Indigenous Roots (IRCC) 10-Q 2 Oct 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	May 31, 2017	Sep. 27, 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	May 31, 2017
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		7,737,618
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2,017

INTERIM CONDENSED BALANCE SHEET

INTERIM CONDENSED BALANCE SHEETS - USD ($)	May 31, 2017	Aug. 31, 2016
Current Assets
Cash	$ 4,432	$ 866
Total Assets	4,432	866
Current Liabilities
Accounts payable and accrued liabilities	553,508	596,241
Due to related parties	133,852	55,266
Convertible loans payable - related party	980,413	980,413
Total Liabilities	1,667,773	1,631,920
STOCKHOLDERS' DEFICIT
Common stock 200,000,000 authorized shares, par value $0.001 7,612,500 shares issued and outstanding as at May 31, 2017 and August 31, 2016	7,613	7,613
Additional paid-in capital	3,552,370	3,552,370
Shares to be issued	506,516	476,191
Deficit	(5,729,840)	(5,667,228)
Total Stockholders' Deficit	(1,663,341)	(1,631,054)
Total Liabilities and Stockholders' Deficit	$ 4,432	$ 866

INTERIM CONDENSED BALANCE SHEE3

INTERIM CONDENSED BALANCE SHEETS (Parenthetical) - $ / shares	May 31, 2017	Aug. 31, 2016
STOCKHOLDERS' DEFICIT
Common Stock, par value		$ 0.001
Common Stock, shares authorized	200,000,000	200,000,000
Common Stock, shares issued	7,612,500	7,612,500
Common Stock, shares outstanding	7,612,500	7,612,500

INTERIMCONDENSEDSTATEMENTS OF O

INTERIMCONDENSEDSTATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)	3 Months Ended		9 Months Ended
	May 31, 2017	May 31, 2016	May 31, 2017	May 31, 2016
EXPENSES
General and administration	$ 37,757	$ 2,049	$ 99,597	$ 272,777
Legal and audit	154	6,937	154	28,617
Loss before other items	37,911	8,986	99,751	301,394
OTHER EXPENSES
Gain on extinguishment of debt			(37,612)
Foreign exchange	421	(914)	473	(6,461)
Interest expense		24,712		73,598
Net and comprehensive loss	$ (38,332)	$ (32,784)	$ (62,612)	$ (368,531)
BASIC AND DILUTED LOSS PER COMMON SHARE	$ (0.01)	$ (0.01)	$ (0.01)	$ (0.06)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	7,612,500	5,782,830	7,612,500	6,397,290

INTERIM CONDENSED STATEMENTS OF

INTERIM CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)	9 Months Ended
	May 31, 2017	May 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (62,612)	$ (368,531)
Non-cash items:
Gain on extinguishment of accounts payable	(37,612)
Interest expense		73,598
Shares issued for services		267,000
Accrued consulting fees	45,000
Accrued management fees	45,000
Changes in operating assets and liabilities:
Accounts payable and accrued liabilities	(5,121)	8,085
Due to related party	(11,414)	21,760
NET CASH FLOWS PROVIDED BY OPERATING ACTIVITIES	(26,759)	1,912
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds received for share subscriptions	30,325
NET CASH FLOWS USED IN FINANCING ACTIVITIES	30,325
Net change in Cash	3,566	1,912
CASH, BEGINNING OF THE PERIOD		37
CASH, END OF THE PERIOD	$ 4,432	$ 1,949

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	9 Months Ended
	May 31, 2017
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, 2016. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended May 31, 2017 are not necessarily indicative of the results that may be expected for the year ended August 31, 2017. 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, 2016, 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.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	May 31, 2017
Summary Of Significant Accounting Policies
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 payable and accrued liabilities, due to related parties and convertible loan payable approximate their fair values due to the short term maturity of those instruments. 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. 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 period ended May 31, 2017.

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	9 Months Ended
	May 31, 2017
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 significant 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. As at May 31, 2017, the Company owed a principal balance of $980,413 (August 31, 2016 - $980,413) under this loan and accrued interest thereon of $532,362. The loan is in default and due on demand.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	9 Months Ended
	May 31, 2017
Notes to Financial Statements
Note 4 - STOCKHOLDERS' DEFICIT	Shares to be issued During the nine months ended May 31, 2017, the company received $30,325 for subscription agreements for 1,561,250 common shares at $0.02 per share, for shares yet to be issued.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	May 31, 2017
Notes to Financial Statements
Note 5 - RELATED PARTY TRANSACTIONS	The Company entered into an agreement with a company owned by the President and director of the Company beginning on September 1, 2016 whereby the Company will pay a monthly management and consulting fee of $5,000. The agreement is for a term of 3 years. The Company entered into an agreement with the Controller of the Company beginning on September 1, 2016 whereby the Company will pay a monthly consulting fee of $5,000. The agreement is for a term of 3 years. As at May 31, 2017, the Company owed $45,000 (August 31, 2016 - $Nil) to the President of the Company for services provided to the Company. As at May 31, 2017, the Company owed $88,852 (August 31, 2016 - $55,266) to the Controller of the Company for services and cash proceeds provided to the Company. At May 31, 2017, Monaco Capital Inc., a significant shareholder has advanced $980,413 (November 30, 2015 - $980,413) with terms as discussed in Note 3.

SUBSEQUENT EVENT

SUBSEQUENT EVENT	9 Months Ended
	May 31, 2017
Summary Of Significant Accounting Policies
Note 6 - SUBSEQUENT EVENT	On September 25, 2017, the Company issued 125,000 common shares at a price of $ CDN 4.00 per share pursuant to share subscriptions previously received in the amount of $476,191.

SUMMARY OF SIGNIFICANT ACCOUN12

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	May 31, 2017
Summary Of Significant Accounting Policies 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 payable and accrued liabilities, due to related parties and convertible loan payable approximate their fair values due to the short term maturity of those instruments. 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. 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 period ended May 31, 2017.

ORGANIZATION AND NATURE OF BU13

ORGANIZATION AND NATURE OF BUSINESS (Details Narrative)	9 Months Ended
	May 31, 2017
Notes to Financial Statements
Country or state of incorporation	Nevada
Date of incorporation	Jul. 20, 2006

CONVERTIBLE LOAN - RELATED PA14

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended
	Apr. 22, 2010	May 31, 2017	Aug. 31, 2016
Convertible debt		$ 980,413	$ 980,413
Accrued liabilities		532,362	$ 532,362
Monaco Capital Inc [Member]
Convertible debt	$ 5,000,000	$ 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

STOCKHOLDERS' DEFICIT (Details

STOCKHOLDERS' DEFICIT (Details Narrative) - USD ($)	9 Months Ended
	May 31, 2017	Aug. 31, 2016	May 31, 2016
Common Stock, shares issued	7,612,500	7,612,500
Common Stock, par value		$ 0.001
Subscription agreements [Member]
Proceeds from Common Stock	$ 30,325
Common Stock, shares issued			1,561,250
Common Stock, par value			$ 0.02

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative) - USD ($)	Sep. 01, 2016	May 31, 2017	Aug. 31, 2016
Convertible loans payable - related party		$ 980,413	$ 980,413
Due to related party		133,852	55,266
Management And Consulting [Member]
Monthly sevices fees	$ 5,000
Agreement Term	3 years
Consulting [Member]
Monthly sevices fees	$ 5,000
Agreement Term	3 years
Monaco Capital Inc [Member]
Convertible loans payable - related party		980,413
President [Member]
Due to related party		45,000	0
Controller [Member]
Due to related party		$ 88,852	$ 55,266

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)	1 Months Ended
	Sep. 25, 2017	May 31, 2017	Aug. 31, 2016
Common Stock, shares issued		7,612,500	7,612,500
Common Stock, par value			$ 0.001
Subsequent Event [Member] | CDN [Member]
Common Stock, shares issued	125,000
Common Stock, par value	$ 4
Cash proceeds	$ 476,191