Frontera (FRTG) 10-Q 31 Dec 18 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2018	Dec. 26, 2018
Document And Entity Information
Entity Registrant Name	Frontera Group Inc.
Entity Central Index Key	1,602,813
Document Type	10-Q
Document Period End Date	Sep. 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 Common Stock, Shares Outstanding		307,280,150
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2,019
Entity Emerging Growth Company	true
Entity Small Business	true
Entity Ex Transition Period	false

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Current Assets:
Cash	$ 216	$ 216
Assets, Current	216	216
Assets	216	216
Current Liabilities:
Accounts payable	18,573	15,573
Advance from officer	10,713	10,713
Total current liabilities	29,286	26,286
Total liabilities	29,286	26,286
Commitments and Contingencies
Stockholders' Deficit:
Common stock par value 0.00001 per share: 1,000,000,000 shares authorized; 307,280,150 shares issued and outstanding at September 30, 2018 and June 30, 2018, respectively	3,073	3,073
Additional paid-in capital	125,300	125,300
Deficit	(157,443)	(154,443)
Total Stockholders' (Deficit)	(29,070)	(26,070)
Total Liabilities and Stockholders' (Deficit)	$ 216	$ 216

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2018	Jun. 30, 2018
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	307,280,150
Common Stock, Shares Outstanding	307,280,150	307,280,150

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Income Statement [Abstract]
Revenue
Cost of Revenue
Gross Profit
Operating Expenses:
Professional Fees	3,000	3,000
Transfer agent		600
Total operating expenses	3,000	3,600
Operating Loss	(3,000)	(3,600)
Income Tax Provision
Net Loss	$ (3,000)	$ (3,600)
Net Loss Per Common Share - Basic and Diluted	$ 0	$ 0
Weighted Average Common Shares Outstanding - Basic and Diluted	307,280,150	307,280,000

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Operating Activities:
Net loss	$ (3,000)	$ (3,600)
Changes in Operating Assets and Liabilities:
Accounts Payable	3,000	(2,459)
Net Cash Used In Operating Activities		(6,059)
Net Change in Cash		(6,059)
Cash - Beginning of Period	216	7,825
Cash - End of Period	216	1,766
Supplemental Disclosure of Cash Flow Information:
Interest paid
Income tax paid

Organization and Operations

Organization and Operations	3 Months Ended
	Sep. 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 created to be 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	3 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Note 2 – Summary of Significant Accounting Policies Basis of Presentation – Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2018 and notes thereto contained in the information as part of the Company’s Annual Report on the Form 10-K, which was filed with the Securities and Exchange Commission on November 21, 2018. Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). Actual results could differ from those estimates. 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 FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS is computed by dividing the 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 potential dilutive 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, potential dilutive shares are not included as they would be anti-dilutive. There were no potentially dilutive debt or equity instruments issued and outstanding at any time during the three months ended September 30, 2018 and 2017. Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company evaluates subsequent events through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR. 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	3 Months Ended
	Sep. 30, 2018
Notes to Financial Statements
Going Concern	Note 3 – Going Concern As reflected in the accompanying financial statements, the Company had accumulated deficit at September 30, 2018, and a net loss for the three months ended September 30, 2018 and has little operating cash to pay its liabilities. Management has determined that 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 assets 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	3 Months Ended
	Sep. 30, 2018
Related Party Transactions [Abstract]
Related Party Transactions	Note 4 – Related Party Transactions Advances from President and CEO 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 of September 30, 2018, and June 30, 2018, the advance balance was $10,713 and $10,713, respectively.

Income Tax Provision

Income Tax Provision	3 Months Ended
	Sep. 30, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Note 5 – Income Tax Provision Deferred Tax Assets As of September 30, 2018, and 2017, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $157,443 and $137,736, respectively that may be offset against future taxable income which begin to expire in 2038. 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. The provision (benefit) for income taxes consisted of the following for the three months ended September 30, 2018 and 2017: For the Three Months 2018 2017 (Unaudited) (Unaudited) Deferred (630 ) (1,224 ) Change in valuation allowance 630 1,224 Income tax provision (benefit) — — The following table reconciles the effective income tax rates with the statutory rates for the three months ended September 30, 2018 and 2017: 2018 2017 U.S. federal statutory rate 21.0 % 34.0 % Change in valuation allowance (21.0 )% (34.0 )% Effective income tax rate — % — % Deferred tax assets (liabilities) are comprised of the following: September 30, September 30, Net operating loss carryforwards $ 33,063 $ 46,830 Valuation allowance (33,063 ) (46,830 ) Net deferred tax assets $ — $ — 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 three months ended September 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 September 30 and June 30, 2018 relating to unrecognized tax benefits. The tax years ended June 30, 2015, 2016 and 2017 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	3 Months Ended
	Sep. 30, 2018
Subsequent Events [Abstract]
Subsequent Events	Note 6 – Subsequent Events The Company has evaluated all events that occurred after the balance sheet date through the date 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 disclosed.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Sep. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation – Unaudited Interim Financial Information The accompanying unaudited interim financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information, and with the rules and regulations of the United States Securities and Exchange Commission (“SEC”) to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim financial statements furnished reflect all adjustments (consisting of normal recurring accruals) which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. Unaudited interim results are not necessarily indicative of the results for the full fiscal year. These unaudited interim financial statements should be read in conjunction with the financial statements of the Company for the year ended June 30, 2018 and notes thereto contained in the information as part of the Company’s Annual Report on the Form 10-K, which was filed with the Securities and Exchange Commission on November 21, 2018.
Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions	Use of Estimates and Assumptions and Critical Accounting Estimates and Assumptions The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period(s). Actual results could differ from those estimates.
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 FASB Accounting Standards Codification. Pursuant to ASC Paragraphs 260-10-45-10 through 260-10-45-16, basic EPS is computed by dividing the 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 potential dilutive 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, potential dilutive shares are not included as they would be anti-dilutive. There were no potentially dilutive debt or equity instruments issued and outstanding at any time during the three months ended September 30, 2018 and 2017.
Subsequent Events	Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB Accounting Standards Codification for the disclosure of subsequent events. The Company evaluates subsequent events through the date when the financial statements are issued. Pursuant to ASU 2010-09 of the FASB Accounting Standards Codification, the Company as an SEC filer considers its financial statements issued when they are widely distributed to users, such as through filing them on EDGAR.
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)	3 Months Ended
	Sep. 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 three months ended September 30, 2018 and 2017: For the Three Months 2018 2017 (Unaudited) (Unaudited) Deferred (630 ) (1,224 ) Change in valuation allowance 630 1,224 Income tax provision (benefit) — —
Schedule of Effective Income Tax Rate Reconciliation	The following table reconciles the effective income tax rates with the statutory rates for the three months ended September 30, 2018 and 2017: 2018 2017 U.S. federal statutory rate 21.0 % 34.0 % Change in valuation allowance (21.0 )% (34.0 )% Effective income tax rate — % — %
Schedule of deferred tax assets and liabilities	Deferred tax assets (liabilities) are comprised of the following: September 30, September 30, Net operating loss carryforwards $ 33,063 $ 46,830 Valuation allowance (33,063 ) (46,830 ) Net deferred tax assets $ — $ —

Related Party Transactions (Det

Related Party Transactions (Details Narrative) - USD ($)	Sep. 30, 2018	Jun. 30, 2018
Related Party Transactions [Abstract]
Advance from President, CEO and significant stockholder	$ 10,713	$ 10,713

Income Tax Provision (Details)

Income Tax Provision (Details) - USD ($)	3 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Disclosure Income Tax Provision Details Abstract
Deferred	$ (630)	$ (1,224)
Change in valuation allowance	630	1,224
Income tax provision (benefit)

Income Tax Provision (Details 2

Income Tax Provision (Details 2)	3 Months Ended
	Sep. 30, 2018	Sep. 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%

Income Tax Provision (Details 3

Income Tax Provision (Details 3) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Disclosure Income Tax Provision Details 3Abstract
Net operating loss carryforwards	$ 33,063	$ 46,830
Valuation allowance	(33,063)	(46,830)
Net deferred tax assets

Income Tax Provision (Details N

Income Tax Provision (Details Narrative) - USD ($)	Sep. 30, 2018	Sep. 30, 2017
Disclosure Income Tax Provision Details Narrative Abstract
Federal Net Operating Loss Carryforward	$ 157,443	$ 137,736