Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Dec. 31, 2017 | |
Document And Entity Information | ||
Entity Registrant Name | Frontera Group Inc. | |
Entity Central Index Key | 1,602,813 | |
Document Type | 10-K | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --06-30 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | Yes | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Public Float | $ 820,000 | |
Entity Common Stock, Shares Outstanding | 0 | |
Document Fiscal Period Focus | FY | |
Document Fiscal Year Focus | 2,018 | |
Entity Shell Company | true | |
Entity Emerging Growth Company | true | |
Entity Small Business | true | |
Entity Ex Transition Period | false |
BALANCE SHEETS
BALANCE SHEETS - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Current Assets: | ||
Cash | $ 216 | $ 7,825 |
Assets, Current | 216 | 7,825 |
Assets | 216 | 7,825 |
Current Liabilities: | ||
Accounts payable | 15,573 | 12,200 |
Advance from officer | 10,713 | 10,713 |
Total current liabilities | 26,286 | 22,913 |
Total liabilities | 26,286 | 22,913 |
Commitments and Contingencies | ||
Stockholders' Deficit: | ||
Common stock par value $0.00001 per share: 1,000,000,000 shares authorized; 307,280,150 and 307,280,000 shares issued and outstanding at June 30, 2018 and June 30, 2017, respectively | 3,073 | 3,073 |
Additional paid-in capital | 125,300 | 115,975 |
Deficit | (154,443) | (134,136) |
Total Stockholders' (Deficit) | (26,070) | (15,088) |
Total Liabilities and Stockholders' (Deficit) | $ 216 | $ 7,825 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2018 | Jun. 30, 2017 |
Statement of Financial Position [Abstract] | ||
Common Stock, Par Value | $ 0.00001 | $ 0.00001 |
Common Stock, Shares Authorized | 1,000,000,000 | 1,000,000,000 |
Common Stock, Shares Issued | 307,280,150 | 307,280,000 |
Common Stock, Shares Outstanding | 307,280,150 | 307,280,000 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Expenses: | ||
Professional Fees | $ 17,050 | $ 21,300 |
General and administrative expenses | 3,257 | 2,490 |
Total operating expenses | 20,307 | 23,790 |
Operating Loss | (20,307) | (23,790) |
Income Tax Provision | ||
Net Loss | $ (20,307) | $ (23,790) |
Net Loss Per Common Share - Basic and Diluted | $ 0 | $ 0 |
Weighted Average Common Shares Outstanding - Basic and Diluted | 307,280,092 | 307,280,000 |
STATEMENT OF CHANGES IN STOCKH
STATEMENT OF CHANGES IN STOCKHOLDERS' (DEFICIT) - 12 months ended Jun. 30, 2018 - USD ($) | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Total |
Beginning Balance at Jun. 30, 2017 | $ 3,073 | $ 115,975 | $ (134,136) | $ (15,088) |
Beginning Balance (in shares) at Jun. 30, 2017 | 307,280,000 | |||
Contributions from CEO | 9,275 | 9,275 | ||
Shares issued for consulting services | 50 | 50 | ||
Shares issued for consulting services (in shares) | 150 | |||
Net Loss | (20,307) | (20,307) | ||
Ending Balance at Jun. 30, 2018 | $ 3,073 | $ 125,300 | $ (154,443) | $ (26,070) |
Ending Balance (in shares) at Jun. 30, 2018 | 307,280,150 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating Activities: | ||
Net loss | $ (20,307) | $ (23,790) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Shares Issued for Consulting Services | 50 | |
Changes in Operating Assets and Liabilities: | ||
Accounts Payable | 3,373 | 12,615 |
Net Cash Used In Operating Activities | (16,884) | (11,175) |
Financing Activities: | ||
Contributions from CEO | 9,275 | 10,000 |
Net Cash Provided by Financing Activities | 9,275 | 10,000 |
Net Change in Cash | (7,609) | (1,175) |
Cash - Beginning of Period | 7,825 | 9,000 |
Cash - End of Period | 216 | 7,825 |
Supplemental Disclosure of Cash Flow Information: | ||
Interest paid | ||
Income tax paid | ||
Non-cash investing and financing activities | ||
Accounts payable and accrued expenses transferred to advance from officer | $ 6,015 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | Note 1 – Organization and Operations Frontera Group Inc. (the “Company”) was incorporated under the laws of the State of Nevada on November 21, 2013, Frontera Group Inc. was an export management company providing business development and market consultancy services that assist small and medium-sized businesses in entering new markets in Central and South America. The Company currently has no operations and is a shell company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2 – Summary of Significant Accounting Policies Basis of Accounting and Presentation The accompanying financial statements have been prepared using the accrual basis in accordance with accounting principles generally accepted in the United States of America. Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of June 30, 2018 and June 30, 2017, the Company does not have any cash equivalents. Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions Earnings (loss) per Share Earnings (loss) Per Share is the amount of earnings (loss) attributable to each share of common stock. Earnings (loss) per share ("EPS") is computed pursuant to section 260-10-45 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification. Pursuant to Accounting Standards Codification (“ASC”) Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS is computed by dividing net income (loss) available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangements, stock options or warrants. When the Company has a loss, dilutive shares are not included as they would be antidilutive. There were no potentially dilutive debt or equity instruments issued and outstanding at any time during the year ended June 30, 2018 and 2017. Income Taxes The Company accounts for income taxes in accordance with the FASB ASC Section 740, “Income Taxes” (“ASC 740”), which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC Section 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also prescribes direction on de-recognition, classification, and accounting for interest and payables in the financial statements. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized as of June 30, 2018 and 2017. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date. Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value as follows: ●Level 1 - quoted prices in active markets for identical assets or liabilities ●Level 2 - inputs other than quoted prices in level 1 that are observable either directly or indirectly. ●Level 3 - inputs based on prices or valuation techniques that are both unobservable and significant to the fair value markets. The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. Carrying values of non-derivative financial instruments, including cash, accounts payable and advances from officers, approximated their fair value due to the short maturity of these financial instruments. There were no changes in methods or assumptions during the periods presented. Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, will have a material effect on the accompanying financial statements. |
Going Concern
Going Concern | 12 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Going Concern | Note 3 – Going Concern As reflected in the accompanying financial statements, the Company has a deficit of $154,443 at June 30, 2018, a net loss of $20,307 for the year ended June 30, 2018 and net cash used in operating activities of $16,884 for the year ended June 30, 2018. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The Company is attempting to commence operations and generate sufficient revenue; however, the Company’s cash position is not sufficient to support the Company’s daily operations. Management intends to raise additional funds by way of a private or public offering. While the Company believes in the viability of its strategy to commence operations and generate sufficient revenue and in its ability to raise additional funds, there can be no assurances to that effect. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to further implement its business plan and generate sufficient revenue and its ability to raise additional funds by way of a public or private offering. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of asset or the amounts and classification of liabilities that might be necessary if the Company is unable to continue as a going concern. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 4 – Related Party Transactions Advances from officer From time to time, the President, CEO and significant stockholder of the Company advances funds to the Company for working capital purposes. Those advances are unsecured, non-interest bearing and due on demand. As June 30, 2018 and June 30, 2017, the advance balance was $10,713. |
Stockholders' (Deficit)
Stockholders' (Deficit) | 12 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Stockholders' (Deficit) | Note 5 – Stockholders’ (Deficit) Shares authorized Upon formation, the total number of shares of all classes of stock which the Company was authorized to issue seventy-five million (75,000,000) shares of common stock, par value $0.001 per share. On February 23, 2016, the Company increased its authorized common shares to one billion (1,000,000,000), and decreased the par value to $0.00001 per share. Common stock On March 12, 2016, the Company sold 300,000,000 common shares at $0.00003 per share for total proceeds of $9,000. The 300,000,000 shares of common stock were issued to Nanjing Dayu Xianneng Foods, Co, Ltd. The control person that Nanjing Dayu Xianneng Foods Co. Ltd is Mr. Daobing Xia. |
Income Tax Provision
Income Tax Provision | 12 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 6 – Income Tax Provision Deferred Tax Assets As of June 30, 2018 and 2017, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $154,443 and $134,136, respectively that may be offset against future taxable income which begin to expire in 2037. No tax benefit has been reported with respect to these net operating loss carry-forwards in the accompanying financial statements because the Company believes that the realization of the Company’s net deferred tax assets was not considered more likely than not and accordingly, the potential tax benefits of the net loss carry-forwards are fully offset by a full valuation allowance. In addition, due to the change in control of the Company on January 12, 2016 and March 12, 2016, the carry-forward losses generated through these dates will be significantly limited in their use. The provision (benefit) for income taxes consisted of the following for the years ended June 30, 2018 and 2017: 2018 2017 Adjustment due to enacted tax rate change $ 17,438 $ - Deferred (4,265) (8,089) Change in valuation allowance (13,173) 8,089 Income tax provision (benefit) $ - $ - Deferred tax assets (liabilities) are comprised of the following: June 30, 2018 June 30, 2017 Net operating loss carryforwards $ 32,433 $ 45,606 Valuation allowance (32,433) (45,606) Net deferred tax assets $ - $ - The following table reconciles the effective income tax rates with the statutory rates for the years ended June 30: 2018 2017 U.S. federal statutory rate 21.0% 34.0% Change in valuation allowance (21.0)% (34.0)% Effective income tax rate -% -% On December 22, 2017, the U.S. Tax Cuts and Jobs Act was enacted. The tax reform introduced many changes, including lowering the U.S. corporate tax rate from variable rates depending on corporate income subject to tax to a flat rate of 21%. Deferred tax assets consist primarily of the tax effect of NOL carry-forwards. The Company has provided a full valuation allowance on the deferred tax assets because of the uncertainty regarding its realizability. We follow ASC 740 Accounting for Uncertainty in Income Taxes Our policy is to recognize potential interest and penalties accrued related to unrecognized tax benefits within income tax expense. For the years ended June 30, 2018 and 2017, we did not recognize any interest or penalties in our statement of operations, nor did we have any interest or penalties accrued in our balance sheet at June 30, 2018 and 2017 relating to unrecognized tax benefits. The tax years 2016 to 2018 remain open to examination for federal income tax purposes and by the other major taxing jurisdictions to which we are subject. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 7 – Subsequent Events The Company has evaluated all events that occurred after the balance sheet date through November 21, 2018 when the financial statements were issued to determine if they must be reported. The Management of the Company determined that there were no reportable subsequent events to be adjusted for and / or disclosed. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Accounting and Presentation The accompanying financial statements have been prepared using the accrual basis in accordance with accounting principles generally accepted in the United States of America. |
Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. As of June 30, 2018 and June 30, 2017, the Company does not have any cash equivalents. |
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions | Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions |
Earnings (loss) per Share | Earnings (loss) per Share Earnings (loss) Per Share is the amount of earnings (loss) attributable to each share of common stock. Earnings (loss) per share ("EPS") is computed pursuant to section 260-10-45 of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification. Pursuant to Accounting Standards Codification (“ASC”) Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS is computed by dividing net income (loss) available to common stockholders (the numerator) by the weighted-average number of common shares outstanding (the denominator) during the period. The computation of diluted EPS is similar to the computation of basic EPS except that the denominator is increased to include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued during the period to reflect the potential dilution that could occur from common shares issuable through contingent shares issuance arrangements, stock options or warrants. When the Company has a loss, dilutive shares are not included as they would be antidilutive. There were no potentially dilutive debt or equity instruments issued and outstanding at any time during the year ended June 30, 2018 and 2017. |
Income Taxes | Income Taxes The Company accounts for income taxes in accordance with the FASB ASC Section 740, “Income Taxes” (“ASC 740”), which requires the recognition of deferred income taxes for differences between the basis of assets and liabilities for financial statement and income tax purposes. Deferred tax assets and liabilities represent the future tax consequences for those differences, which will either be taxable or deductible when the assets and liabilities are recovered or settled. Deferred tax assets are also recognized for operating losses that are available to offset future taxable income. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. The Company accounts for uncertain tax positions in accordance with ASC Section 740-10, which prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also prescribes direction on de-recognition, classification, and accounting for interest and payables in the financial statements. The Company classifies interest expense and any related penalties related to income tax uncertainties as a component of income tax expense. No interest or penalties have been recognized as of June 30, 2018 and 2017. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company measures the fair value of financial assets and liabilities based on the guidance of ASC 820 “Fair Value Measurements and Disclosures” which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. ASC 820 defines fair value as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 describes three levels of inputs that may be used to measure fair value as follows: ●Level 1 - quoted prices in active markets for identical assets or liabilities ●Level 2 - inputs other than quoted prices in level 1 that are observable either directly or indirectly. ●Level 3 - inputs based on prices or valuation techniques that are both unobservable and significant to the fair value markets. The Company did not identify any assets or liabilities that are required to be presented at fair value on a recurring basis. Carrying values of non-derivative financial instruments, including cash, accounts payable and advances from officers, approximated their fair value due to the short maturity of these financial instruments. There were no changes in methods or assumptions during the periods presented. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements Management does not believe that any recently issued, but not yet effective accounting pronouncements, if adopted, will have a material effect on the accompanying financial statements. |
Income Tax Provision (Tables)
Income Tax Provision (Tables) | 12 Months Ended |
Jun. 30, 2018 | |
Disclosure Income Tax Provision Tables Abstract | |
Schedule of income tax expense (benefit) | The provision (benefit) for income taxes consisted of the following for the years ended June 30, 2018 and 2017: 2018 2017 Adjustment due to enacted tax rate change $ 17,438 $ - Deferred (4,265) (8,089) Change in valuation allowance (13,173) 8,089 Income tax provision (benefit) $ - $ - |
Schedule of deferred tax assets and liabilities | Deferred tax assets (liabilities) are comprised of the following: June 30, 2018 June 30, 2017 Net operating loss carryforwards $ 32,433 $ 45,606 Valuation allowance (32,433) (45,606) Net deferred tax assets $ - $ - |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the effective income tax rates with the statutory rates for the years ended June 30: 2018 2017 U.S. federal statutory rate 21.0% 34.0% Change in valuation allowance (21.0)% (34.0)% Effective income tax rate -% -% |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - USD ($) | Jun. 30, 2018 | Jun. 30, 2017 |
Related Party Transactions [Abstract] | ||
Advance from President, CEO and significant stockholder | $ 10,713 | $ 10,713 |
Income Tax Provision (Details)
Income Tax Provision (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Income Tax Provision Details Abstract | ||
Adjustment due to enacted tax rate change | $ 17,438 | |
Deferred | (4,265) | $ (8,089) |
Change in valuation allowance | (13,173) | 8,089 |
Income tax provision (benefit) |
Income Tax Provision (Details 2
Income Tax Provision (Details 2) - USD ($) | Jun. 30, 2018 | Mar. 31, 2017 |
Disclosure Income Tax Provision Details 3Abstract | ||
Net operating loss carryforwards | $ 32,433 | $ 45,606 |
Valuation allowance | (32,433) | (45,606) |
Net deferred tax assets |
Income Tax Provision (Details 3
Income Tax Provision (Details 3) | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Disclosure Income Tax Provision Details 2Abstract | ||
U.S. federal statutory rate | 21.00% | 34.00% |
Change in valuation allowance | (21.00%) | (34.00%) |
Effective income tax rate | 0.00% | 0.00% |