Frontera (FRTG) 10-Q 16 May 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Mar. 31, 2022	May 09, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--06-30
Entity File Number	333-198524
Entity Registrant Name	Frontera Group Inc.
Entity Central Index Key	0001602813
Entity Tax Identification Number	46-4429598
Entity Incorporation, State or Country Code	NV
Entity Address, Address Line One	701 S Carson Street,
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	Carson City
Entity Address, State or Province	NV
Entity Address, Postal Zip Code	89701
City Area Code	909
Local Phone Number	374-5750
Entity Current Reporting Status	No
Entity Interactive Data Current	No
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	true
Entity Common Stock, Shares Outstanding		45,180,150

BALANCE SHEETS (Unaudited)

BALANCE SHEETS (Unaudited) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Current Assets:
Cash	$ 7,000
Assets, Current	7,000
Intangible Assets	5,000,750
Assets	5,007,750	0
Current Liabilities:
Accounts payable	5,029,312	18,357
Due to Officer	17,949
Total current liabilities	5,047,261	18,357
Total liabilities	5,047,261	18,357
Stockholders' Deficit:
Common stock par value $0.00001 per share: 1,000,000,000 shares authorized, 120,180,150 shares issued and outstanding at March 31, 2022 and 307,280,150 shares issued and outstanding at June 30, 2021	1,202	3,073
Additional paid-in capital	134,921	125,300
Deficit	(175,634)	(146,730)
Total Stockholders' (Deficit)	(39,511)	(18,357)
Total Liabilities and Stockholders' (Deficit)	$ 5,007,750	$ 0

BALANCE SHEETS (Unaudited) (Par

BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2022	Jun. 30, 2021
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	120,180,150	307,280,150
Common Stock, Shares Outstanding	120,180,150	307,280,150

STATEMENTS OF OPERATIONS (Unaud

STATEMENTS OF OPERATIONS (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2022	Dec. 31, 2020	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
Revenue
Cost of Revenue
Gross Profit
Operating Expenses:
Professional Fees			24,425
General and administrative expenses and transfer agent fee	3,524		4,470
Total operating expenses	3,524		25,380
Income (Loss) Before Income Tax Provision	(3,524)		(28,904)
Income Tax Provision
Net Loss	$ (3,524)		$ (28,904)
Net Loss Per Common Share - Basic and Diluted
Weighted Average Common Shares Outstanding - Basic and Diluted	44,797,541	307,280,150	120,392,831	307,280,150

STATEMENTS OF CASH FLOWS (Unaud

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Operating Activities:
Net loss	$ (28,904)
Adjustments to reconcile net loss to net cash used in operating activities:
Shares Issued for Consulting Services
Changes in Operating Assets and Liabilities:
Accounts Payable	14,479
Net Cash Used In Operating Activities	(14,425)
Cash from Financing Activities
Proceeds from sale of stock	3,000
Common Stock Issued	4,000
Officer Contribution	14,425
Net Cash Provided by Financing Activities	21,425
Net Change in Cash	7,000
Cash - Beginning of Period
Cash - End of Period	$ 7,000

STATEMENTS OF STOCKHOLDERS' EQU

STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($)	Common Stock	Additional Paid-In Capital	Retained Earnings	Total
Beginning Balance at Jun. 30, 2020	$ 3,073	$ 125,300	$ (146,730)	$ (18,357)
Beginning Balance, Shares at Jun. 30, 2020	307,280,150
Net loss
Ending Balance at Sep. 30, 2020	$ 3,073	125,300	(146,730)	(18,357)
Ending Balance, Shares at Sep. 30, 2020	307,280,150
Beginning Balance at Jun. 30, 2020	$ 3,073	125,300	(146,730)	(18,357)
Beginning Balance, Shares at Jun. 30, 2020	307,280,150
Net loss
Ending Balance at Mar. 31, 2021	$ 3,073	125,300	(146,730)	(18,357)
Ending Balance, Shares at Mar. 31, 2021	307,280,150
Beginning Balance at Sep. 30, 2020	$ 3,073	125,300	(146,730)	(18,357)
Beginning Balance, Shares at Sep. 30, 2020	307,280,150
Net loss
Ending Balance at Dec. 31, 2020	$ 3,073	125,300	(146,730)	(18,357)
Ending Balance, Shares at Dec. 31, 2020	307,280,150
Net loss
Ending Balance at Mar. 31, 2021	$ 3,073	125,300	(146,730)	(18,357)
Ending Balance, Shares at Mar. 31, 2021	307,280,150
Beginning Balance at Jun. 30, 2021	$ 3,073	125,300	(146,730)	(18,357)
Beginning Balance, Shares at Jun. 30, 2021	307,280,150
Cancellation of Shares	$ (3,000)	3,000
Cancellation of Shares, in shares	(300,000,000)
Issuance of New Shares	$ 138	2,862		3,000
Issuance of New Shares, in shares	13,750,000
Net loss			(24,425)	(24,425)
Ending Balance at Sep. 30, 2021	$ 211	131,162	(171,155)	(39,782)
Ending Balance, Shares at Sep. 30, 2021	21,030,150
Beginning Balance at Jun. 30, 2021	$ 3,073	125,300	(146,730)	(18,357)
Beginning Balance, Shares at Jun. 30, 2021	307,280,150
Net loss				(28,904)
Ending Balance at Mar. 31, 2022	$ 1,202	134,921	(175,634)	(39,511)
Ending Balance, Shares at Mar. 31, 2022	120,180,150
Beginning Balance at Sep. 30, 2021	$ 211	131,162	(171,155)	(39,782)
Beginning Balance, Shares at Sep. 30, 2021	21,030,150
Issuance of New Shares	$ 237	3,763		4,000
Issuance of New Shares, in shares	23,750,000
Net loss			(955)	(955)
Ending Balance at Dec. 31, 2021	$ 448	134,925	(172,110)	(36,737)
Ending Balance, Shares at Dec. 31, 2021	44,780,150
Shares Issued for Acquisition of Intangible Assets	$ 750			750
Shares Issued for Acquisition of Intangible Assets, in shares	75,000,000
Issuance of New Shares	$ 4	(4)
Issuance of New Shares, in shares	400,000
Net loss			(3,524)	(3,524)
Ending Balance at Mar. 31, 2022	$ 1,202	$ 134,921	$ (175,634)	$ (39,511)
Ending Balance, Shares at Mar. 31, 2022	120,180,150

Organization and Operations

Organization and Operations	9 Months Ended
	Mar. 31, 2022
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 purchased intellectual property in March 2022.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2022
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, 2021 and notes thereto contained in the information as part of the Company’s Annual Report on Form 10-K, which was filed with the SEC on September 1, 2021. 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 March 31, 2022, the Company had $7,000 of cash and no 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 (“ASC”). 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 share 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 or nine months ended March 31, 2022 and 2021. 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 March 31, 2022 and 2021. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date. Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB ASC for the disclosure of subsequent events. The Company evaluates subsequent events through the date when the financial statements are issued. Pursuant to Accounting Standards Update (“ASU”) 2010-09, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements Recently Issued Accounting Pronouncements Management has evaluated Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Topic 606 – Revenue from Contracts with Customers and FASB ASI 2016-02, Topic 842 – Leases, and determined that at the present time these new standards do not affect the Company, but may in the future if operations are resumed. 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	9 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Going Concern	Note 3 – Going Concern As reflected in the accompanying financial statements, the Company had an accumulated deficit as of March 31, 2022, and a net loss for the three and nine months ended March 31, 2022 and has no 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.

Income Tax Provision

Income Tax Provision	9 Months Ended
	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 4 – Income Tax Provision Deferred Tax Assets As of March 31, 2022, and June 30, 2021, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $175,634 and $146,730, 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 NOL 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 NOL carry-forwards are fully offset by a full valuation allowance. Deferred tax assets (liabilities) are comprised of the following: March 31, 2022 June 30, 2021 Net operating loss carryforwards $ 36,883 $ 30,813 Valuation allowance (36,883 ) (30,813 ) 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 and nine months ended March 31, 2022 and 2021, 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 as of March 31, 2022 and June 30, 2021 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.

Related Party Transactions

Related Party Transactions	9 Months Ended
	Mar. 31, 2022
Related Party Transactions [Abstract]
Related Party Transactions	Note 5 – Related Party Transactions   As of March 31, 2022, there were 45,180,150 shares of our common stock outstanding. Our chairman of the board of directors owns 18,750,000 shares, approximately 41.5% of our outstanding shares.

Subsequent Events

Subsequent Events	9 Months Ended
	Mar. 31, 2022
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. On April 21, 2022, the Company announced in a press release and a Form 8-K filing, the appointment of Mr. Andrew De Luna as he Company’s Interim Chief Executive Officer, succeeding Mr. Mann Yam, who will remain in his position as Chairman of the Company’s Board of Directors. The Company also announced that Mr. De Luna has been named as the company’s Vice Chairman and Chief Financial Officer, that Mr. K. Bryce “Rick” Toussaint has been elected a member of the Company’s board of Directors and that Ms. Deneice Day has been named as the Company’s Treasurer. In addition, the Board of Directors of the Company approved a change in the Company’s fiscal year end from June 30 th st

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2022
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, 2021 and notes thereto contained in the information as part of the Company’s Annual Report on Form 10-K, which was filed with the SEC on September 1, 2021.
Cash and 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 March 31, 2022, the Company had $7,000 of cash and no 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 (“ASC”). 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 share 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 or nine months ended March 31, 2022 and 2021.
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 March 31, 2022 and 2021. The Company does not expect any significant changes in unrecognized tax benefits within twelve months of the reporting date.
Subsequent Events	Subsequent Events The Company follows the guidance in Section 855-10-50 of the FASB ASC for the disclosure of subsequent events. The Company evaluates subsequent events through the date when the financial statements are issued. Pursuant to Accounting Standards Update (“ASU”) 2010-09, Subsequent Events (Topic 855): Amendments to Certain Recognition and Disclosure Requirements
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Management has evaluated Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-09, Topic 606 – Revenue from Contracts with Customers and FASB ASI 2016-02, Topic 842 – Leases, and determined that at the present time these new standards do not affect the Company, but may in the future if operations are resumed. 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)	9 Months Ended
	Mar. 31, 2022
Disclosure Income Tax Provision Tables Abstract
Schedule of deferred tax assets and liabilities	Deferred tax assets (liabilities) are comprised of the following: March 31, 2022 June 30, 2021 Net operating loss carryforwards $ 36,883 $ 30,813 Valuation allowance (36,883 ) (30,813 ) Net deferred tax assets $ — $ —

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($)	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2020
Summary Of Significant Accounting Policies
Cash	$ 7,000

Income Tax Provision (Details)

Income Tax Provision (Details) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Disclosure Income Tax Provision Details 3Abstract
Net operating loss carryforwards	$ 36,883	$ 30,813
Valuation allowance	(36,883)	(30,813)
Net deferred tax assets

Income Tax Provision (Details N

Income Tax Provision (Details Narrative) - USD ($)	Mar. 31, 2022	Jun. 30, 2021
Disclosure Income Tax Provision Details Narrative Abstract
Federal Net Operating Loss Carryforward	$ 175,634	$ 146,730