Indigenous Roots (IRCC) 10-Q 20 Jun 17 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Feb. 29, 2016	Jun. 16, 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	Feb. 29, 2016
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	Q2
Document Fiscal Year Focus	2,016

CONDENSED BALANCE SHEETS

CONDENSED BALANCE SHEETS - USD ($)	Feb. 29, 2016	Aug. 31, 2015
Current Assets
Cash	$ 234	$ 37
Total Assets	234	37
Current Liabilities
Accounts payable and accrued liabilities	771,059	719,361
Due to related party	50,234	32,987
Convertible loans payable - related party	980,413	980,413
Total Liabilities	1,801,706	1,732,761
STOCKHOLDERS' DEFICIT
Common stock 200,000,000 authorized shares, par value $0.001 7,612,500 and 1,612,500 shares issued and outstanding as at February 29, 2016 and August 31, 2015 respectively	7,613	1,613
Additional paid-in capital	3,552,370	3,291,370
Shares to be issued	476,191	476,191
Deficit	(5,837,646)	(5,501,898)
Total Stockholders' Deficit	(1,801,472)	(1,732,724)
Total Liabilities and Stockholders' Deficit	$ 234	$ 37

CONDENSED BALANCE SHEETS (Paren

CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	Feb. 29, 2016	Aug. 31, 2015
STOCKHOLDERS' DEFICIT
Common Stock, par value	$ 0.001	$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	7,612,500	1,612,500
Common Stock, shares outstanding	7,612,500	1,612,500

CONDENSED STATEMENTS OF OPERATI

CONDENSED STATEMENTS OF OPERATIONS (unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015	Feb. 29, 2016	Feb. 28, 2015
Operating expenses
General and administrative expenses	$ 142,695	$ 121	$ 270,728	$ 202
Legal and audit fees	8,481		21,680
Loss before other items	151,176	121	292,408	202
Other expenses
Foreign exchange	(2,284)	(1,344)	(5,547)	(2,328)
Interest expense	24,428	23,906	48,886	48,349
Net and comprehensive loss	$ (172,320)	$ (22,683)	$ (335,747)	$ (46,223)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.02)	$ (0.02)	$ (0.06)	$ (0.03)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	6,953,159	1,612,500	5,782,948	1,612,500

CONDENSED STATEMENTS OF CASH FL

CONDENSED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	6 Months Ended
	Feb. 29, 2016	Feb. 28, 2015
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (335,747)	$ (46,223)
Non-cash items:
Interest expense	48,886	48,349
Shares issued for services	267,000
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	2,811	(2,426)
Due to related party	17,247	300
NET CASH FLOWS FROM OPERATING ACTIVITIES	197
Net change in Cash	197
CASH, BEGINNING OF THE PERIOD	37
CASH, END OF THE PERIOD	$ 234

ORGANIZATION NATURE OF BUSINESS

ORGANIZATION NATURE OF BUSINESS AND BASIS OF PRESENTATION	6 Months Ended
	Feb. 29, 2016
Notes to Financial Statements
Note 1 - ORGANIZATION AND NATURE OF BUSINESS	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, 2015. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended February 29, 2016, are not necessarily indicative of the results that may be expected for the year ended August 31, 2016. 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, 2015, 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 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.

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	6 Months Ended
	Feb. 29, 2016
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 which was fully amortized. As at February 29, 2016, the Company owed $980,413 (August 31, 2015 - $980,413) under this loan. Accrued interest as at February 29, 2016 is $482,875 (August 31, 2015 - $433,989) and is included in accounts payable and accrued liabilities.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	6 Months Ended
	Feb. 29, 2016
Notes to Financial Statements
Note 3 - STOCKHOLDERS' DEFICIT	As at February 29, 2016, 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	6 Months Ended
	Feb. 29, 2016
Notes to Financial Statements
Note 4 - RELATED PARTIES TRANSACTIONS	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 8, 2016, and the Company was released from all liabilities owing to the company owned by a former officer and director of the Company. As at February 29, 2016, the Company owed $37,689 (August 31, 2015 - $32,987) to a former President of the Company for services provided and $12,545 (August 31, 2015 - $Nil) for cash proceeds provided to the Company. At February 29, 2016, Monaco Capital Inc., a significant shareholder has advanced $980,413 (August 31, 2015 - $980,413) with terms as discussed in Note 2

SHARE ISSUANCES

SHARE ISSUANCES	6 Months Ended
	Feb. 29, 2016
Notes to Financial Statements
Note 5 - SHARE ISSUANCES	On September 16, 2015, the Company issued 3,000,000 restricted common shares with a fair value of $126,000 to a former director and officer in return for the performance of services. On December 4, 2015 the Company issued 3,000,000 restricted common shares with a fair value of $141,000 to a company owned by a former officer and director of the Company in return for the performance of services.

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	6 Months Ended
	Feb. 29, 2016
Notes to Financial Statements
Country or state of incorporation	Nevada
Date of incorporation	Jul. 20, 2006

CONVERTIBLE LOAN - RELATED PA12

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended
	Apr. 22, 2010	Feb. 29, 2016	Aug. 31, 2015
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		$ 482,875	$ 433,989

STOCKHOLDERS' DEFICIT (Details

STOCKHOLDERS' DEFICIT (Details Narrative)	6 Months Ended
	Feb. 29, 2016shares
Expiry Date	Mar. 2, 2016
Equity Option [Member]
Stock options, outstanding	5,000,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	6 Months Ended	12 Months Ended
	Feb. 29, 2016	Aug. 31, 2015
Monthly service fee	$ 2,500
Common stock shares issued	50,000
Convertible loans payable - related party	$ 980,413	$ 980,413
Due to related party	50,234	32,987
Cash proceeds	12,545
Monaco Capital Inc [Member]
Convertible loans payable - related party	980,413	980,413
Director and officer [Member]
Due to related party	$ 37,689	$ 32,987

SHARE ISSUANCES (Details Narrat

SHARE ISSUANCES (Details Narrative) - Restricted Stock [Member] - USD ($)	1 Months Ended
	Dec. 04, 2015	Sep. 18, 2015
Director and officer [Member]
Common stock shares issued for services		3,000,000
Fair value		$ 126,000
Former officer and director [Member]
Common stock shares issued for services	3,000,000
Fair value	$ 141,000