUBSEQUENT EVENTS	On September 8, 2015, the Company issued 3,000,000 restricted shares to a director and office of the Company in return for services provided. In pursuant of the above agreement, on November 24, 2015, the Company issued 3,000,000 restricted shares to a company owned by a former officer and director of the Company in return for services provided.

SUMMARY OF SIGNIFICANT ACCOUN14

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)	12 Months Ended
	Aug. 31, 2015
Summary Of Significant Accounting Policies Policy
Basis of presentation	The financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“US GAAP”) and are presented in US dollars.
Accounting estimates	The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis from making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company's estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Fair Value Measurements The book value of cash, accounts receivable, accounts payable and accrued liabilities approximate their fair values due to the short term maturity of those instruments. Based on borrowing rates currently available to the Company under similar terms, the book value of capital lease obligations approximate their fair values. The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: Level 1- quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 -observable inputs other than Level I, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and Level 3 -assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s convertible debenture is based on Level 2 inputs in the ASC 820 fair value hierarchy. The Company calculated the fair value of these instruments by discounting future cash flows using a rate that is representative of the current arms-length borrowing rate. At August 31, 2015, the convertible debenture had a fair value of $980,413 (2014 - $980,413). Certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the instruments are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances (for example, when there is evidence of impairment). There were no assets or liabilities measured at fair value on a nonrecurring basis during the periods ended August 31, 2015 and 2014.
Income taxes	Income tax expense is based on pre-tax financial accounting income. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases. Deferred tax assets, including tax loss and credit carry forwards, and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Deferred income tax expense represents the change during the period in the deferred tax assets and deferred tax liabilities. The components of the deferred tax assets and liabilities are individually classified as current and non-current based on their characteristics. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized.
Loss per share	Basic loss per share is computed by dividing the net loss attributable to the common stockholders by the weighted average number of common shares outstanding during the reporting period. Diluted net income per common share includes the potential dilution that could occur upon exercise of the options, and convertible notes to acquire common stock computed using the treasury stock method which assumes that the increase in the number of shares is reduced by the number of shares which could have been repurchased by the Company with the proceeds from the exercise of the options, and convertible notes.
Recent Accounting Pronouncements	Recent accounting pronouncements issued by the Financial Accounting Standards Board or other authoritative standards groups with future effective dates are either not applicable or are not expected to be significant to the financial statements of the Company.

STOCKHOLDERS_ DEFICIT (Tables)

STOCKHOLDERS’ DEFICIT (Tables)	12 Months Ended
	Aug. 31, 2015
Stockholders Deficit Tables
A summary of the status of the Company's stock option plan	A summary of the status of the Company’s stock option plan as of August 31, 2015 and 2014 and changes during the years is presented below: Number of options outstanding and exercisable Weighted Average Exercise price Balance, August 31, 2015, 2014 and 2013 5,000,000 $ 0.12

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Aug. 31, 2015
Income Taxes Tables
The reported income taxes differ	August 31, 2015 August 31, 2014 Net loss $ (100,824 ) $ (126,692 ) Statutory tax rate 35.0 % 35.0 % Expected income tax recovery (35,000 ) (44,000 ) Change in valuation allowance 35,000 44,000 Income tax recovery $ - $ -
The Company's tax-effected future tax assets and liabilities	Deferred tax assets Net operating loss carry forwards $ 736,000 $ 636,000 Less: Valuation allowance (736,000 ) (636,000 ) Net deferred income tax assets $ - $ -

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Notes to Financial Statements
Country or state of incorporation	Nevada
Date of incorporation	Jul. 20, 2006
Net losses	$ (100,824)	$ (126,692)
Accumulated deficit	$ (5,501,898)	$ (5,401,074)

SUMMARY OF SIGNIFICANT ACCOUN18

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Notes to Financial Statements
Fair value of convertible debenture	$ 980,413	$ 980,413

CONVERTIBLE LOAN - RELATED PA19

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended
	Apr. 22, 2010	Aug. 31, 2015	Aug. 31, 2014
Convertible debt		$ 980,413	$ 980,413
Monaco Capital Inc [Member]
Convertible debt	$ 5,000,000	980,413	980,413
Interest rate	10.00%
Prepayment terms	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
Convertible debt, terms of conversion feature	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
Beneficial conversion feature	$ 16,833
Accrued liabilities		$ 433,989	$ 336,216

STOCK OPTIONS (Details)

STOCK OPTIONS (Details) - $ / shares	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Number of Shares
Outstanding at beginning of year	5,000,000	5,000,000
Outstanding at end of year	5,000,000	5,000,000
Exercisable	5,000,000	5,000,000
Weighted average exercise price
Outstanding at beginning of year	$ 0.12	$ 0.12
Outstanding at end of year	0.12	0.12
Exercisable	$ 0.12	$ 0.12

STOCK OPTIONS (Details Narrativ

STOCK OPTIONS (Details Narrative) - 2010 Plan [Member] - Equity Option [Member] - Directors, officers, employees and consultants [Member]	12 Months Ended
	Aug. 31, 2015shares
Stock options, outstanding	5,000,000
Stock options expired	5,000,000
Expiry Date	Mar. 2, 2016
Maximum [Member]
Shares reserved for future issuance	6,500,000
Maturity period	5 years

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Aug. 31, 2015	Aug. 31, 2014
Stock Options Details
Net loss	$ (100,824)	$ (126,692)
Statutory tax rate	35.00%	35.00%
Expected income tax recovery	$ (35,000)	$ (44,000)
Change in valuation allowance	35,000	44,000
Income tax recovery

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Deferred tax assets
Net operating loss carry forwards	$ 736,000	$ 636,000
Less: Valuation allowance	(736,000)	(636,000)
Net deferred income tax assets

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Aug. 31, 2015	Aug. 31, 2014
Convertible loans payable - related party	$ 980,413	$ 980,413
Due to related party	32,987	27,985
Monaco Capital Inc [Member]
Convertible loans payable - related party	980,413	980,413
Director and officer [Member]
Due to related party	$ 32,987	$ 27,985

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Restricted Stock [Member] - shares	Sep. 08, 2015	Nov. 24, 2015
Director and officer [Member]
Common stock shares issued for services	3,000,000
Former officer and director [Member]
Common stock shares issued for services		3,000,000