Attached files

file filename
EX-32.2 - CERTIFICATION - Indigenous Roots Corp.ircc_ex322.htm
EX-32.1 - CERTIFICATION - Indigenous Roots Corp.ircc_ex321.htm
EX-31.2 - CERTIFICATION - Indigenous Roots Corp.ircc_ex312.htm
EX-31.1 - CERTIFICATION - Indigenous Roots Corp.ircc_ex311.htm

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

For the quarterly period ended November 30, 2019

 

or

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

  

For the transition period from __________ to __________

 

Commission File Number: 000-55873

 

INDIGENOUS ROOTS CORP.

(Exact name of registrant as specified in its charter)

    

Nevada

 

20-5243308

(State or other jurisdiction of incorporation or organization)

 

(I.R.S. Employer Identification No.)

 

 

 

41 Puget Drive, Steilacoom, Washington

 

98388

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number including area code: (250) 681-1010

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ YES    ☐ NO

 

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (ss.232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to post such files). Yes ☐     No ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a small reporting company. See the definitions of “large accelerated filer”, “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act

 

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

(Do not check if a smaller reporting company)

 

 

 

 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐     No ☒

 

Number of common shares outstanding at July 10, 2020: 15,086,857

 

 

 

  

INDIGENOUS ROOTS CORP.

Index

PART I: FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Condensed Consolidated Balance Sheets at November 30, 2019 and August 31, 2019

 

3

 

 

 

 

 

Condensed Consolidated Statements of Operations for the three months ended November 30, 2019 and 2018

 

4

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows for the three months ended November 30, 2019 and 2018

 

5

 

 

 

 

 

Condensed Consolidated Statement of Changes in Deficit for the period ended November 30, 2019

 

6

 

 

 

 

 

Notes to the Condensed Consolidated Financial Statements

 

7-11

 

    

 
2

 

  

INDIGENOUS ROOTS CORP.

CONDENSED CONSOLIDATED BALANCE SHEETS

(EXPRESSED IN US DOLLARS)

(UNAUDITED)

    

 

 

November 30,

2019

 

 

August 31,

2019

 

 

 

 

 

 

 

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets

 

 

 

 

 

 

Cash

 

$ 10

 

 

$ 28

 

Accounts receivable

 

 

67,567

 

 

 

65,931

 

 

 

 

67,577

 

 

 

65,959

 

 

 

 

 

 

 

 

 

 

Fixed Assets (Note 4)

 

 

792,931

 

 

 

799,092

 

 

 

 

 

 

 

 

 

 

Total Assets

 

$ 860,508

 

 

$ 865,051

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$ 128,318

 

 

$ 68,868

 

Due to related parties (Note 5)

 

 

28,823

 

 

 

86,237

 

Current portion of loan payable (Note 6)

 

 

45,778

 

 

 

33,293

 

 

 

 

202,919

 

 

 

188,398

 

Long Term Liabilities

 

 

 

 

 

 

 

 

Loan payable (Note 6)

 

 

774,369

 

 

 

782,792

 

 

 

 

 

 

 

 

 

 

Total Liabilities

 

 

977,288

 

 

 

971,190

 

 

 

 

 

 

 

 

 

 

STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Common stock 200,000,000 authorized shares, par value $0.001 15,086,857 and 15,086,857 shares issued and outstanding as at November 30, 2019 and August 31, 2019 respectively (Note 7)

 

 

15,088

 

 

 

15,088

 

Additional paid-in-capital (Note 7)

 

 

4,486,862

 

 

 

4,486,862

 

Deficit

 

 

(4,618,730 )

 

 

(4,608,089 )

Total Stockholders’ Deficit

 

 

(116,780 )

 

 

(106,139 )

 

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Deficit

 

$ 860,508

 

 

$ 865,051

 

 

Subsequent event (Note 8)

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

   

 
3

Table of Contents

   

INDIGENOUS ROOTS CORP.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(EXPRESSED IN US DOLLARS)
(UNAUDITED)

  

 

 

For the Three Months Ended

November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

REVENUE

 

 

 

 

 

 

 

 

$ 1,636

 

 

$ -

 

EXPENSES

 

 

 

 

 

 

 

 

Operating expenses

 

 

 

 

 

 

 

 

General and administrative expenses (Note 5)

 

$ 1,657

 

 

$ 1,316

 

Depreciation expense (Note 4)

 

 

10,223

 

 

 

-

 

Total operating expenses

 

 

11,880

 

 

 

1,316

 

 

 

 

 

 

 

 

 

 

OTHER EXPENSES

 

 

 

 

 

 

 

 

Foreign exchange

 

 

397

 

 

 

(1 )

Interest expense

 

 

-

 

 

 

24,443

 

 

 

 

 

 

 

 

 

 

Net loss

 

$ (10,641 )

 

$ (25,758 )

 

 

 

 

 

 

 

 

 

BASIC AND DILUTED LOSS PER COMMON SHARE

 

$ (0.00 )

 

$ (0.00 )

 

 

 

 

 

 

 

 

 

WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING –

 

 

 

 

 

 

 

 

BASIC AND DILUTED

 

 

15,086,857

 

 

 

8,237,618

 

  

The accompanying notes are an integral part of these condensed consolidated financial statements

   

 
4

Table of Contents

   

INDIGENOUS ROOTS CORP.

INTERIM CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS
(EXPRESSED IN US DOLLARS)
(UNAUDITED)

  

 

 

For the Three Months

Ended November 30,

 

 

 

2019

 

 

2018

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$ (10,641 )

 

$ (25,758 )

Non-cash items:

 

 

 

 

 

 

 

 

Depreciation

 

 

10,223

 

 

 

-

 

Accrued interest

 

 

-

 

 

 

24,443

 

Change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(1,636 )

 

 

-

 

Accounts payable and accrued liabilities

 

 

59,450

 

 

 

-

 

Due to related parties

 

 

(57,414 )

 

 

1,500

 

NET CASH FLOWS USED IN (PROVIDED BY) OPERATING ACTIVITIES

 

 

(18 )

 

 

185

 

 

 

 

 

 

 

 

 

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Bank overdraft

 

 

-

 

 

 

(103 )

 

 

 

-

 

 

 

(103 )

 

 

 

 

 

 

 

 

 

Net change in cash

 

 

(18 )

 

 

82

 

CASH, BEGINNING

 

 

28

 

 

 

-

 

 

 

 

 

 

 

 

 

 

CASH, ENDING

 

$ 10

 

 

$ 82

 

  

The accompanying notes are an integral part of these condensed consolidated financial statements

   

 
5

Table of Contents

   

INDIGENOUS ROOTS CORP.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN DEFICIT
(EXPRESSED IN US DOLLARS)
(UNAUDITED)

 

 

 

Shares

Issued Number

 

 

Amount

 

 

Additional

Paid In Capital

 

 

Deficit

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As at August 31, 2017

 

 

7,612,618

 

 

$ 7,613

 

 

$ 3,552,370

 

 

$ (5,859,798 )

 

$ (1,786,699 )

Share issuance

 

 

125,000

 

 

 

125

 

 

 

476,066

 

 

 

-

 

 

 

-

 

Shares issuance forgiven

 

 

-

 

 

 

-

 

 

 

36,925

 

 

 

-

 

 

 

-

 

Debt forgiven

 

 

-

 

 

 

-

 

 

 

125,400

 

 

 

-

 

 

 

125,400

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(34,071 )

 

 

(34,071 )

As at November 30, 2017

 

 

7,737,618

 

 

 

7,738

 

 

 

4,190,761

 

 

 

(5,893,869 )

 

 

(1,695,370 )

Shares issued for cash

 

 

300,000

 

 

 

300

 

 

 

29,700

 

 

 

-

 

 

 

30,000

 

Shares issued for services

 

 

200,000

 

 

 

200

 

 

 

209,800

 

 

 

-

 

 

 

210,000

 

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(271,305 )

 

 

(271,305 )

As at February 28, 2018

 

 

8,237,618

 

 

 

8,238

 

 

 

4,430,261

 

 

 

(6,165,174 )

 

 

(1,726,675 )

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(35,992 )

 

 

(35,992 )

As at May 31, 2018

 

 

8,237,618

 

 

 

8,238

 

 

 

4,430,261

 

 

 

(6,201,166 )

 

 

(1,762,667 )

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(84,019 )

 

 

(84,019 )

As at August 31, 2018

 

 

8,237,618

 

 

 

8,238

 

 

 

4,430,261

 

 

 

(6,285,185 )

 

 

(1,846,686 )

Net loss for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(25,758 )

 

 

(25,758 )

As at November 30, 2018

 

 

8,237,618

 

 

 

8,238

 

 

 

4,430,261

 

 

 

(6,310,943 )

 

 

(1,872,444 )

Net Gain/(loss) for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,731,513

 

 

 

1,731,513

 

As at February 28, 2019

 

 

8,237,618

 

 

 

8,238

 

 

 

4,430,261

 

 

 

(4,579,430 )

 

 

(140,931 )

Shares issued in exchange agreement

 

 

6,739,739

 

 

 

6,740

 

 

 

55,696

 

 

 

-

 

 

 

63,450

 

Net Gain/(loss) for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,536

 

 

 

1,536

 

As at May 31, 2019

 

 

14,977,357

 

 

 

14,978

 

 

 

4,485,957

 

 

 

(4,577,894 )

 

 

(75,945 )

Shares issued in exchange agreement

 

 

109,500

 

 

 

110

 

 

 

905

 

 

 

-

 

 

 

1

 

Net Gain/(loss) for the period

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(30,195 )

 

 

(30,195 )

As at August 31, 2019

 

 

15,086,857

 

 

 

15,088

 

 

 

4,486,862

 

 

 

(4,608,089 )

 

 

(106,139 )

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,641 )

 

 

(10,641 )

As at November 30, 2019

 

 

15,086,857

 

 

$ 15,088

 

 

$ 4,486,862

 

 

$ (4,618,730 )

 

$ (116,780 )
 

The accompanying notes are an integral part of these condensed consolidated financial statements

 

 
6

Table of Contents

  

INDIGENOUS ROOTS CORP.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
NOVEMBER 30, 2019
(Stated in U.S. Dollars)

(Unaudited)

 

1. ORGANIZATION AND NATURE OF BUSINESS

 

Indigenous Roots Corp. (formerly 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 “IRCC”.

 

On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power Company (‘Edison Power”), a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation that owns and operates a 140 kW/h solar power generating facility in Georgetown, Delaware. The facility began generating power in April, 2019 (Note 3).

 

The unaudited condensed consolidated 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, 2019. 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, 2019 are not necessarily indicative of the results that may be expected for the year ended August 31, 2020. 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, 2019, included in the Company’s report on Form 10-K.

 

Going concern

 

The accompanying condensed consolidated financial statements have been prepared assuming the Company will continue as a going concern. At November 30, 2019 the Company had an accumulated deficit of $4,618,730 and a working capital deficiency of $135,342. 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.

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

 

(a) Basis of Presentation

 

These financial statements and related notes are presented in accordance with accounting principles generally accepted in the United States and are expressed in U.S. dollars.

 

(b) Principles of Consolidation

 

These financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are all entities (including structured entities) which the Company controls. For accounting purposes, control is established by an investor when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. All inter-company balances and transactions are eliminated upon consolidation.

 

(c) Use of Estimates

 

The preparation of financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to deferred income tax asset valuation allowances.

 

 
7

Table of Contents

  

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

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 for 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.

 

(d) Fixed Assets

 

Fixed assets are recorded at cost reduced by accumulated depreciation. Depreciation expense is recognized over the assets’ estimated useful lives using the straight-line method. Estimated useful lives are periodically reviewed and, when appropriate, changes are made prospectively. When certain events or changes in operating conditions occur, asset lives may be adjusted and an impairment assessment may be performed on the recoverability of the carrying amounts.

 

(e) Impairment of Long-Lived Assets

 

The Company evaluates the recoverability of its fixed assets and other assets in accordance with ASC 360-10-15, Impairment or Disposal of Long-Lived Assets. Impairment of long-lived assets is recognized when the net book value of such assets exceeds their expected cash flows, in which case the assets are written down to fair value, which is determined based on discounted future cash flows or appraised values.

 

(f) Related Party Transactions

 

The Company follows ASC 850, Related Party Disclosures, for the identification of related parties and disclosure of related party transactions. In accordance with ASC 850, the Company’s financial statements include disclosures of material related party transactions, other than compensation arrangements, expense allowances, and other similar items in the ordinary course of business, as well as transactions that are eliminated in the preparation of financial statements.

 

(g) Income Taxes

 

The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, “Income Taxes”. The asset and liability method provide that deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating loss and tax credit carry-forwards. Deferred tax assets and liabilities are measured using the currently enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company records a valuation allowance to reduce deferred tax assets to the amount that is believed more likely than not to be realized.

 

(h) Foreign Currency Translation

 

The Company and its subsidiaries’ functional and reporting currency is the U.S. dollar. Transactions in foreign currencies are translated into the currency of measurement at the exchange rates in effect on the transaction date. Monetary balance sheet items expressed in foreign currencies are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. The resulting exchange gains and losses are recognized in the statement of operations.

 

(i) Financial Instruments and Fair Value Measures

 

ASC 820, “Fair Value Measurements and Disclosures”, requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value:

 

Level 1 - Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

 

 
8

Table of Contents

   

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

(i) Financial Instruments and Fair Value Measures (continued)

 

Level 2 - Level 2 applies to assets or liabilities for which there are inputs other than quoted prices that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

 

Level 3 - Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

 

The Company’s financial instruments consist principally of cash, accounts receivable, accounts payable, loans payable, and due to related parties. Pursuant to ASC 820, the fair value of cash is determined based on “Level 1” inputs, which consist of quoted prices in active markets for identical assets. The recorded values of all other financial instruments approximate their current fair values because of their nature and respective maturity dates or durations.

 

(j) Stock-based Compensation

 

The Company records stock-based compensation in accordance with ASC 718, “Compensation – Stock Compensation” and ASC 505, “Equity Based Payments to Non-Employees”, using the fair value method. All transactions in which goods or services are the consideration received for the issuance of equity instruments are accounted for based on the fair value of the consideration received or the fair value of the equity instrument issued, whichever is more reliably measurable.

 

(k) Revenue

   

Pursuant to ASC 606, Revenue is derived from the generation of electricity utilizing the solar power generating system and collectively is reasonably assured. Revenue is recognized when persuasive evidence of an arrangement exists, the services have been rendered and the goods have been delivered, the amount is fixed and determinable, and collection is reasonably assured.

 

(l) Loss Per Share

 

The Company computes earnings (loss) per share in accordance with ASC 260, “Earnings per Share”. ASC 260 requires presentation of both basic and diluted earnings per share (“EPS”) on the face of the income statement. Basic EPS is computed by dividing earnings (loss) available to common shareholders (numerator) by the weighted average number of shares outstanding (denominator) during the period. Diluted EPS gives effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted EPS, the average stock price for the period is used in determining the number of shares assumed to be purchased from the exercise of stock options or warrants. Diluted EPS excludes all dilutive potential shares if their effect is anti-dilutive. As at November 30, 2019 the Company does not have any potentially dilutive shares.

 

(m) Recent Accounting Pronouncements

 

In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases. The amendments in ASU 2018-10 provide additional clarification and implementation guidance on certain aspects of the previously issued ASU No. 2016-02, Leases (Topic 842) (“ASU 2016-02”) and have the same effective and transition requirements as ASU 2016-02. Upon the effective date, ASU 2018-10 will supersede the current lease guidance in ASC Topic 840, Leases. Under the new guidance, lessees will be required to recognize for all leases, with the exception of short-term leases, a lease liability, which is a lessee’s obligation to make lease payments arising from a lease, measured on a discounted basis.

 

 
9

Table of Contents

 

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

 

(o) Recent Accounting Pronouncements (continued)

 

Concurrently, lessees will be required to recognize a right-of-use asset, which is an asset that represents the lessee’s right to use, or control the use of, a specified asset for the lease term. ASU 2018-10 is effective for private companies and emerging growth public companies for interim and annual reporting periods beginning after December 15, 2019, with early adoption permitted. The guidance is required to be applied using a modified retrospective transition approach for leases existing at, or entered into after, the beginning of the earliest comparative periods presented in the financial statements. During the period ended November 30, 2019 the Company assessed the impact this guidance had on its financial statements and concluded that at present ASU No. 2018-10 has no impact on its financial statements.

 

3. ACQUISITION

 

On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power, a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation that owns and operates a 140 kW/h solar power generating facility in Georgetown, Delaware. The facility began generating power in April, 2019. The transaction has been accounted for as an asset acquisition as Edison Power did not have inputs, processes and outputs in place that constituted a business under ASC 805 Business Combinations. The total consideration paid was allocated to the assets and liabilities acquired based on relative fair values:

 

Consideration:

 

 

 

Issuance of 6,849,239 common shares (Note 7)

 

$ 63,450

 

 

 

 

63,450

 

Fair value of assets and liabilities acquired:

 

 

 

 

Accounts receivable

 

 

63,450

 

Solar power system (Note 4)

 

 

809,300

 

Loan payable (Note 6)

 

 

(809,300 )

 

 

$ 63,450

 

 

4. FIXED ASSETS

 

Fixed assets consist of the following:

 

 

 

Useful Life

 

Balance at

August 31,

2018 and

November 30,

2018

$

 

 

Balance at

August 31,

2019

$

 

 

Additions

$

 

 

Accumulated Depreciation

$

 

 

Balance at

November 30,

2019

$

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Solar Power System

 

20 years

 

 

-

 

 

 

816,085

 

 

 

4,062

 

 

 

(27,216 )

 

 

792,931

 

 

 

 

 

 

-

 

 

 

816,085

 

 

 

4,062

 

 

 

(27,216 )

 

 

792,931

 

 

On April 1, 2019, the Company acquired the solar power system through the acquisition of Edison Power at a fair value of $809,300 (Note 3). During the period ended November 30, 2019, the Company capitalized accrued interest on the loan payable of $4,062 to the solar power system as the construction was not fully completed (Note 6).

  

 
10

Table of Contents

    

5. RELATED PARTY TRANSACTIONS

 

As at November 30, 2019, the Company owed $28,823 (August 31, 2019 - $27,323) to the Controller of the Company for cash and services provided to the Company. The debt is unsecured, bears no interest and is payable on demand.

 

As at November 30, 2019, the Company owed nil (August 31, 2019 - $58,914) to a former President of the Company for cash advances made to the Company.

 

During the quarter ended November 30, 2019, the Company accrued $1,500 (November 30, 2018 - $1,500) in accounting fees to the Controller of the Company.

 

6. LOAN PAYABLE

 

On June 15, 2018, the Company issued a promissory note to Sustainable Energy Utility Inc. (“SEU”) in the amount of $981,500. As at November 30, 2019, SEU had advance the principle amount of $803,520.  The promissory note bears an interest rate of 2% per annum and is payable in monthly installments of $4,161 including principle and interest for 240 months commencing January 1, 2020.  The funds were advanced to the Company for the construction of a solar power electricity generating system (“the system”). The loan is secured by a promissory note, a first priority security interest on the system and an assignment of a Power Purchase Agreement.

 

Loan payable as at August 31, 2019

 

$ 816,085

 

Capitalized interest

 

 

4,062

 

Loan payable as at November 30, 2019

 

$ 820,147

 

 

 

 

 

 

Current portion of loan payable

 

$ 45,778

 

Long term portion of loan payable

 

$ 774,369

 

   

As at November 30, 2019, $16,627 of interest was accrued on the loan, due and payable in January 2040. 

 

7. STOCKHOLDERS’ DEFICIT

 

Share Issuances

 

The Company issued 6,739,739 common shares on April 1, 2019 and 109,500 on July 3, 2019 pursuant to the terms of a Share Exchange Agreement with the shareholders of Edison Power Company (Note 3).

 

8. SUBSEQUENT EVENT

 

On December 1, 2019, the Company acquired all of the issued and outstanding shares of Edison Power Corporation (“EPC”) in exchange for cash of $10. EPC was federally incorporated in Canada on April 13, 2015. EPC has no equity and has not generated any revenue since inception.

 

 
11

Table of Contents

    

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

 

FORWARD-LOOKING STATEMENTS

 

This quarterly report contains forward-looking statements. These statements relate to future events or our future financial performance. In some cases, you can identify forward-looking statements by terminology such as "November 30", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors, including the risks in the section entitled "Risk Factors" that November 30 cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

 

Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. Except as required by applicable law, including the securities laws of the United States, we do not intend to update any of the forward-looking statements to conform these statements to actual results.

 

Our unaudited interim financial statements are stated in United States dollars and are prepared in accordance with United States generally accepted accounting principles. The following discussion should be read in conjunction with our company's audited financial statements and 10-K for the year ended August 31, 2019 and unaudited interim financial statements and the related notes that appear elsewhere in this quarterly report.

 

In this quarterly report, unless otherwise specified, all references to "common stock" refer to common shares in the capital of our company and the terms "we", "us" and "our" mean Indigenous Roots Corp.

 

GENERAL OVERVIEW

 

Corporate Overview

 

Our principal executive offices are located at 41 Puget Drive, Steilacoom, WA. Our telephone number is (250) 681-1010.

 

Our common stock is quoted on the OTC Pink under the symbol “IRCC.

 

Corporate History

 

We were incorporated under the laws of the State of Nevada on July 20, 2006 under the name “Zebra Resources Incorporated” (aka “Zebra Resources Inc.”). At inception, we were an exploration stage company engaged in the acquisition, exploration and development of mineral properties. 

 

We are investigating several business opportunities to enhance shareholder value.

 

Effective March 17, 2010, we effected a one (1) old for two (2) new forward stock split of our issued and outstanding common stock. As a result, our authorized capital increased from 75,000,000 to 150,000,000 shares of common stock and our issued and outstanding increased from 32,000,000 shares of common stock to 64,000,000 shares of common stock, all with a par value of $0.001.

  

 
12

Table of Contents

    

Also effective March 17, 2010, we changed our name from "Zebra Resources Incorporated" to "American Paramount Gold Corp.", by way of a merger with our wholly owned subsidiary American Paramount Gold Corp., which was formed solely for the change of name.

 

The name change and forward stock split became effective with the Over-the-Counter Bulletin Board at the opening for trading on April 12, 2010 under the new stock symbol "APGA".

 

On July 30, 2010, our directors approved the adoption of the 2010 Stock Option Plan (“2010 Plan”) which permits our company to issue up to 6,500,000 shares of our common stock to directors, officers, employees and consultants of our company upon the exercise of stock options granted under the 2010 Plan. As at November 30, 2019, there are no outstanding stock options.

 

On November 16, 2011, our Company’s board of directors approved a forty (40) for one (1) reverse stock split of our authorized and issued and outstanding common shares.

 

On November 28, 2011, the Nevada Secretary of State accepted for filing a Certificate of Change, wherein we effected an amendment to our Articles of Incorporation to decrease the authorized number of shares of our common stock from 150,000,000 to 3,750,000 shares of common stock, par value of $0.001. On November 29, 2011 the Nevada Secretary of State accepted for filing a Certificate of Correction, wherein we effected an amendment to our Articles of Incorporation to correct the Certificate of Change filed on November 28, 2011 to state that no fractional shares shall be issued and that fractional shares shall be rounded up rather than rounded down.

 

The reverse split became effective with the Over-the-Counter Bulletin Board at the opening of trading on January 26, 2012 under the new symbol APGA. The CUSIP number was changed to 02882T 204.

 

Effective January 8, 2018, we changed our name to Indigenous Roots Corp.

 

The name change became effective with the Over-the-Counter Bulletin Board at the opening for trading on February 9, 2018 under the stock symbol "IRCC". Our CUSIP number is 455685107.

 

On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power Company (‘Edison Power”), a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation that owns and operates a 140 kW/h solar power generating facility in Georgetown, Delaware. The facility began generating power in April, 2019.

 

 
13

Table of Contents

     

Our Current Business

 

We currently own and operate a solar power generating system in the state of Delaware.

 

Subsidiaries

 

On April 1, 2019, the Company acquired 100% of the issued and outstanding shares of Edison Power Company (‘Edison Power”), a Nevada corporation, in exchange for 6,849,239 common shares of the Company. Edison Power owns a 100% interest in Edison Delaware 2 LLC, a Delaware registered limited liability corporation.

 

On December 1, 2019, the Company acquired all of the issued and outstanding shares of Edison Power Corporation (“EPC”) in exchange for cash of $10. EPC was federally incorporated in Canada on April 13, 2015.

 

Research and Development Expenditures

 

We have incurred $nil in research and development expenditures over the last two fiscal years.

 

Employees

 

Currently we do not have any employees. Additionally, we have not entered into any consulting or employment agreements with our president, chief executive officer, treasurer, secretary or chief financial officer. Our directors, executive officers and certain contracted individuals play an important role in the running of our company. We do not expect any material changes in the number of employees over the next twelve-month period. We do and will continue to outsource contract employment as needed. 

  

CASH REQUIREMENTS

 

We estimate our operating expenses and working capital requirements for the next twelve-month period to be as follows:

 

ESTIMATED EXPENSES FOR THE NEXT TWELVE-MONTH PERIOD

 

General, administrative, and corporate expenses

 

$ 20,000

 

Operating expenses

 

 

20,000

 

Identification of properties of merit

 

 

50,000

 

TOTAL

 

$ 90,000

 

 

At present, our cash requirements for the next 12 months outweigh the funds available. Of the $90,000 that we require for the next 12 months, we had $10 in cash and $67,567 in accounts receivable as of November 30, 2019. In order to improve our liquidity, we intend to pursue additional equity financing from private investors or possibly a registered public offering. Other than as set out below, we currently do not have any arrangements in place for the completion of any further private placement financings and there is no assurance that we will be successful in completing any further private placement financings. If we are unable to achieve the necessary additional financing, then we plan to reduce the amounts that we spend on our business activities and administrative expenses in order to be within the amount of capital resources that are available to us.

 

RESULTS OF OPERATIONS - THREE MONTHS ENDED NOVEMBER 30, 2019 AND 2018

 

The following summary of our results of operations should be read in conjunction with our financial statements for the three months ended November 30, 2019 and 2018 which are included herein.

 

Our operating results for the three months ended November 30, 2019 and 2018 are summarized as follows:

 

 
14

Table of Contents

    

 

 

Three Months

 

 

Three Months

 

 

 

Ended

 

 

Ended

 

 

 

November 30,

 

 

November 30,

 

 

 

2019

 

 

2018

 

 

 

 

 

 

 

 

Revenue

 

$ (1,636 )

 

$ -

 

General and administrative

 

 

1,657

 

 

 

1,316

 

Foreign exchange

 

 

397

 

 

 

(1 )

Depreciation

 

 

10,223

 

 

 

-

 

Interest expense

 

 

-

 

 

 

24,443

 

Net loss from operations

 

$ (10,641 )

 

$ (25,758 )

 

REVENUES

 

We generated revenue of $1,636 for the three months ended November 30, 2019 and $Nil during the three months ended November 30, 2018. On April 1, 2019, the Company acquired the solar power system through the acquisition of Edison Power, which began generating power in April, 2019.

 

EXPENSES

 

Consulting and management fees were $Nil during the three months ended November 30, 2019 and $Nil during the three months ended November 30, 2018.

 

General and administrative expenses increased by $341 during the three months ended November 30, 2019 as compared to the three months ended November 30, 2018.

 

LIQUIDITY AND FINANCIAL CONDITION

 

WORKING CAPITAL

 

 

 

November 30,

 

 

August 31,

 

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

Current assets

 

$ 67,577

 

 

$ 65,959

 

Current liabilities

 

 

202,919

 

 

 

188,398

 

Working capital (deficit)

 

$ (135,342 )

 

$ (122,439 )

 

OPERATING ACTIVITIES

 

Cash used in operating activities was $18 for the three months ended November 30, 2019 and cash provided by operating activities was $185 during the three months ended November 30, 2018.

 

FINANCING ACTIVITIES

 

Cash provided by financing activities was $Nil for the three months ended November 30, 2019 and November 30, 2018.

 

CONTRACTUAL OBLIGATIONS

 

As a "smaller reporting company", we are not required to provide tabular disclosure obligations.

 

OFF-BALANCE SHEET ARRANGEMENTS

 

We have no significant off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.

 

 
15

Table of Contents

    

APPLICATION OF CRITICAL ACCOUNTING POLICIES

 

USE OF ESTIMATES

 

The preparation of the financial statements in conformity with generally accepted accounting principles 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 amount of revenue and expenses during the reporting period. Actual results could differ from those estimates.

 

NET LOSS PER COMMON SHARE

 

Our Company computes net loss per share in accordance with ASC 260, "Earnings per Share” and SEC Staff Accounting Bulletin No. 98 (SAB 98). Under the provisions of ASC 260 and SAB 98, basic net loss per share is computed by dividing the net loss available to common stockholders for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share gives effect to common stock equivalents; however, potential common shares are excluded if their effect is anti-dilutive. As at November 30, 2019, our company had no potentially dilutive securities.

 

STOCK-BASED COMPENSATION

 

The Company accounts for equity instruments issued in exchange for the receipt of goods or services from other than employees in accordance with FASB ASC 505-10. Costs are measured at the estimated fair market value of the consideration received or the estimated fair value of the equity instruments issued, whichever is more reliably measurable. The value of equity instruments issued for consideration other than employee services is determined on the earliest of a performance commitment or completion of performance by the provider of goods or services as defined by FASB ASC 505-10.

 

GOING CONCERN

 

Our company has incurred a net loss of $10,641 for the three months ended November 30, 2019 and at November 30, 2019 had a deficit accumulated of $4,618,730.  Our company has commenced limited operations, raising substantial doubt about our company's ability to continue as a going concern. Our company will seek additional sources of capital through the issuance of debt or equity financing, but there can be no assurance our company will be successful in accomplishing its objectives.

 

The ability of our company to continue as a going concern is dependent on additional sources of capital and the success of our company's plan. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or amounts and classification of liabilities that might result from the outcome of this uncertainty.

 

At this time, we cannot provide investors with any assurance that we will be able to raise sufficient funding from the sale of our common stock or through a loan from our directors, shareholders or investors to meet our obligations over the next twelve months. Other than a convertible loan agreement with Monaco Capital Inc. and a loan payable to SEU, we do not have any further arrangements in place for any future debt or equity financing.

 

ITEM 4. CONTROLS AND PROCEDURES

 

MANAGEMENT'S REPORT ON DISCLOSURE CONTROLS AND PROCEDURES

 

We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended, is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, and that such information is accumulated and communicated to our management, including our president (also our principal executive officer) and our principal financial officer (also our principal financial officer and principal accounting officer), to allow for timely decisions regarding required disclosure.

 

We carried out an evaluation, under the supervision and with the participation of our management, including our principal executive officer and principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13(a)15(e) under the Exchange Act. Based on this evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective, as of November 30, 2019.

 

CHANGES IN INTERNAL CONTROL OVER FINANCIAL REPORTING

 

There have been no changes in our internal controls over financial reporting that occurred during the quarter ended November 30, 2019 that have materially or are reasonably likely to materially affect, our internal controls over financial reporting.

 

 
16

Table of Contents

      

PART II - OTHER INFORMATION

 

ITEM 1. LEGAL PROCEEDINGS

 

We know of no material, existing or pending legal proceedings against our company, nor are we involved as a plaintiff in any material proceeding or pending litigation. There are no proceedings in which any of our directors, executive officers or affiliates, or any registered or beneficial stockholder, is an adverse party or has a material interest adverse to our interest.

 

ITEM 1A. RISK FACTORS

 

Much of the information included in this quarterly report includes or is based upon estimates, projections or other "forward-looking statements". Such forward-looking statements include any projections or estimates made by us and our management in connection with our business operations. While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions, or other future performance suggested herein. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of such statements.

 

Such estimates, projections or other "forward-looking statements" involve various risks and uncertainties as outlined below. We caution readers of this quarterly report that important factors in some cases have affected and, in the future, could materially affect actual results and cause actual results to differ materially from the results expressed in any such estimates, projections or other "forward-looking statements". In evaluating us, our business and any investment in our business, readers should carefully consider the following factors.

 

 
17

Table of Contents

  

RISKS RELATED TO OUR COMPANY

 

THE FACT THAT WE HAVE NOT EARNED ANY OPERATING REVENUES SINCE OUR INCORPORATION RAISES SUBSTANTIAL DOUBT ABOUT OUR ABILITY TO CONTINUE TO EXPLORE THE MINERAL PROPERTIES AS A GOING CONCERN.

 

We have generated minimal revenue from operations since our incorporation. We had cash in the amount of $10 as of November 30, 2019. At November 30, 2019, we had a working capital deficit of $135,342 and incurred a net loss of $10,641 for the three months ended November 30, 2019. We estimate our average monthly operating expenses to be approximately $12,500.  We have traditionally raised our operating capital from sales of equity securities, but there can be no assurance that we will continue to be able to do so. 

 

Management has plans to seek additional capital through a private placement of its capital stock. These conditions raise substantial doubt about our company's ability to continue as a going concern. Although there are no assurances that management's plans will be realized, management believes that our company will be able to continue operations in the future. The financial statements do not include any adjustments relating to the recoverability and classification of recorded assets, or the amounts of and classification of liabilities that might be necessary in the event our company cannot continue in existence. We continue to experience net operating losses.

 

RISKS ASSOCIATED WITH OUR COMMON STOCK

 

TRADING ON THE OTC BULLETIN BOARD NOVEMBER 30 BE VOLATILE AND SPORADIC, WHICH COULD DEPRESS THE MARKET PRICE OF OUR COMMON STOCK AND MAKE IT DIFFICULT FOR OUR STOCKHOLDERS TO RESELL THEIR SHARES.

 

Our common stock is quoted on the OTC Pink Sheet service of the Financial Industry Regulatory Authority. Trading in stock quoted on the OTC Pink Sheet is often thin and characterized by wide fluctuations in trading prices, due to many factors that may have little to do with our operations or business prospects. This volatility could depress the market price of our common stock for reasons unrelated to operating performance. Moreover, the OTC Bulletin Board is not a stock exchange, and trading of securities on the OTC Bulletin Board is often more sporadic than the trading of securities listed on a quotation system like NASDAQ or a stock exchange like NYSE Amex. Accordingly, shareholders may have difficulty reselling any of their shares.

 

OUR STOCK IS A PENNY STOCK. TRADING OF OUR STOCK NOVEMBER 30 BE RESTRICTED BY THE SEC'S PENNY STOCK REGULATIONS AND FINRA'S SALES PRACTICE REQUIREMENTS, WHICH NOVEMBER 30 LIMIT A STOCKHOLDER'S ABILITY TO BUY AND SELL OUR STOCK.

 

Our stock is a penny stock. The Securities and Exchange Commission has adopted Rule 15g-9 which generally defines "penny stock" to be any equity security that has a market price (as defined) less than $5.00 per share or an exercise price of less than $5.00 per share, subject to certain exceptions. Our securities are covered by the penny stock rules, which impose additional sales practice requirements on broker-dealers who sell to persons other than established customers and "accredited investors". The term "accredited investor" refers generally to institutions with assets in excess of $5,000,000 or individuals with a net worth in excess of $1,000,000 or annual income exceeding $200,000 or $300,000 jointly with their spouse. The penny stock rules require a broker-dealer, prior to a transaction in a penny stock not otherwise exempt from the rules, to deliver a standardized risk disclosure document in a form prepared by the SEC which provides information about penny stocks and the nature and level of risks in the penny stock market. The broker-dealer also must provide the customer with current bid and offer quotations for the penny

 

 
18

Table of Contents

   

stock, the compensation of the broker-dealer and its salesperson in the transaction and monthly account statements showing the market value of each penny stock held in the customer's account. The bid and offer quotations, and the broker-dealer and salesperson compensation information, must be given to the customer orally or in writing prior to effecting the transaction and must be given to the customer in writing before or with the customer's confirmation. In addition, the penny stock rules require that prior to a transaction in a penny stock not otherwise exempt from these rules, the broker-dealer must make a special written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement to the transaction. These disclosure requirements may have the effect of reducing the level of trading activity in the secondary market for the stock that is subject to these penny stock rules. Consequently, these penny stock rules may affect the ability of broker-dealers to trade our securities. We believe that the penny stock rules discourage investor interest in, and limit the marketability of, our common stock.

 

In addition to the "penny stock" rules promulgated by the Securities and Exchange Commission, the Financial Industry Regulatory Authority has adopted rules that require that in recommending an investment to a customer, a broker-dealer must have reasonable grounds for believing that the investment is suitable for that customer. Prior to recommending speculative low-priced securities to their non-institutional customers, broker-dealers must make reasonable efforts to obtain information about the customer's financial status, tax status, investment objectives and other information. Under interpretations of these rules, the Financial Industry Regulatory Authority believes that there is a high probability that speculative low-priced securities will not be suitable for at least some customers. The Financial Industry Regulatory Authority's requirements make it more difficult for broker-dealers to recommend that their customers buy our common stock, which November 30 limit your ability to buy and sell our stock.

 

OTHER RISKS

 

TRENDS, RISKS AND UNCERTAINTIES

 

We have sought to identify what we believe to be the most significant risks to our business, but we cannot predict whether, or to what extent, any of such risks November 30 be realized nor can we guarantee that we have identified all possible risks that might arise. Investors should carefully consider all such risk factors before making an investment decision with respect to our common stock.

 

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

 

The Company issued 6,739,739 common shares on April 1, 2019 and 109,500 on July 3, 2019 pursuant to the terms of a Share Exchange Agreement with the shareholders of Edison Power Company.

 

ITEM 3. DEFAULT UPON SENIOR SECURITIES

 

None.

 

ITEM 4. MINE SAFETY DISCLOSURES

 

None

 

ITEM 5. OTHER INFORMATION

 

None.

 

 
19

Table of Contents

    

ITEM 6. EXHIBITS

 

Exhibit No.

 

Description

 

 

 

(3)

 

ARTICLES OF INCORPORATION AND BYLAWS

 

 

 

3.1

 

Articles of Incorporation (incorporated by reference from our Registration Statement on Form SB-2 filed on October 23, 2006).

 

 

 

3.2

 

By-laws (incorporated by reference from our Registration Statement on Form SB-2 filed on October 23, 2006).

 

 

 

3.3

 

Articles of Merger (incorporated by reference from our Current Report on Form 8-K filed on April 12, 2010).

 

 

 

3.4

 

Certificate of Change (incorporated by reference from our Current Report on Form 8-K filed on April 12, 2010).

 

 

 

(10)

 

MATERIAL CONTRACTS

 

 

 

10.1

 

Mineral Lease Agreement between Royce L. Hackworth and Belva L. Tomany and our company dated April 16, 2012. (incorporated by reference from our Current Report on Form 8-K filed on April 19, 2010).

 

 

 

(31)

 

RULE 13A-14(A)/15D-14(A) CERTIFICATIONS

 

 

 

31.1*

 

Section 302 Certification of the Principal Executive Officer under Sarbanes-Oxley Act of 2002

 

 

 

31.2*

 

Section 302 Certification of the Principal Financial Officer and Principal Accounting Officer under Sarbanes-Oxley Act of 2002

 

 

 

(32)

 

SECTION 1350 CERTIFICATIONS

 

 

 

32.1*

 

Section 906 Certification of the Principal Executive Officer under Sarbanes-Oxley Act of 2002

 

 

 

32.2*

 

Section 906 Certification of the Principal Financial Officer and Principal Accounting Officer under Sarbanes-Oxley Act of 2002

 

 

 

(101)*

 

Interactive Data File

 

 

 

101.INS

 

XBRL Instance Document

101.SCH

 

XBRL Taxonomy Extension Schema Document.

101.CAL

 

XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF

 

XBRL Taxonomy Extension Definition Linkbase Document.

101.LAB

 

XBRL Taxonomy Extension Label Linkbase Document.

101.PRE

 

XBRL Taxonomy Extension Presentation Linkbase Document.

 

* Filed herewith

 

 
20

Table of Contents

    

SIGNATURES

 

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

INDIGENOUS ROOTS CORP.

 

(Registrant)

 

 

Date: July 13, 2020

/s/ Larry Faulk

 

 

Larry Faulk

 

President, Chief Executive Officer, Chief Financial Officer, Secretary, Treasurer and Director

 

(Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer)