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Acquisitions | 12 Months Ended
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Jun. 30, 2018
Business Combinations [Abstract] |
Acquisitions | Note 3. Acquisitions On July 7, 2016, the Company completed the acquisition of Calico, which held mining claims and the Grassy Mountain Gold Project in Oregon, USA. Upon closing of the transaction, Calico became a wholly-owned subsidiary of the Company, and each issued and outstanding share of Calico common stock was converted into 0.07 shares of Paramount common stock. The transaction was accounted for as an asset acquisition, as Calico is an exploration stage project, which requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their relative fair values. Transaction advisory fees and other acquisition costs incurred prior to the closing of the transaction were recorded as Other Assets on the Balance Sheet. The purchase price and acquired assets and liabilities were as follows:
Common shares issued (7,171,163 at $2.12) |  | $ | 15,202,866 |
Transaction advisory fees and other acquisition costs |  |  | 795,925 |
Total purchase price |  | $ | 15,998,791 |
Assets: |  |  |  |
Cash |  | $ | 4,363 |
Receivables and other current assets |  |  | 28,093 |
Mineral properties |  |  | 20,785,728 |
|  |  | 20,818,184 |
Liabilities: |  |  |  |
Accounts payable and accrued liabilities |  |  | 1,603,975 |
Deferred tax liability |  |  | 3,215,418 |
|  |  | 4,819,393 |
Net assets acquired |  | $ | 15,998,791 |
Pursuant to the acquisition of Calico, the Company recorded a deferred tax liability of $3,215,418. Subsequent to the acquisition, the Company determined that it would be able to utilize the benefit of its tax operating loss carryforwards and adjusted its valuation allowance to recognize the benefit of these previously unrecognized deferred tax assets and offset the deferred tax liability. Accordingly, the Company recognized a deferred tax recovery of $3,215,418 on the Consolidated Statement of Operations and Comprehensive Loss for the year ended June 30, 2017.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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