Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion should be read in conjunction with our audited financial statements and notes thereto included herein. In connection with, and because we desire to take advantage of, the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, we caution readers regarding certain forward-looking statements in the following discussion and elsewhere in this report and in any other statement made by, or on our behalf, whether or not in future filings with the Securities and Exchange Commission.
Forward-looking statements are statements not based on historical information and which relate to future operations, strategies, financial results or other developments. Forward looking statements are necessarily based upon estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond our control and many of which, with respect to future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by, or our behalf. We disclaim any obligation to update forward-looking statements.
Results of operations for the year ended June 30, 2019, and for the year ended June 30, 2018.
Revenue
We had no revenue or cost of revenues for the years ended June 30, 2020 and 2019. We did not perform any services during the three months ended June 30, 2020 and 2019.
6
Costs and Expenses
The major components of our expenses for the years ended June 30, 2019 and 2018 are outlined in the table below:
|
|
Years Ended June 30,
|
|
|
2020
|
|
2019
|
Professional fees
|
|
$ -
|
|
$ 3,000
|
General and administrative expenses
|
|
-
|
|
-
|
|
|
$ -
|
|
$ 3,000
|
|
|
|
|
|
During the years ended June 30, 2020, we had no costs or expenses. During the year ended June 30, 2019, the Company incurred professional fees of $3,000. The decrease in operating expenses is due to the cessation of operating activities as of December 31, 2018.
Other Income
Upon the resignation of Mr. Ren, our former CEO, he released us from the obligation of repaying advances that he previously made to the company in the amount of $10,713. In addition, the bank account containing $216 was closed. Therefore, during 2019, we recognized other income of $7,497.
Liquidity and Capital Resources
|
|
June 30, 2020
|
|
June 30, 2019
|
Total assets
|
|
$ -
|
|
$ -
|
Total liabilities
|
|
(18,357)
|
|
(18,357)
|
Working capital deficiency
|
|
$ (18,357)
|
|
$ (18,357)
|
|
|
|
|
|
Liquidity
If we are not successful in expanding our clientele base, maintaining profitability and positive cash flow, additional capital may be required to maintain ongoing operations. We have explored and are continuing to explore options to provide additional financing to fund future operations as well as other possible courses of action. Such actions include, but are not limited to, securing lines of credit, sales of debt or equity securities (which may result in dilution to existing shareholders), loans and cash advances from our directors or other third parties, and other similar actions. There can be no assurance that we will be able to obtain additional funding (if needed), on acceptable terms or at all, through a sale of our common stock, loans from financial institutions, our directors, or other third parties, or any of the actions discussed above. If we cannot sustain profitable operations, and additional capital is unavailable, lack of liquidity could have a material adverse effect on our business viability, financial position, results of operations and cash flows.
Cash Flows
|
|
Years Ended June 30,
|
|
|
2020
|
|
2019
|
Net cash used in operating activities
|
|
$ -
|
|
$ (216)
|
Cash used in investing activities
|
|
-
|
|
-
|
Cash provided by financing activities
|
|
-
|
|
-
|
Net increase (decrease in cash)
|
|
$ -
|
|
$ (216)
|
|
|
|
|
|
Cash Flows from Operating Activities
We did used $216 of cash in operating activities for the year ended June 30, 2020 and no cash in operating activities for the year ended June 30, 2019.
7
Cash Flows from Investing Activities
We did not use or generate any cash from investing activities during the years ended June 30, 2020 and 2019.
Cash Flows from Financing Activities
We did not use or generate any cash from financing activities during the years ended June 30, 2020 and 2019.
Management expects to keep operating costs to a minimum until cash is available through financing or operating activities. Management plans to continue to seek, in addition to equity financing, other sources of financing (e.g., line of credit, shareholder loan) on favorable terms; however, there are no assurances that any such financing can be obtained on favorable terms, if at all.
If we are unable to generate profits sufficient to cover our operating costs or to obtain additional funds for our working capital needs, we may need to cease or curtail operations. Furthermore, there is no assurance the net proceeds from any successful financing arrangement will be sufficient to cover cash requirements during the initial stages of the Company’s operations.
Off-Balance Sheet Arrangements
We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to stockholders.
Item 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
FRONTERA GROUP INC.
June 30, 2020
Index to the Financial Statements
Contents
|
|
|
|
|
|
Condensed Audited Balance Sheets as of June 30, 2020 and June 30, 2019
|
|
|
|
Condensed Audited Statements of Operations for the Years Ended June 30, 2020 and 2019
|
|
|
|
Condensed Audited Statements of Cash Flows for the Years Ended June 30, 2020 and 2019
|
|
|
|
Notes to the Condensed Financial Statements
|
|
9
Report of Independent Registered Public Accounting Firm
To the Board of Directors and
Stockholders of Frontera Group Inc.
Opinion on the Financial Statements
We have audited the accompanying statement of balance sheet of Frontera Group, Inc. (the "Company") as of June 30, 2020 and 2019, the related statements of operations, statements of stockholders' equity, and cash flows, for the years then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of Frontera Group, Inc. as of June 30, 2020 and 2019, and the results of its operations and its cash flows for the years then ended in conformity with accounting principles generally accepted in the United States of America.
Basis for Opinion
These financial statements are the responsibility of the Frontera Group, Inc.’s management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.
Going concern
The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 3 to the financial statements, the Company has no viable operations or significant assets and is dependent upon its major stockholder to provide sufficient working capital to maintain the integrity of the corporate entity. These conditions and the Company’s lack of equity and viable operations, raise substantial doubt about the Company’s ability to continue as a going concern. Management’s plans regarding these matters are also described in Note 3. The accompanying financial statements do not include any adjustments that might result from the outcome of this uncertainty. Our opinion is not modified with respect to this matter.
The fiscal year 2021 is our first year as Frontera Group, Inc.’s auditor.
/s/ Victor Mokuolu, CPA PLLC
Houston, Texas
September 1, 2021
10
FRONTERA GROUP INC.
|
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
June 30, 2020
|
|
June 30, 2019
|
Current Assets:
|
|
|
|
|
Cash
|
|
$ -
|
|
$ -
|
Total current assets
|
|
-
|
|
-
|
Total Assets
|
|
$ -
|
|
$ -
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$ 18,357
|
|
$ 18,357
|
Advance from officer
|
|
-
|
|
-
|
Total current liabilities
|
|
18,357
|
|
18,357
|
|
|
|
|
|
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 June 30, 2020 and June 30, 2019
|
|
3,073
|
|
3,073
|
Additional paid-in capital
|
|
125,300
|
|
125,300
|
Deficit
|
|
(146,730)
|
|
(146,730)
|
Total stockholders' (deficit)
|
|
(18,357)
|
|
(18,357)
|
Total Liabilities and Stockholders' (Deficit)
|
|
$ -
|
|
$ -
|
|
|
|
|
|
See accompanying notes to the financial statements.
11
FRONTERA GROUP INC.
|
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
Years Ended June 30,
|
|
|
2020
|
|
2019
|
Revenue
|
|
$ -
|
|
$ -
|
Cost of Revenue
|
|
-
|
|
-
|
Gross Profit
|
|
-
|
|
-
|
|
|
|
|
|
Operating Expenses:
|
|
|
|
|
Professional fees
|
|
-
|
|
3,000
|
General and administrative expenses
|
|
-
|
|
-
|
Total operating expenses
|
|
-
|
|
3,000
|
|
|
|
|
|
Loss from Operations
|
|
-
|
|
(3,000)
|
|
|
|
|
|
Other Income
|
|
-
|
|
10,713
|
|
|
|
|
|
Loss Before Income Tax Provision
|
|
-
|
|
7,713
|
Income Tax Provision
|
|
-
|
|
-
|
Net Loss
|
|
$ -
|
|
$ 7,713
|
|
|
|
|
|
Net Loss Per Common Share:
|
|
|
|
|
- Basic and Diluted
|
|
$ -
|
|
$ -
|
|
|
|
|
|
Weighted Average Common Shares Outstanding:
|
|
|
|
|
- Basic and Diluted
|
|
307,280,150
|
|
307,280,150
|
|
|
|
|
|
See accompanying notes to the financial statements.
12
FRONTERA GROUP INC.
|
STATEMENTS OF CASH FLOWS
|
|
|
Years Ended June 30,
|
|
|
2020
|
|
2019
|
Operating Activities:
|
|
|
|
|
Net (loss)
|
|
$ -
|
|
$ 7,713
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
|
|
|
|
Advances from Officer
|
|
-
|
|
(10,713)
|
Changes in Operating Assets and Liabilities:
|
|
|
|
|
Accounts Payable
|
|
-
|
|
2,784
|
Net Cash (Used In) Operating Activities
|
|
-
|
|
(216)
|
|
|
|
|
|
Net Change in Cash
|
|
-
|
|
(216)
|
Cash - Beginning of Period
|
|
-
|
|
216
|
Cash - End of Period
|
|
$ -
|
|
$ -
|
|
|
|
|
|
See accompanying notes to the financial statements.
13
FRONTERA GROUP INC.
|
STATEMENTS OF STOCKHOLDERS' EQUITY
|
FOR THE YEAR ENDED JUNE 30, 2020 AND 2019
|
|
|
Number of Shares
|
|
Common Stock
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Total
|
Balance at June 30, 2018
|
|
307,280,150
|
|
$ 3,073
|
|
$ 125,300
|
|
$ (154,443)
|
|
$(26,070)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
(3,000)
|
|
(3,000)
|
Balance at September 30, 2018
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(157,443)
|
|
(29,070)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at December 31, 2018
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(157,443)
|
|
(29,070)
|
Net income
|
|
-
|
|
-
|
|
-
|
|
10,713
|
|
10,713
|
Balance at March 31, 2019
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(146,730)
|
|
(18,357)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at June 30, 2019
|
|
307,280,150
|
|
$ 3,073
|
|
$ 125,300
|
|
$ (146,730)
|
|
$(18,357)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Shares
|
|
Common Stock
|
|
Paid-in Capital
|
|
Retained Earnings
|
|
Total
|
Balance at June 30, 2019
|
|
307,280,150
|
|
$ 3,073
|
|
$ 125,300
|
|
$ (146,730)
|
|
$(18,357)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at September 30, 2019
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(146,730)
|
|
(18,357)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at December 31, 2019
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(146,730)
|
|
(18,357)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at March 31, 2020
|
|
307,280,150
|
|
3,073
|
|
125,300
|
|
(146,730)
|
|
(18,357)
|
Net loss
|
|
-
|
|
-
|
|
-
|
|
-
|
|
-
|
Balance at June 30, 2020
|
|
307,280,150
|
|
$ 3,073
|
|
$ 125,300
|
|
$ (146,730)
|
|
$(18,357)
|
|
|
|
|
|
|
|
|
|
|
|
See accompanying notes to the financial statements.
14
FRONTERA GROUP INC.
For the Year Ended June 30, 2020 and 2019
Notes to the Financial Statements
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.
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, 2020 and June 30, 2019, the Company had no cash and no cash equivalents.
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 periods. 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 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 years ended June 30, 2020 and 2019.
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
15
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, 2020 and 2019. 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 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.
Note 3 – Going Concern
As reflected in the accompanying financial statements, the Company has a deficit of $157,443 at June 30, 2020, a net loss of $3,000 for the year ended June 30, 2019 and net cash used in operating activities of $0 for the year ended June 30, 2020. 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.
Note 4 – 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
16
(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) shares and decreased the par value to $0.00001 per share.
Note 5 – Income Tax Provision
Deferred Tax Assets
As of June 30, 2019 and 2018, the Company had net operating loss (“NOL”) carry–forwards for Federal income tax purposes of $146,730 and $154,443, 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 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.
17
The provision (benefit) for income taxes consisted of the following for the years ended June 30, 2019 and 2018:
|
|
Years Ended June 30,
|
|
|
2020
|
|
2019
|
Deferred
|
|
$ -
|
|
$ (630)
|
Change in valuation allowance
|
|
-
|
|
630
|
Income tax provision (benefit)
|
|
$ -
|
|
$ -
|
|
|
|
|
|
Deferred tax assets (liabilities) are comprised of the following:
|
|
June 30, 2020
|
|
June 30, 2019
|
Net operating loss carryforwards
|
|
$ 30,813
|
|
$ 30,813
|
Valuation allowance
|
|
(30,813)
|
|
(30,813)
|
Net deferred tax assets
|
|
$ -
|
|
$ -
|
|
|
|
|
|
The following table reconciles the effective income tax rates with the statutory rates for the years ended June 30:
|
|
June 30, 2020
|
|
June 30, 2019
|
Total assets
|
|
$ -
|
|
$ -
|
Total liabilities
|
|
(18,357)
|
|
(18,357)
|
Working capital deficiency
|
|
$ (18,357)
|
|
$ (18,357)
|
|
|
|
|
|
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. Under ASC 740, tax benefits are recognized only for tax positions that are more likely than not to be sustained upon examination by tax authorities. The amount recognized is measured as the largest amount of benefit that is greater than fifty percent likely to be realized upon ultimate settlement. Unrecognized tax benefits are tax benefits claimed in our tax returns that do not meet these recognition and measurement standards. We had no liabilities for unrecognized tax benefits at June 30, 2020 and 2019.
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, 2020 and 2019, 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, 2020 and 2019 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.
18
Note 6 – Related Party Transactions
The following table sets forth certain information regarding beneficial ownership of our common stock as of June 30, 2020: by each person or entity known by us to beneficially own more than five percent (5%) of any class of our outstanding shares. There are no shares held by our directors or Named Executive Officers. As of June 30, 2020, there were 307,280,150 shares of our common stock outstanding:
Title of Class
|
Name of Beneficial Owner Directors and Officers:
|
Amount and Nature of Beneficial Ownership
|
Percentage of Beneficial Ownership
%
|
Common
|
Nanjing Dayu Xianneng Food Co, Ltd
16F Building A, Fenghuo Science plaza,Jianye District,
Nanjing,China
Postal code: 210019
|
200,000,000
|
65.09%
|
|
Jiefeng Ren
16th Floor, Lianchuang Plaza
Nanjing, Jiangsu Province
China
|
100,000,000
|
32.54%
|
Total
|
|
300,000,000
|
97.63%
|
(1) Applicable percentage of ownership is based on 307,280,150 shares of common stock outstanding on September 1, 2021. Percentage ownership is determined based on shares owned together with securities exercisable or convertible into shares of common stock within 60 days of September 1, 2021, for each stockholder. Beneficial ownership is determined in accordance with the rules of the SEC and generally includes voting or investment power with respect to securities. Shares of common stock subject to securities exercisable or convertible into shares of common stock that are currently exercisable or exercisable within 60 days of September 1, 2021, are deemed to be beneficially owned by the person holding such securities for the purpose of computing the percentage of ownership of such person, but are not treated as outstanding for the purpose of computing the percentage ownership of any other person. Our common stock is our only issued and outstanding class of securities eligible to vote.
Note 7 – Subsequent Events
The Company has evaluated all events that occurred after the balance sheet date 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 adjusted for and / or disclosed.
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