Indigenous Roots (IRCC) 10-K/A 15 Dec 17 2017 FY Annual report (amended) Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Aug. 31, 2017	Dec. 11, 2017	Feb. 28, 2017
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, 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	Yes
Entity Public Float			$ 8,637
Entity Common Stock, Shares Outstanding		8,337,618
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,017

BALANCE SHEETS

BALANCE SHEETS - USD ($)	Aug. 31, 2017	Aug. 31, 2016
Current Assets
Cash	$ 2,145	$ 866
Total Assets	2,145	866
Current Liabilities
Accounts payable	18,256	63,879
Due to related parties (note 6)	159,772	55,266
Convertible loan payable - related party (note 3)	1,610,816	1,512,775
Total Liabilities	1,788,844	1,631,920
STOCKHOLDERS' DEFICIT
Common stock 200,000,000 authorized shares, par value $0.001 7,612,500 and 7,612,500 shares issued and outstanding as at August 31, 2017 and 2016 respectively	7,613	7,613
Additional paid-in capital	3,552,370	3,552,370
Shares to be issued (notes 4 and 8)	513,116	476,191
Deficit	(5,859,798)	(5,667,228)
Total Stockholders' Deficit	(1,786,699)	(1,631,054)
Total Liabilities and Stockholders' Deficit	$ 2,145	$ 866

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Aug. 31, 2017	Aug. 31, 2016
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	7,612,500
Common Stock, shares outstanding	7,612,500	7,612,500

STATEMENTS OF OPERATIONS

STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Operating expenses
General and administrative expenses	$ 130,834	$ 274,188
Legal and audit fees	445	31,050
Loss before other items	(131,279)	(305,238)
Other (income) expenses
Foreign exchange	862	(1,561)
Interest expense	98,041	98,310
Gain on reversal of debt (note 7)	(37,612)	(236,657)
Net loss	$ (192,570)	$ (165,330)
BASIC AND DILUTED EARNINGS PER COMMON SHARE	$ (0.03)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING - BASIC AND DILUTED	7,612,500	6,702,782

STATEMENT OF STOCKHOLDERS' DEFI

STATEMENT OF STOCKHOLDERS' DEFICIT - USD ($)	Common Stock	Additional Paid-In Capital	Shares to be Issued	Accumulated Deficit	Total
Beginning Balance, Shares at Aug. 31, 2014	1,612,500
Beginning Balance, Amount at Aug. 31, 2014	$ 1,613	$ 3,291,370	$ 476,191	$ (5,401,074)	$ (1,631,900)
Net loss				(100,824)	(100,824)
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)
Shares issued for services, Shares	6,000,000
Shares issued for services, Amount	$ 6,000	261,000			267,000
Shares to be issued (note 4)
Net loss				(165,330)	(165,330)
Ending Balance, Shares at Aug. 31, 2016	7,612,500
Ending Balance, Amount at Aug. 31, 2016	$ 7,613	3,552,370	476,191	(5,667,228)	(1,631,054)
Shares issued for services, Amount
Shares to be issued (note 4)			36,925		36,925
Net loss				(192,570)	(192,570)
Ending Balance, Shares at Aug. 31, 2017	7,612,500
Ending Balance, Amount at Aug. 31, 2017	$ 7,613	$ 3,552,370	$ 513,116	$ (5,859,798)	$ (1,786,699)

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$ (192,570)	$ (165,330)
Non-cash items:
Gain on reversal of debt	(37,612)	(236,657)
Accrued interest	98,041	98,310
Shares issued for services		267,000
Changes in operating assets and liabilities:
Increase in due to related party	104,506	22,279
Decrease (increase) in accounts payable	(8,011)	15,227
NET CASH FLOWS PROVIDED BY (USED IN) OPERATING ACTIVITIES	(35,646)	829
CASH FLOWS FROM FINANCING ACTIVITIES:
Common share subscriptions	36,925
NET CASH FLOW PROVIDED BY FINANCING ACTIVITIES	36,925
Net change in Cash	(1,279)	829
CASH, BEGINNING	866	37
CASH, ENDING	$ 2,145	$ 866

ORGANIZATION AND NATURE OF BUSI

ORGANIZATION AND NATURE OF BUSINESS	12 Months Ended
	Aug. 31, 2017
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 OTC Pink Sheets 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. At August 31, 2017 the Company had an accumulated deficit of $5,859,798 and a working capital deficiency of $1,786,699. 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, 2017
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 convertible loan 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 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 loan is based on Level 2 inputs in the ASC 820 fair value hierarchy. 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, 2017 and 2016. 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. Reclassification Certain prior year amounts have been reclassified to conform to the current year’s presentation.

CONVERTIBLE LOAN - RELATED PART

CONVERTIBLE LOAN - RELATED PARTY	12 Months Ended
	Aug. 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 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. As at August 31, 2017, the Company owed $1,610,816 (2016 - $1,512,775) under this loan, including accrued interest as at August 31, 2017 of $630,403 (2016 - $532,362). The loan is in default and due on demand.

STOCKHOLDERS' DEFICIT

STOCKHOLDERS' DEFICIT	12 Months Ended
	Aug. 31, 2017
Notes to Financial Statements
Note 4 - STOCKHOLDERS' DEFICIT	Shares Issuances During the year ended August 31, 2017, the Company received $36,925 (2016 - $Nil) for subscriptions of 1,829,750 common shares. 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 performance of consulting 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 performance of consulting services. See Note 8. 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. As at August 31, 2017 and 2016, the Company no stock options outstanding.

INCOME TAXES

INCOME TAXES	12 Months Ended
	Aug. 31, 2017
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, 2017 August 31, 2016 Net loss $ (192,570 ) $ (165,330 ) 35.0 % 35.0 % Expected income tax recovery (67,000 ) (58,000 ) Adjustment to prior year provision versus statutory tax return (46,000 ) 46,000 Change in valuation allowance 113,000 12,000 Income tax recovery $ - $ - The Company’s tax-effected future tax assets and liabilities are estimated as follows: August 31, 2017 August 31, 2016 Deferred tax assets Net operating loss carry forwards $ 796,000 $ 683,000 Less: Valuation allowance (796,000 ) (683,000 ) Net deferred income tax assets $ - $ - At August 31, 2017, 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. As at August 31, 2017, the Company has non-capital losses of approximately $2,275,000 that may be carried forward and applied against federal and state taxable income of future years. The non-capital losses may be carried forward and expire between 2027 and 2037. Tax attributes are subject to review, and potential adjustment by tax authorities.

RELATED PARTIES TRANSACTIONS

RELATED PARTIES TRANSACTIONS	12 Months Ended
	Aug. 31, 2017
Notes to Financial Statements
Note 6 - RELATED PARTIES TRANSACTIONS	As at August 31, 2017, the Company owed $60,000 (2016 - $Nil) to a Company owned by the President of the Company for services provided to the Company. As at August 31, 2017, the Company owed $99,772 (2016 - $55,266) to the Controller of the Company for services provided to the Company.

REVERSAL OF DEBT

REVERSAL OF DEBT	12 Months Ended
	Aug. 31, 2017
Notes to Financial Statements
Note 7 - REVERSAL OF DEBT	During the year ended August 31, 2017, certain payables became no longer enforceable as the Statute of Limitation period has expired. The Company reversed the payables of $37,612 (2016 - $236,657) which has been recognized in income.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Aug. 31, 2017
Notes to Financial Statements
Note 8 - SUBSEQUENT EVENTS	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. On December 5, 2017, the Company issued 300,000 common shares at a price of $0.10 per share, for an aggregate price of $30,000.

SUMMARY OF SIGNIFICANT ACCOUN15

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Aug. 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 receivable, accounts payable and convertible loan 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 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 loan is based on Level 2 inputs in the ASC 820 fair value hierarchy. 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, 2017 and 2016.
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.
Reclassification	Certain prior year amounts have been reclassified to conform to the current year’s presentation.

INCOME TAXES (Table)

INCOME TAXES (Table)	12 Months Ended
	Aug. 31, 2017
Income Taxes Table
Schedule of Effective Income Tax Rate Reconciliation	The reported income taxes differ from the amounts obtained by applying statutory rates to the loss before income taxes as follows: August 31, 2017 August 31, 2016 Net loss $ (192,570 ) $ (165,330 ) 35.0 % 35.0 % Expected income tax recovery (67,000 ) (58,000 ) Adjustment to prior year provision versus statutory tax return (46,000 ) 46,000 Change in valuation allowance 113,000 12,000 Income tax recovery $ - $ -
Schedule of Deferred Tax Assets and Liabilities	The Company’s tax-effected future tax assets and liabilities are estimated as follows: August 31, 2017 August 31, 2016 Deferred tax assets Net operating loss carry forwards $ 796,000 $ 683,000 Less: Valuation allowance (796,000 ) (683,000 ) Net deferred income tax assets $ - $ -

ORGANIZATION AND NATURE OF BU17

ORGANIZATION AND NATURE OF BUSINESS (Details Narratvie) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Organization And Nature Of Business Details Narratvie
State Country Name	Nevada
Date of Incorporation	Jul. 20, 2006
Accumulated Deficit	$ (5,859,798)	$ (5,667,228)
Working capital deficit	$ (1,786,699)

CONVERTIBLE LOAN - RELATED PA18

CONVERTIBLE LOAN - RELATED PARTY (Details Narrative) - USD ($)	1 Months Ended
	Dec. 17, 2010	Aug. 31, 2017	Aug. 31, 2016
Accrued interest		$ 630,403	$ 532,362
Convertible loans payable - related party		$ 1,610,816	$ 1,512,775
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) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016	Dec. 04, 2015	Sep. 16, 2015
Shares to be issued (note 4)	$ 36,925
Common stock subscription shares	1,829,750
2010 Plan [Member]
Shares reserved for future issuance		6,500,000
Maturity period		5 years
Restricted Stock [Member] | Former Director [Member]
Shares issued			3,000,000	3,000,000
Fair value of shares issued			$ 141,000	$ 126,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Income Taxes Details
Net loss	$ (192,570)	$ (165,330)
Statutory tax rate	35.00%	35.00%
Expected income tax recovery	$ (67,000)	$ (58,000)
Adjustment to prior year provision versus statutory tax return	(46,000)	46,000
Change in valuation allowance	113,000	12,000
Income tax recovery

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	Aug. 31, 2017	Aug. 31, 2016
Deferred tax assets
Net operating loss carry forwards	$ 796,000	$ 683,000
Less: Valuation allowance	(796,000)	(683,000)
Net deferred income tax assets

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	12 Months Ended
	Aug. 31, 2017USD ($)
Income Taxes Details Narrative
Non-capital losses	$ 2,275,000
Non-capital losses expiry period	2027 and 2037

RELATED PARTIES TRANSACTIONS (D

RELATED PARTIES TRANSACTIONS (Details Narrative) - USD ($)	Aug. 31, 2017	Aug. 31, 2016
Due to related parties	$ 159,772	$ 55,266
President [Member]
Due to related parties	60,000
Controller [Member]
Due to related parties	$ 99,772	$ 55,266

REVERSAL OF DEBT (Details Narra

REVERSAL OF DEBT (Details Narrative) - USD ($)	12 Months Ended
	Aug. 31, 2017	Aug. 31, 2016
Reversal Of Debt Details Narrative
Gain on reversal of debt	$ 37,612	$ 236,657

SUBSEQUENT EVENT (Details Narra

SUBSEQUENT EVENT (Details Narrative) - USD ($)	Dec. 05, 2017	Sep. 25, 2017	Aug. 31, 2017	Aug. 31, 2016
Common Stock, shares issued			7,612,500	7,612,500
Common Stock, par value			$ 0.001	$ 0.001
Subsequent Event [Member]
Common Stock, shares issued	300,000
Common Stock, par value	$ 0.10
Agregate price of common stock	$ 30,000
Subsequent Event [Member] | CDN [Member]
Common Stock, shares issued		125,000
Common Stock, par value		$ 4
Cash proceeds		$ 476,191