2 unchanged sentences
Condensed Consolidated Interim Balance Sheets
−Removed: As at December 31,
+Added: As at March 31,
As at June 30,
1 unchanged sentence
Cash and cash equivalents
−Removed: Prepaid expenses and other
+Added: Prepaid expenses and other deposits
Total Current Assets
13 unchanged sentences
Reclamation and environmental obligation, non-current portion (Note 8)
+Added: Total Non-Current Liabilities
Total Liabilities
Stockholders' Equity
−Removed: Common stock, par value $0.01, 200,000,000 authorized shares, 34,586,981 issued and outstanding at December 31, 2020 and 50,000,000 authorized shares, 32,958,404 issued and outstanding at June 30, 2020 (Note 5)
+Added: Common stock, par value $0.01, 200,000,000 authorized shares, 37,313,267 issued and outstanding at March 31, 2021 and 50,000,000 authorized shares, 32,958,404 issued and outstanding at June 30, 2020 (Note 5)
Additional paid in capital
5 unchanged sentences
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss
−Removed: Period Ended December 31, 2020
−Removed: December 31, 2019
−Removed: Period Ended December 31, 2020
−Removed: December 31, 2019
+Added: Period Ended March 31, 2021
+Added: March 31, 2020
+Added: Period Ended March 31, 2021
+Added: March 31, 2020
Other income (Note 9)
18 unchanged sentences
Condensed Consolidated Interim Statements of Stockholders’ Equity
−Removed: for the Three-Month Periods Ended September 30, 2020, December 31, 2020 and Year ended June 30, 2020
Paid-In Capital
16 unchanged sentences
Balance at December 31, 2020
+Added: Stock based compensation
+Added: Capital issued for payment of interest
+Added: Capital issued for financing
+Added: Capital issued on conversion of debt
+Added: Balance at March 31, 2021
The accompanying notes are an integral part of these condensed consolidated interim financial statements.
1 unchanged sentence
Condensed Consolidated Interim Statements of Cash Flows
−Removed: Period Ended December 31, 2020
−Removed: December 31, 2019
+Added: Period Ended March 31, 2021
+Added: March 31, 2020
Adjustment for:
−Removed: Share based payments
−Removed: Stock based compensation
−Removed: Amortization of debt issuance costs
+Added: Share based payments (Note 5)
+Added: Stock based compensation (Note 5)
+Added: Amortization of debt issuance costs (Note 6)
Interest expense
1 unchanged sentence
Interest earned on reclamation bond
+Added: Increase in other assets
Increase in prepaid expenses
13 unchanged sentences
Notes to Condensed Consolidated Interim Financial Statements
−Removed: For the Six-Month Periods Ended December 30, 2020 and 2019
+Added: For the Nine-Month Periods Ended March 31, 2021 and 2020
Description of Business and Summary of Significant Accounting Policies
13 unchanged sentences
The Company cannot at this time predict the impact of the COVID-19 pandemic, but it could have a material adverse effect on the business, financial position, results of operations and/or cash flows.
−Removed: The results of operations for the interim period ended December 31, 2020 is not necessarily indicative of the operating results expected for the year ended June 30, 2021 or for any future period.
+Added: The results of operations for the interim period ended March 31, 2021 is not necessarily indicative of the operating results expected for the year ended June 30, 2021 or for any future period.
The condensed consolidated interim financial statements have been prepared on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“U.S.
8 unchanged sentences
2016-13, Financial Instruments – Credit Losses.
−Removed: The changes will be effective for the Company’s fiscal year beginning July 1, 2020.
+Added: The changes were effective for the Company’s fiscal year beginning July 1, 2020.
Among other things, these amendments require the measurement of all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
2 unchanged sentences
2018-13, Fair Value Measurement.
−Removed: These changes will be effective for the Company’s fiscal year beginning July 1, 2020.
+Added: These changes were effective for the Company’s fiscal year beginning July 1, 2020.
The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption.
9 unchanged sentences
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity).
−Removed: Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at December 31, 2020 and June 30, 2020 are presented in the following table:
−Removed: Fair Value at December 31, 2020
+Added: Financial assets carried at fair value on a recurring basis by level within the fair value hierarchy in the Condensed Consolidated Interim Balance Sheets at March 31, 2021 and June 30, 2020 are presented in the following table:
+Added: Fair Value at March 31, 2021
June 30, 2020
Cash and cash equivalents
−Removed: The carrying values of accounts payable, promissory note and convertible debt (Note 6) approximate fair value as of December 31, 2020 and June 30, 2020.
+Added: The carrying values of accounts payable, promissory note and convertible debt (Note 6) approximate fair value as of March 31, 2021 and June 30, 2020.
Non-Cash Transactions
−Removed: During the six-month period ended December 31, 2020, the Company issued 183,395 shares of Common Stock for payment of interest accrued and owing at June 30, 2020 on its outstanding 2019 Convertible Notes.
+Added: During the nine-month period ended March 31, 2021, the Company issued 362,427 shares of Common Stock for payment of interest accrued and owing on its outstanding 2019 Convertible Notes.
Additionally, 1,200,000 shares of Common Stock were issued upon the conversion of 1,200 of its outstanding 2019 Convertible Notes.
1 unchanged sentence
in exchange for services valued at $181,458.
−Removed: During the six month period ended December 31, 2019, the Company issued 1,096,791 shares to Ausenco in exchange for services valued at $976,144 to complete a feasibility study at its Grassy Mountain Project.
+Added: During the nine-month period ended March 31, 2020, the Company issued 1,096,791 shares to Ausenco in exchange for services valued at $976,144 to complete a feasibility study at its Grassy Mountain Project.
Capital Stock
1 unchanged sentence
Authorized capital stock consists of 200,000,000 common shares with par value of $0.01 per common share (June 30, 2020 – 50,000,000 common shares with par value $0.01 per common share).
−Removed: An increase to authorized capital stock was approved by the Company’s stockholders during the six-month period ended December 31, 2020.
−Removed: During the three-month period ended December 31, 2020, the Company issued 132,500 shares at an approximate average price of $1.16 for gross proceeds of $153,682.
+Added: An increase to authorized capital stock was approved by the Company’s stockholders during the nine-month period ended March 31, 2021.
+Added: During the three-month period ended March 31, 2021, the Company issued 1,897,863 shares at an approximate average price of $1.22 for gross proceeds of $2,318,522 through its at-the-market offering.
Share issuance costs related to this were $80,252.
−Removed: The Company also issued 166,792 shares at a value of $1.10 for services to complete a feasibility study at its Grassy Mountain Project (Note 4).
+Added: The Company also issued 179,032 shares for payment of interest accrued and owing at December 31, 2020 (Note 6) with a fair value of $193,364.
Additionally, the Company issued 649,391 shares upon the conversion of 649 notes of the 2019 Senior Secured Convertible Notes (Note 6).
−Removed: During the six-month period ended December 31, 2020, the Company issued 727,781 shares at an approximate average price of $1.30 for gross proceeds of $948,026.
+Added: During the nine-month period ended March 31, 2021, the Company issued 2,625,644 shares at an approximate average price of $1.24 for gross proceeds of $3,266,548 through its at-the-market offering.
Share issuance costs related to this were $130,922.
The Company issued 166,792 shares at a value of $1.10 for services to complete a feasibility study at its Grassy Mountain Project (Note 4).
−Removed: The Company also issued 183,395 shares for payment of interest accrued and owing at June 30, 2020 (Note 6) with a fair value of $205,413.
+Added: The Company also issued 362,427 shares for payment of interest accrued and owing at June 30, 2020 and December 31, 2020 (Note 6) with a fair value of $398,777.
The Company also issued 1,200,000 shares upon the conversion of 1,200 of the 2019 Senior Secured Convertible Notes (Note 6).
−Removed: During the three and six-month period ended December 31, 2019, the Company issued 1,096,791 shares at a value of $0.89 per share to Ausenco in exchange for services to complete a feasibility study at its Grassy Mountain Project (Note 4) .
−Removed: At December 31, 2020 there were 34,586,981 common shares issued and outstanding (June 30, 2020 – 32,958,404 common shares).
−Removed: A summary of warrants exercisable into common stock activity as of December 31, 2020, and changes during the six-month period ended is presented below:
+Added: During the three and nine-month period ended March 31, 2020, the Company issued 1,096,791 shares at a value of $0.89 per share to Ausenco in exchange for services to complete a feasibility study at its Grassy Mountain Project (Note 4) .
+Added: At March 31, 2021 there were 37,313,267 common shares issued and outstanding (June 30, 2020 – 32,958,404 common shares).
+Added: A summary of warrants exercisable into common stock activity as of March 31, 2021, and changes during the nine-month period ended is presented below:
Exercise Price
3 unchanged sentences
Outstanding at July 1, 2020
−Removed: Outstanding at December 31, 2020
+Added: Outstanding at March 31, 2021
Stock Options and Stock Based Compensation
−Removed: Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees for up to 2.169 million shares of common stock.
+Added: Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees and directors for up to 2.169 million shares of common stock.
Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years.
−Removed: To better align the interests of its key executives and employees with those of its stockholders, a significant portion of those stock option awards will vest contingent upon meeting certain stock price appreciation performance goals or other performance conditions.
+Added: To better align the interests of its key executives, employees and directors with those of its stockholders, a significant portion of those stock option awards will vest contingent upon meeting certain stock price appreciation performance goals or other performance conditions.
Option and stock awards provide for accelerated vesting if there is a change in control (as defined in the employee stock option plan).
−Removed: During the three-month period ended December 31, 2020, the Company granted 700,000 stock options to senior management, directors, employees and consultants, with a strike price of $1.12.
−Removed: Each option carries a 5 year term.
−Removed: Options received by senior management and directors will vest and become exercisable on achieving the following conditions:
−Removed: 1) one-third immediately upon grant, 2) one-third on the first anniversary of the grant, and 3) one-third upon the receipt of federal and state mining permits at the Grassy Mountain Project.
−Removed: Stock Options received by employees and consultants will vest and become exercisable as follows:
−Removed: 1) one-half immediately upon grant, and 2) one-half on the first anniversary of the grant.
−Removed: During the three-month period ended December
−Removed: 31, 2020, share-based compensation expense relating to service condition options and performance condition was $ 176,973 and $ 24,492 , respectively (2019- $ 15,586 and $ 15,610 ) .
−Removed: During the six-month period ending December 31, 2020, a total of 755,000 stock options were granted by the Company.
−Removed: During the six-month period ended December 31, 2020, share-based compensation expense relating to service condition options and performance condition was $200,002 and $78,887, respectively (2019- $27,444 and $32,062) .
+Added: During the three-month period ended March 31, 2021, the Company did not grant any stock options.
+Added: During the three-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $45,021 and $35,843, respectively (2020- $23,029 and $44,477) .
+Added: During the nine-month period ending March 31, 2021, a total of 755,000 stock options were granted by the Company.
+Added: During the nine-month period ended March 31, 2021, share-based compensation expense relating to service condition options and performance condition was $245,022 and $114,731, respectively (2020- $50,473 and $76,539) .
The fair value for these options was calculated using the Black-Scholes option valuations method.
−Removed: The weighted average assumptions used for the six-month period ended December 31, 2020 and fiscal year ended June 30, 2020 were as follows:
+Added: The weighted average assumptions used for the nine-month period ended March 31, 2021 and fiscal year ended June 30, 2020 were as follows:
Weighted average risk-free interest rate
3 unchanged sentences
Weighted average fair value
−Removed: A summary of option activity under the Stock Incentive and Compensation Plan as of December 31, 2020, and changes during the six-month period ended are presented below:
+Added: A summary of option activity under the Stock Incentive and Compensation Plans as of March 31, 2021, and changes during the nine-month period ended are presented below:
Exercise Price
4 unchanged sentences
Forfeited or expired
−Removed: Outstanding at December 31, 2020
−Removed: Exercisable at December 31, 2020
−Removed: A summary of the status of Paramount’s non-vested options as at July 1, 2020 and changes during the six-month period ended December 31, 2020 is presented below:
+Added: Outstanding at March 31, 2021
+Added: Exercisable at March 31, 2021
+Added: A summary of the status of Paramount’s non-vested options as at July 1, 2020 and changes during the nine-month period ended March 31, 2021 is presented below:
Non-vested Options
2 unchanged sentences
Non-vested at July 1, 2020
−Removed: Non-vested at December 31, 2020
−Removed: As of December 31, 2020, there was $299,037 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plan.
+Added: Non-vested at March 31, 2021
+Added: As of March 31, 2021, there was $218,173 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plans.
That cost is expected to be recognized over a weighted-average period of 0.93 years.
−Removed: The total fair value of stock based compensation arrangements vested during the six-month period ended December 31, 2020 and 2019, was $283,431 and $nil, respectively.
+Added: The total fair value of stock based compensation arrangements vested during the nine-month period ended March 31, 2021 and 2020, was $332,836 and $49,408, respectively.
Convertible Debt
−Removed: December 31, 2020
+Added: March 31, 2021
June 30, 2020
5 unchanged sentences
Unamortized discount and issuance costs of $275,883 will be amortized as an additional interest expense over the four year term of the 2019 Convertible Notes.
−Removed: During the six-month period ended December 31, 2020, the Company amortized $32,997 (2019- $20,029) of discount and issuance costs.
+Added: During the nine-month period ended March 31, 2021, the Company amortized $47,868 (2020- $37,225) of discount and issuance costs.
At any point after the second anniversary of the issuance of the convertible notes, Paramount may force conversion if the share price of its common stock remains above $1.75 for 20 consecutive trading days.
The convertible notes are secured by a lien on all assets of the Company and the Company is required to maintain a working capital balance of $250,000.
−Removed: During the three-month period ended December 31, 2020, 351 of the 2019 Convertible Notes outstanding were converted into 350,609 shares of common stock of the Company (Note 5) and $12,826 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.
−Removed: During the six-month period ended December 31, 2020, 551 of the 2019 Convertible Notes outstanding were converted into 550,609 shares of common stock of the Company (Note 5) and $20,760 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.
+Added: During the three-month period ended March 31, 2021, 649 of the 2019 Convertible Notes outstanding were converted into 649,391 shares of common stock of the Company (Note 5) and $21,611 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.
+Added: During the nine-month period ended March 31, 2021, 1,200 of the 2019 Convertible Notes outstanding were converted into 1,200,000 shares of common stock of the Company (Note 5) and $42,371 of unamortized discount and issuance costs were debited to additional paid in capital to reflect the issued common stock.
Mineral Properties
The Company has capitalized acquisition costs on mineral properties as follows:
−Removed: December 31, 2020
+Added: March 31, 2021
June 30, 2020
4 unchanged sentences
The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho.
−Removed: It consists of 442 unpatented lode claims, 3 patented lode claims, and various leased fee land surface and surface/mineral rights, all totaling approximately 9,300 acres .
+Added: It consists of 442 unpatented lode claims, 3 patented lode claims, and various leased fee land surface and surface/mineral rights, covering approximately 8,300 acres .
Reclamation and Environmental
1 unchanged sentence
It also has provided financial security for future reclamation work in the form of reclamation bonds held by the U.S Bureau of Land Management (“BLM”) for the Sleeper Gold Project and Grassy Mountain Project.
−Removed: The balance of the commutation account and reclamation bonds at December 31, 2020 is $462,925 (June 30, 2020- $695,041).
+Added: The balance of the commutation account and reclamation bonds at March 31, 2021 is 462,952 (June 30, 2020- $695,041).
The Company holds an insurance policy which is in effect until 2033 related to its Sleeper Gold Project.
8 unchanged sentences
The current undiscounted estimate of the reclamation costs for existing disturbances at the Sleeper Gold Project is $ 4,010,403 as required by the BLM and the Nevada Department of Environmental Protection.
−Removed: Assumptions used to compute the asset retirement obligations as at December 31, 2020 and June 30, 2020 for the Sleeper Gold Project included a credit adjusted risk free rate and inflation rate of 9.76% (June 30, 2020– 9.76%) and 1.6% (June 30, 2020 – 1.6%), respectively.
+Added: Assumptions used to compute the asset retirement obligations as at March 31, 2021 and June 30, 2020 for the Sleeper Gold Project included a credit adjusted risk free rate and inflation rate of 9.76% (June 30, 2020– 9.76%) and 1.6% (June 30, 2020 – 1.6%), respectively.
Expenses are expected to be incurred between the years 2021 and 2049.
−Removed: Changes to the Company’s asset retirement obligations for the six-month period ended December 31, 2020 and the year ended June 30, 2020 are as follows:
−Removed: Period Ended December 31, 2020
+Added: Changes to the Company’s asset retirement obligations for the nine -month period ended March 31, 2021 and the year ended June 30, 2020 are as follows:
+Added: Period Ended March 31, 2021
Year Ended June 30, 2020
3 unchanged sentences
Balance at end of period
−Removed: The balance of the asset retirement obligation of $396,133 at December 31, 2020 (June 30, 2020 -$615,170 ) is comprised of a current portion of $30,000 (June 30, 2020 -$154,231 ) and a non-current portion of $366,133 (June 30, 2020 -$460,939).
−Removed: The Company recorded an accretion expense for the six-month period ended December 31, 2020 of $30,020 (December 31, 2019 - $47,294)
−Removed: The Company’s other income details for the six-month period ended December 31, 2020 and 2019 were as follows:
−Removed: Six-Month Period
−Removed: Six-Month Period
−Removed: Ended December 31, 2020
−Removed: Ended December 31, 2019
+Added: The balance of the asset retirement obligation of $411,143 at March 31, 2021 (June 30, 2020 -$615,170 ) is comprised of a current portion of 75,000 (June 30, 2020 -$154,231 ) and a non-current portion of 336,143 (June 30, 2020 -$460,939).
+Added: The Company recorded an accretion expense for the nine-month period ended March 31, 2021 of $45,030 (March 31, 2020 - $70,942)
+Added: The Company’s other income details for the three and nine-month period ended March 31, 2021 and 2020 were as follows:
+Added: Three-Month Period
+Added: Nine-Month Period
+Added: Three-Month Period
+Added: Nine-Month Period
+Added: Ended March 31, 2021
+Added: Ended March 31, 2021
+Added: Ended March 31, 2020
+Added: Ended March 31, 2020
Re-imbursement of reclamation costs
2 unchanged sentences
Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities.
−Removed: Expenses and mineral property carrying values by material project for the six-month period ended December 31, 2020:
+Added: Expenses and mineral property carrying values by material project for the three and nine-month period ended March 31, 2021:
+Added: Three-Month Period Ended March 31, 2021
+Added: Nine-Month Period Ended March 31, 2021
+Added: Three-Month Period Ended March 31, 2021
+Added: Nine-Month Period Ended March 31, 2021
Mineral Properties
−Removed: As at December 31, 2020
+Added: As at March 31, 2021
Sleeper Gold Project
Grassy Mountain Project
−Removed: Expenses for the six-month period ended December 31, 2019 and mineral property carrying values as at June 30, 2020 by material project:
+Added: Expenses for the three and nine-month period ended March 31, 2020 and mineral property carrying values as at June 30, 2020 by material project:
+Added: Three-Month Period Ended March 31, 2020
+Added: Nine-Month Period Ended March 31, 2020
+Added: Three-Month Period Ended March 31, 2020
+Added: Nine-Month Period Ended March 31, 2020
Mineral Properties
6 unchanged sentences
The aggregate minimum rentals payable for these operating leases are as follows:
−Removed: During the six-month period ended December 31, 2020, $25,021 was recognized as rent expense in the statement of operations and comprehensive loss.
+Added: During the nine-month period ended March 31, 2021, $41,951 was recognized as rent expense in the statement of operations and comprehensive loss.
Other Commitments
+Added: During the three-month period ended March 31, 2021, Paramount entered into an agreement to purchase 152 unpatented lode mining claims (“South Sleeper Claims”) located two miles south of the Company’s Sleeper Gold Project.
+Added: With an effective date of April 6, 2021 and upon satisfaction of several closing conditions, Paramount has agreed to pay a total consideration of $350,000 in a combination of cash and common stock of the Company.
+Added: The mining claims are subject to a mineral production royalty based on net smelter returns of 1%.
+Added: The South Sleeper Claims are without known mineral reserves.
Paramount has an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC.
4 unchanged sentences
The agreement with Cryla can be terminated by Paramount at any time.
−Removed: All lease payments under the agreement are up-to-date and no other payments were made during the six-month period ended December 31, 2020.
+Added: All lease payments under the agreement are up-to-date and no other payments were made during the nine-month period ended March 31, 2021.
The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed.
2 unchanged sentences
Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million.
−Removed: All required payments under the agreement are up-to-date as of December 31, 2020.
+Added: During the nine-month period ended March 31, 2021, the Company made a payment to Nevada Select for $15,000 upon receipt of its drilling permit from state and federal regulators and all required payments under the agreement are up-to-date as of March 31, 2021.
The Frost Claims are without known mineral reserves.
Note 12 Subsequent Events
−Removed: Subsequent to the period-ended December 31, 2020, the Company issued 349,391 shares upon the conversion of 349 outstanding 2019 Convertible Notes.
−Removed: The Company also issued 179,032 shares for the payment of interest accrued and owing at December 31, 2020 for its outstanding convertible debt.
−Removed: Additionally, the Company sold, pursuant to its “at the market” equity offering program, 1,111,142 shares at an approximate average price of $1.21 per share for gross proceeds of approximately $1,346,544.
+Added: Subsequent to the period-ended March 31, 2021, the Company sold, pursuant to its “at the market” equity offering program, 138,307 shares at an approximate average price of $1.06 per share for gross proceeds of $145,965.
+Added: Additionally, the Company issued 257,353 shares for the purchase of the South Sleeper Claims.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.