x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the quarterly period ended March 31, 2013 |
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or
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
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For the transition period from
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to
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Commission File No. 000-52297 |
FRONTIER BEVERAGE COMPANY, INC.
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(Exact name of registrant as specified in its charter)
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Nevada
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06-1678089
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification No.)
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1837 Harbor Avenue, Post Office Box 13098, Memphis, Tennessee
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38113
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(Address of principal executive offices)
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(Zip Code)
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(877) 233-7359
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(Registrant’s telephone number, including area code)
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Large accelerated filer ¨
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Accelerated filer ¨ | |
Non-accelerated filer ¨ | Smaller reporting company x |
Page
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PART I - FINANCIAL INFORMATION
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||||
Item. 1
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Financial Statements
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3
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4
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5
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6
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8
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10
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10
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12
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12
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12
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12
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12
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12
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12
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March 31,
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||||||||
2013
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December 31,
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|||||||
(unaudited)
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2012
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash
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$ | 87 | $ | — | ||||
Other current assets
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203 | — | ||||||
Total current assets
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290 | — | ||||||
Total assets
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$ | 290 | $ | — | ||||
LIABILITIES AND STOCKHOLDERS' DEFICIT
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||||||||
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||||||||
Current Liabilities:
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||||||||
Notes and loans payable due to related party
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$ | 394,264 | $ | 394,264 | ||||
Accounts payable
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78,848 | 64,257 | ||||||
Accrued interest-related parties
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72,468 | 64,704 | ||||||
Other current liabilities
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9,781 | — | ||||||
Total current liabilities
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555,361 | 523,225 | ||||||
Commitments and Contingencies
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||||||||
Stockholders' Deficit:
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||||||||
Preferred stock - par value $0.001; 100,000,000 shares authorized; no shares issued and outstanding
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— | — | ||||||
Common stock - par value $0.001; 100,000,000 shares authorized; 18,781,000 shares issued and outstanding
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18,781 | 18,781 | ||||||
Additional paid-in capital
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1,701,762 | 1,700,262 | ||||||
Accumulated deficit
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(2,275,614 | ) | (2,242,268 | ) | ||||
Total stockholders' deficit
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(555,071 | ) | (523,225 | ) | ||||
Total liabilities and stockholders' deficit
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$ | 290 | $ | — |
Three Months Ended
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||||||||
March 31, 2013
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March 31, 2012
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Revenues, net
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$ | — | $ | 70,135 | ||||
Cost of goods sold
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— | 4,629 | ||||||
Gross profit | — | 65,506 | ||||||
Writeoff of inventory
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— | 2,970 | ||||||
Selling, general and administrative
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25,582 | 66,722 | ||||||
Total operating expenses
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25,582 | 69,692 | ||||||
Loss from operations
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(25,582 | ) | (4,186 | ) | ||||
Interest expense
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(7,764 | ) | (7,522 | ) | ||||
Total other expense
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(7,764 | ) | (7,522 | ) | ||||
Loss before taxes
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(33,346 | ) | (11,708 | ) | ||||
Provision for income taxes
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— | — | ||||||
Net loss
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$ | (33,346 | ) | $ | (11,708 | ) | ||
Loss per share, basic and diluted
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$ | (0.00 | ) | $ | (0.00 | ) | ||
Weighted average number of shares outstanding, basic and diluted
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18,781,000 | 18,781,000 |
Three Months Ended
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March 31, 2013
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March 31, 2012
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CASH FLOWS FROM OPERATING ACTIVITIES
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Net loss
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$ | (33,346 | ) | $ | (11,708 | ) | ||
Adjustments to reconcile net loss to net cash flows from operating activities:
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Impairment of inventory
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— | (2,970 | ) | |||||
Changes in assets and liabilities:
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Accounts receivable
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— | (21,769 | ) | |||||
Inventory
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— | 7,489 | ||||||
Prepaid expenses and other current assets
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(203 | ) | 2,628 | |||||
Accounts payable
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14,592 | (7,920 | ) | |||||
Accrued expenses and other current liabilities
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7,764 | 37,440 | ||||||
Net cash flows used in operating activities
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(11,193 | ) | 3,190 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES
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— | — | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
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Proceeds from advances
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9,780 | 20,580 | ||||||
Proceeds from related parties
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— | 20,580 | ||||||
Capital contribution
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1,500 | 4,500 | ||||||
Repayment of related party debt
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— | (27,995 | ) | |||||
Net cash flows provided by financing activities
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11,280 | 17,665 | ||||||
Increase in cash
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87 | 20,855 | ||||||
Cash, beginning of year
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— | 255 | ||||||
Cash, end of year
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$ | 87 | $ | 21,110 | ||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
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||||||||
Interest paid
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$ | — | $ | — | ||||
Income taxes paid
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$ | — | $ | — |
Loan Amount
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Amount Repaid
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Balance Due March 31, 2013
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||||||||||
HBB, LLC
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$ | 557,279 | $ | 185,880 | $ | 371,399 | ||||||
Baked World, LLC
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$ | 24,801 | $ | 5,860 | $ | 18,941 | ||||||
Terry Harris
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$ | 179,479 | $ | 176,479 | $ | 3,000 | ||||||
Timothy Barham
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$ | 120,000 | $ | 119,075 | $ | 925 |
Three Months Ended
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REVENUE
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March 31, 2013
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March 31, 2012
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Change
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Beverage Products
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$ | -0- | $ | 63,205 | $ | (63,205 | ) | |||||
Snack Products
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-0- | 6,930 | (6,930 | ) | ||||||||
Total Revenue
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$ | -0- | $ | 70,135 | $ | (70,135 | ) |
Three Months Ended
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||||||||||||
COST OF SALES
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March 31, 2013
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March 31, 2012
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Change
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Beverage Products
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$ | -0- | $ | -0- | $ | -0- | ||||||
Snack Products
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-0- | 4,629 | (4,629 | ) | ||||||||
Total Cost of Sales
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$ | -0- | $ | 4,629 | $ | (4,629 | ) |
Exhibit
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Description
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31.1
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32.1
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101.1
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Interactive data files pursuant to Rule 405 of Regulation S-T*
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May 9, 2013
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FRONTIER BEVERAGE COMPANY, INC.
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By:
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/s/ Terry Harris
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Terry Harris
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President and Treasurer
(Principal Executive Officer, Principal Financial and Accounting Officer and Authorized Signatory)
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(1)
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I have reviewed this quarterly report on Form 10-Q for the fiscal quarter ended March 31, 2013 of Frontier Beverage Company, Inc.;
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(2)
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Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
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(3)
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Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
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(4)
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The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
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(a)
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Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
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(b)
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Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
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(c)
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Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
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(d)
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Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
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(5)
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The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):
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(a)
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
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(b)
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
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May 9, 2013
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/s/ Terry Harris
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Terry Harris
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Principal Executive Officer and Principal Financial Officer
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(1)
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The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
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The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.
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/s/ Terry Harris | |
Terry Harris
Principal Executive Officer and Principal Financial Officer
May 9, 2013
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RELATED PARTIES
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3 Months Ended |
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Mar. 31, 2013
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Related Parties | |
RELATED PARTIES | NOTE 4 – RELATED PARTIES
During the three months ended March 31, 2013, the Company received no funds from HBB, LLC (“HBB”) and Baked World, LLC (“Baked World”), both Tennessee limited liability companies beneficially owned and controlled by Terry Harris, the Company’s President, Treasurer, and sole director and Timothy Barham, a former officer and director of the Company (who resigned his positions effective November 15, 2011); however, during the period from January 2010 through December 2012, HBB provided cash and made payments on the Company’s behalf totaling $371,399. During the period from September 2011 through December 2012, Baked World provided cash and made payments on the Company’s behalf totaling $18,941. The Company agreed to pay interest on the loans at eight percent (8%) per annum. The loans are due on demand and remain outstanding at March 31, 2013.
In October 2012, Mr. Harris advanced the Company $3,000. The Company agreed to pay interest on the advance at six percent (6%) per annum. The $3,000 remained outstanding at March 31, 2013.
During the three months ended March 31, 2013 and 2012, the Company was provided office space, the use of office equipment and accounting personnel by HBB. HBB charged the Company $500 per month during the period in 2013 and $1,500 per month during the period in 2012 which amounts are included in operating expense and recorded as capital contribution on the accompanying condensed financial statements. |
INCOME TAXES
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3 Months Ended |
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Mar. 31, 2013
|
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Income Taxes | |
INCOME TAXES | NOTE 3 – INCOME TAXES
Deferred income tax assets and liabilities are determined based upon differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company does not expect to pay any significant federal or state income tax for 2013 as a result of the losses incurred during the three months ended March 31, 2013, the additional losses expected for the remainder of 2013, and from net operating loss carry forwards from prior years. Accounting standards require the consideration of a valuation allowance for deferred tax assets if it is "more likely than not" that some component or all of the benefits of deferred tax assets will not be realized. As of March 31, 2013 and 2012, the Company maintained a full valuation allowance for all deferred tax assets. Based on these requirements, no provision or benefit for income taxes has been recorded. There were no recorded unrecognized tax benefits at the end of the reporting period. |
CONDENSED BALANCE SHEETS (Unaudited) (USD $)
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Mar. 31, 2013
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Dec. 31, 2012
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---|---|---|
Current Assets: | ||
Cash | $ 87 | |
Other current assets | 203 | |
Total current assets | 290 | |
Total assets | 290 | 0 |
Current Liabilities: | ||
Notes and loans payable due to related party | 394,264 | 394,264 |
Accounts payable | 78,848 | 64,257 |
Accrued interest-related parties | 72,468 | 64,704 |
Other current liabilities | 9,781 | |
Total current liabilities | 555,361 | 523,225 |
Commitments and Contingencies | ||
Stockholders' Equity (Deficit): | ||
Preferred stock - par value $0.001; 100,000,000 shares authorized; no shares issued and outstanding | ||
Common stock - par value $0.001; 100,000,000 shares authorized; 18,781,000 shares issued and outstanding | 18,781 | 18,781 |
Additional paid-in capital | 1,701,762 | 1,700,262 |
Accumulated deficit | (2,275,614) | (2,242,268) |
Total stockholders' deficit | (555,071) | (523,225) |
Total liabilities and stockholders' deficit | $ 290 | $ 0 |
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
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3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Basis Of Presentation And Recently Issued Accounting Pronouncements | |
BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS |
NOTE 1 – BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Interim Financial Reporting
While the information presented in the accompanying interim financial statements is unaudited, it includes all adjustments, which are, in the opinion of management, necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"). These interim financial statements follow the same accounting policies and methods of application as used in the December 31, 2012 audited financial statements of Frontier Beverage Company, Inc. (the “Company”). All adjustments are of a normal, recurring nature. Interim financial statements and the notes thereto do not contain all of the disclosures normally found in year-end audited financial statements and these Notes to Financial Statements are abbreviated and contain only certain disclosures related to the three month periods ended March 31, 2013 and 2012. It is suggested that these interim financial statements be read in conjunction with our audited financial statements and related notes for the year ended December 31, 2012 included in our Form 10-K filed with the Securities Exchange Commission on April 15, 2013. Operating results for the three months ended March 31, 2013 are not necessarily indicative of the results that can be expected for the year ending December 31, 2013.
Basis of presentation and going concern uncertainty
The accompanying financial statements have been prepared in conformity with GAAP, which contemplates continuation of the Company as a going concern, which is dependent upon the Company's ability to establish itself as a profitable business. At March 31, 2013, the Company has an accumulated deficit of $2,275,614, and for the three months ended March 31, 2013, incurred net losses of $33,346. The Company’s ability to continue in business is dependent upon obtaining sufficient financing or attaining profitable operations. However, there can be no assurance that management will be successful in obtaining additional funding or in attaining profitable operations, and therefore, these matters raise substantial doubt about the Company's ability to continue as a going concern. These financial statements do not include any adjustments that might result from the outcome of these uncertainties, nor do they include adjustments relating to the recoverability and realization of assets and classification of liabilities that might be necessary should the Company be unable to continue in operation.
Recent Accounting Pronouncements
The Company does not expect the adoption of recently issued accounting pronouncements to have a significant impact on its results of operations, financial position or cash flow. |
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CAPITAL STOCK
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Capital Stock | |
CAPITAL STOCK | NOTE 2 – CAPITAL STOCK
The Company is authorized to issue up to 100,000,000 shares of common stock at $0.001 par value per share ("Common Stock"). As of March 31, 2013, the Company had 18,781,000 shares of Common Stock issued and outstanding. Holders of Common Stock are entitled to one vote per share and are to receive dividends or other distributions when and if declared by the Company's Board of Directors. None of our Common Stock is subject to outstanding options or rights to purchase, nor do we have any issued and outstanding securities that are convertible into our Common Stock. We have not agreed to register any of our stock. We do not currently have in effect an employee stock option plan.
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CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,781,000 | 18,781,000 |
Common stock, shares outstanding | 18,781,000 | 18,781,000 |
Document and Entity Information
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
May 09, 2013
|
|
Document And Entity Information | ||
Entity Registrant Name | Frontier Beverage Company, Inc | |
Entity Central Index Key | 0001311735 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2013 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 18,781,000 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2013 |
CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Income Statement [Abstract] | ||
Revenues, net | $ 70,135 | |
Cost of goods sold | 4,629 | |
Gross profit | 65,506 | |
Writeoff of inventory | 2,970 | |
Selling, general and administrative | 25,582 | 66,722 |
Total operating expenses | 25,582 | 69,692 |
Loss from operations | (25,582) | (4,186) |
Interest expense | (7,764) | (7,522) |
Total other expense | (7,764) | (7,522) |
Loss before taxes | (33,346) | (11,708) |
Provision for income taxes | ||
Net loss | $ (33,346) | $ (11,708) |
Loss per share, basic and diluted | $ 0.00 | $ 0.00 |
Weighted average number of shares outstanding, basic and diluted | 18,781,000 | 18,781,000 |
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RELATED PARTIES (Details Narrative) (USD $)3 Months Ended 12 Months Ended 36 Months Ended 16 Months Ended 1 Months Ended Mar. 31, 2013 Mar. 31, 2012 Mar. 31, 2013HBB, LLC Dec. 31, 2012HBB, LLC Dec. 31, 2012HBB, LLC Dec. 31, 2012Baked World, LLC Mar. 31, 2013Baked World, LLC Oct. 31, 2012Terry Harris Mar. 31, 2013Terry HarrisAdvances and loans from related parties $ 9,780 $ 20,580 $ 371,399 $ 18,941 $ 3,000 Due to related party 3,000 Loan, interest rate 8.00% 8.00% 6.00% Services charged by related party (per month) $ 500 $ 1,500 XML 24 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 15 74 1 false 3 0 false 4 false false R1.htm 0001 - Document - Document and Entity Information Sheet http://frontierbeverage.com/role/DocumentAndEntityInformation Document and Entity Information true false R2.htm 0002 - Statement - CONDENSED BALANCE SHEETS (Unaudited) Sheet http://frontierbeverage.com/role/CondensedBalanceSheets CONDENSED BALANCE SHEETS (Unaudited) false false R3.htm 0003 - Statement - CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) Sheet http://frontierbeverage.com/role/CondensedBalanceSheetsParenthetical CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) false false R4.htm 0004 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Sheet http://frontierbeverage.com/role/CondensedStatementsOfOperations CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) false false R5.htm 0005 - Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) Sheet http://frontierbeverage.com/role/CondensedStatementsOfCashFlows CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) false false R6.htm 0006 - Disclosure - BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS Sheet http://frontierbeverage.com/role/BasisOfPresentationAndRecentlyIssuedAccountingPronouncements BASIS OF PRESENTATION AND RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS false false R7.htm 0007 - Disclosure - CAPITAL STOCK Sheet http://frontierbeverage.com/role/CapitalStock CAPITAL STOCK false false R8.htm 0008 - Disclosure - INCOME TAXES Sheet http://frontierbeverage.com/role/IncomeTaxes INCOME TAXES false false R9.htm 0009 - Disclosure - RELATED PARTIES Sheet http://frontierbeverage.com/role/RelatedParties RELATED PARTIES false false R10.htm 0010 - Disclosure - RELATED PARTIES (Details Narrative) Sheet http://frontierbeverage.com/role/RelatedPartiesDetailsNarrative RELATED PARTIES (Details Narrative) false false All Reports Book All Reports Process Flow-Through: 0002 - Statement - CONDENSED BALANCE SHEETS (Unaudited) Process Flow-Through: Removing column 'Mar. 31, 2012' Process Flow-Through: Removing column 'Dec. 31, 2011' Process Flow-Through: 0003 - Statement - CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) Process Flow-Through: 0004 - Statement - CONDENSED STATEMENTS OF OPERATIONS (UNAUDITED) Process Flow-Through: 0005 - Statement - CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) fbec-20130331.xml fbec-20130331.xsd fbec-20130331_cal.xml fbec-20130331_def.xml fbec-20130331_lab.xml fbec-20130331_pre.xml true true